The city's October figures nearly mirrored September's, according to new data
In its latest data release, the Calgary Real Estate Board revealed that the city’s October housing market numbers had close echoes with the month prior to that, especially in terms of easing sales activity, growing inventory, and downward pressure on prices.
October sales amounted to 1,467 transactions, while inventory stood at 6,463 units for a month of supply of 4.4.
“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” CREB chief economist Ann-Marie Lurie explained.
“We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.”
Read more: Edmonton, Calgary to be focal points of housing strength in Alberta
The benchmark price last month was $438,900, 0.6% below September, but comparable to last year’s levels. Apartment condominiums experienced the largest month-over-month price change with a 0.8% unadjusted monthly decline, resulting in a 13% spread over monthly highs recorded in 2014.
Meanwhile, despite some recent adjustments, prices in the attached and detached segments remain relatively stable compared to last year.
Resale inventory gains were largest in districts with substantial new development growth. In the detached segment, the $300,000 - $500,000 price range saw the most number of units added to inventory, representing nearly 42% of all detached inventory. 62% of the city-wide market’s inventory is priced below $500,000.
“There is far more product availability in the lower price ranges now compared to several years ago,” CREB® president David P. Brown said. “This provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.”
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October sales amounted to 1,467 transactions, while inventory stood at 6,463 units for a month of supply of 4.4.
“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” CREB chief economist Ann-Marie Lurie explained.
“We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.”
Read more: Edmonton, Calgary to be focal points of housing strength in Alberta
The benchmark price last month was $438,900, 0.6% below September, but comparable to last year’s levels. Apartment condominiums experienced the largest month-over-month price change with a 0.8% unadjusted monthly decline, resulting in a 13% spread over monthly highs recorded in 2014.
Meanwhile, despite some recent adjustments, prices in the attached and detached segments remain relatively stable compared to last year.
Resale inventory gains were largest in districts with substantial new development growth. In the detached segment, the $300,000 - $500,000 price range saw the most number of units added to inventory, representing nearly 42% of all detached inventory. 62% of the city-wide market’s inventory is priced below $500,000.
“There is far more product availability in the lower price ranges now compared to several years ago,” CREB® president David P. Brown said. “This provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.”
Related stories:
Calgary market sees strong price growth – report
These Canadian cities have some of the most affordable homes in North America
