Unemployment rate slows housing market recovery
Calgary Real Estate Board (CREB) Market Update
Easing sales, gains in new listings and elevated inventory levels continue to slow Calgary's recovery in the housing market in August.
Persistant oversupply in the Calgary housing market continued to weigh on prices in August. Citywide benchmark prices edges down over previous months by .08% and are 2.4% below last years levels.
Calgary's employment market has persistently high unemployment rates at 7.9% and recent job losses in full time positions. The struggles in the employment market are one of the factors weighing on our local housing market. A slow recovery in the energy sector combined with tighter lending conditions and competition from the new home sector are also contributing to current housing market conditions.
Citywide sales totaled 1,489 units this month, down nearly 7% from the last 14% below long-term trends.
Both buyers and sellers need to be realistic about their objectives. Buyers need to be aware that price changes differ depending on what and where you are buying. The decline in sales does not mean price declines across the board. Sellers need to be well informed to be competitive. They need a good understanding od what has been selling around them and how their property compares to homes that have successfully sold.
For the entire CREB® forecast, visit creb.com.
Information was last updated August 2018.