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Sales dropped in some of Calgary’s outlying communities while others saw increases in activity. Yet all but one of the seven municipalities that the Calgary Real Estate Board tracks still faced tight market conditions in August.
The exception was Canmore. The highest priced municipality saw the benchmark price for a home rise last month by 13.5 per cent year over year to $1,056,700. That’s despite sales falling nearly 27 per cent, and inventory rising about 15 per cent. At the same time, supply reached almost five months, an increase of nearly 57 per cent.
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The other six communities had supply levels at about two months or less last month with High River having the tightest conditions. In August, it only had about one month of supply. Its benchmark price rose about nine per cent to $491,400 while sales were up 29 per cent year over year. Inventory fell about 4.5 per cent.
Strathmore experienced the largest drop in year-over-year sales, percentage-wise, down nearly 31 per cent. The benchmark price still grew about nine per cent to $432,300, even as supply increased 60 per cent to just under two months.
In the largest market, Airdrie, sales fell nearly 16 per cent as inventory climbed more than 76 per cent. Supply also increased nearly 109 per cent year over year to nearly two months. The benchmark price still grew, however, up nearly eight per cent to $553,300.
Sales in Cochrane also dropped about four per cent. Inventory fell modestly, less than one per cent, while supply grew to a little less than two months, an increase of three per cent year over year.
The benchmark price there increased about eight per cent to $578,600.
Chestermere saw the highest percentage rise in sales last month, up 34 per cent. Inventory also grew more than 69 per cent, and months of supply rose about 26 per cent to well over two months. Its benchmark price also increased about seven per cent to $703,200.
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