The Calgary Real Estate Board has released the statistics for November, and the numbers reinforce the fact that we have a long way to go on our road to recovery.
November sales in the city totaled 1,171 units, and 15,349 units for the year so far. This is a 14 per cent decline over last year and nearly 20 per cent below long-term averages.
“Recent challenges in the energy sector have weighed on consumer confidence over the past month. Combined with weakness in the employment market and further gains in
lending rates, this is impacting ownership demand,” said CREB® chief economist Ann-Marie Lurie.
Here are some more facts from the November Report:
• Detached sales declined across all districts in November. With citywide
sales of 679 units, activity remains 21 per cent below typical levels for the
• Inventories in the detached sector totalled 3,491 units, 26 per cent higher
than last year’s levels.
• Detached benchmark prices have declined 3 percent over the last year, and almost 7 percent below monthly highs recorded in October 2014.
• Year-to-date attached sales totalled 3,344 units, a 16 per cent decline over
the previous year and 14 per cent below long-term averages.
• Oversupply conditions have weighed on prices. In November, the semidetached
benchmark price totalled $400,700. This is a monthly and yearover
year decline of 0.67 and 3.3 per cent, respectively.
• Despite year-over-year gains in sales in November, citywide apartment
sales have totalled 2,557 units so far this year. This is five per cent lower
than last year and 21 per cent below long-term averages.
• The majority of activity in condos is located within the city centre,
representing nearly 48 per cent of all the sales activity.
If you would like more information about Real Estate in the Calgary area, please contact us today!
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