There was continued improvement in the balance of supply and demand in the Calgary housing market in July.
The Calgary Real Estate Board says that the month saw citywide sales of 1,646, up 6.4% year-over-year while new listings were down more than 8% from a year ago to 2,720.
That meant that total inventory in July was 7,179, down 15.27% year-over-year to 4.36 months of supply, compared to 5.48% a year earlier.
“We are starting to see reductions in supply across the resale, rental and new-home markets,” said CREB chief economist Ann-Marie Lurie. “This adjustment in supply to the lower levels of demand will support more balanced conditions. It is starting to support more stability in prices. If this continues, the housing market should be better positioned for recovery as we move into 2020.”
Property types
Despite improvement, there are still challenges within the market. Single-family home sales were stronger in July than a year earlier but with earlier declines, year-to-date (YTD) sales lag those of the same period of 2018.
The YTD figures show an 11% improvement for single-family homes priced below $500K while there was a 16% drop for those priced above that.
Buyers’ market conditions persist, with detached benchmark prices at $488,400 in July, more than 3% lower than last year’s levels.
For condo apartments, sales YTD are down 4% and well below long-term averages. Prices are also edging lower, but this is not being seen across all districts.
The attached sector is the only sector with recorded growth in year-to-date sales, up nearly 4%, helped by the relative affordability of this sector.
