Home sales declined again in Calgary in August (1,567) but the figures show different stories for inventories in the detached and attached sectors.
“While overall sales have eased for detached homes, so too has the amount of new listings on the market preventing inventories from reaching previous highs and limiting the downward pressure on pricing,’ said CREB® chief economist Ann-Marie Lurie. “This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.”
The raised inventory levels in the apartment sector has resulted in a sharper fall in prices with the sector’s benchmark price down 7 per cent year-over-year to $274,900 compared to the detached sector’s 3.3 per cent decline to $503,200.
“While overall sales have eased for detached homes, so too has the amount of new listings on the market preventing inventories from reaching previous highs and limiting the downward pressure on pricing,’ said CREB® chief economist Ann-Marie Lurie. “This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.”
The raised inventory levels in the apartment sector has resulted in a sharper fall in prices with the sector’s benchmark price down 7 per cent year-over-year to $274,900 compared to the detached sector’s 3.3 per cent decline to $503,200.
