CALGARY HOUSING MARKET STILL FAVOURS THE BUYER:
Year to date residential sales in the city remain just above last year's levels due to improvements in the attached sector so far this year. However, November sales activity eased over last year's levels, mostly due to pullbacksin the apartment sector. Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year's levels.
Achieveing more stable conditions will take time. Sales activity has been settling in at lower levels and is likely being influenced by the economic conditions and uncertainty weighing in on our market.
While the amount of supply in the market continues to ease, the persistant oversupply continies to weigh on prices. As of November, the citywide unadjusted benchmark price was $419,100. This is just below last month's levels and 2% lower than last year.
Market conditons continue to vary depending on price, location and product type. Larger price declines are often caused by high supply in the new home and resale markets relative to demand.
Detached sales improved in November over last year's levels, mostly due to growth in the $400,000- $500,000 range. However, sales in November and overall activity remain low by historical standards. Detached sales have improved in both NW and South districts this year.
The detached market is sowly moving towards more balanced conditions, however it is still oversuplied and this trend continues to weigh on prices. The detached unadjusted benchmark price was $481,500 in November, slightly lower than last month.
Apartment sales pulled back this month, causing year to date sales to remain comparable to last year's levels, and 21% below long term averages.
The monthly decline in sales was mostly driven by pullbacks in teh City Centre, NW and SE. However, on a year to date basis, sales improved in the NW and SE.
Year to date sales remain more than 6% higher than last year and just below long term averages. New listings eased this month and sales improved. Inventory continues to ease from the monthly highs recorded last year. Semi-detached prices eased by 2% over last year, and the largest year-over-year declines occured in the City Centre.
Row prices eased by almost 4% over last year, and annual declines ranged from more than 7% in the NE and nearly 2% in the NW and East districts.
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Information was last updated December 2019.