Sales of homes in the City of Calgary were down 12.6 per cent in July compared to a year earlier with 1,741 units sold. It was the 20th
consecutive monthly decline recorded by the Calgary Real Estate Board and is in step with declines in net migration.
“To buyers and sellers that have been paying attention to the housing market in Calgary and surrounding areas, it should come as no surprise that we continue to see a slowdown in sales activity,” said CREB® president Cliff Stevenson. “Buyers are expecting further declines in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we're seeing sales activity in the market, but not at the level realized over the last several years.”
The benchmark price of $440,000 for a home was similar to June but down 4.2 per cent year-over-year. For detached homes the benchmark was down 3.2 per cent year-over-year to $502,300 while for apartments it was down 6.6 per cent to $277,000.
Price declines in apartments resulted from oversupply with inventory at more than 6 months.
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