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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: