Prices slip in oversupplied Calgary housing market

Home prices in Calgary are under pressure as sales remain well-below year-ago levels.

Calgary Real Estate Board says that detached sales totaled 1,079 units, 13% below last year’s levels and nearly 30% below long-term averages; while apartment sales totaled just 149.

“It is not a surprise that slowing activity in the housing market has persisted into February,” said CREB chief economist Ann-Marie Lurie. “There has been no substantial change in the economic climate and concerns regarding potential layoffs in the energy sector are weighing on confidence.”

New listings eased by 8% compared to last year for a total of 2,211 units but there was a 21% rise for detached listings while apartments were down 9.4% and attached home listings increased 21%.

For detached homes, the citywide detached benchmark was $475.600, 0.2% below last month and over 5% below levels recorded last February. There was also a decline of more than 5% for semi-detached and 1.71% for apartments.

Median prices though were down 7.46% for detached ($459,900), down 7.41% for apartments ($250,000), down 3.14% for attached ($322,450); and down 5.91% overall to $399,900.


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