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The Calgary resale real estate market saw sales drop in August while supply increased to levels not seen since the end of 2022, but competition remains fierce among buyers for more affordably priced homes on the market.
Calgary Real Estate Board released market statistics for last month, showing inventory grew 37 per cent year over year with more than 4,487 homes for sale. Although an improvement in supply, inventory is still 25 per cent below the long-term historical average.
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The easing of supply constraints was also driven by a slowdown in sales. August saw 2,186 sales, which was 20 per cent below the same month last year. One reason for the decline, CREB stated in its recent report, was a reduction in home sales under $600,000. That reflected a lack of choice for buyers in the lower priced parts of the market as opposed to shrinking demand.
The benchmark price for all housing types still rose six per cent year over year to $601,800. The largest jump in price was in the apartment segment where the benchmark grew nearly 16 per cent to $346,500. That’s despite sales falling 31 per cent, the most of all segments, and inventory increasing 52 per cent. The most active segment, single-family homes, saw sales drop 14 per cent while inventory increased 20 per cent. Still, the benchmark price grew about nine per cent to $762,600.
Row inventory surged 76 per cent year over year with sales dropping 15 per cent. The benchmark grew 12 per cent to $461,700.
The smallest segment, semi-detached homes, saw sales fall 12 per cent while inventory increased 38 per cent. The benchmark price still grew 10 per cent year over year to reach $681,200.
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