The Calgary Real Estate Board has released the monthly stats for June, and as expected it remains a Buyers Market.
Year-over-year, new listings saw a decrease of nearly 19 per cent. Sales activity slowed this month compared to last year by six per cent, but the pullback in new listings was enough to cause inventories to fall by 13 per cent compared to last year’s elevated levels.
“So far, the housing market has generally behaved as expected this year. Sales activity remains just below last year’s levels, prices have eased and supply is starting to adjust to the lower level of sales,” said CREB® chief economist Ann-Marie Lurie. “However, it is mostly product priced under $500,000 that is trending towards more balanced conditions.”
HOUSING MARKET FACTS
- Detached – Sales in June declined by nine per cent compared to last year, causing year-to-date sales to ease by nearly three per cent. The amount of inventory declined by nearly 18 per cent. Prices have remained relatively stable over the past few months, with some modest monthly improvements.
- Apartment – Apartment condominium sales eased in June, causing year-to-date sales to total 1,292 units. This is over seven per cent below last year’s levels. June’s benchmark price was $250,200, three per cent below last year’s levels. This is resulting in a total price adjustment of over 17 per cent since 2014.
- Attached – Unlike other property types, sales activity for attached product continued to improve in June. Year-to-date sales total 1,955 units, nearly three per cent above last year’s levels. June’s benchmark prices were $399,700 for semi-detached and $286,300 for row product. Respectively, this represents year-over-year declines of 3.3 and 5.4 per cent.
REGIONAL MARKET FACTS
Airdrie – After the first half of the year, sales activity remained relatively stable. New listings have declined, which is helping to reduce the amount of inventory on the market and move towards more balanced conditions. The benchmark price was $334,800 in June, comparable to last month, but nearly three per cent below last year’s levels.
Cochrane – Sales activity in the area remained relatively stable compared to last year. New listings have eased, helping to reduce inventory in the market and the amount of oversupply. The market continues to favour the buyer, placing downward pressure on prices. The benchmark price was $404,000 in June, similar to last month and over five per cent below last year’s levels.
Okotoks – Sales have remained stable compared to last year, but they are still below longer-term averages. As the market moves towards more balanced conditions, this should help create more stability in pricing. As of June, benchmark prices were $414,900, 1.6 per cent higher than last month, but still 4.1 per cent below last year’s levels.
For more information about this report, or if you’re looking at buying a home or selling your current home, please call me today!