These two Alberta cities are seeing the biggest rise in housing inventory
If you’re looking to buy a home in Alberta, there are a couple of cities that are seeing plenty of inventory on the market.
According to market statistics from the Alberta Real Estate Association (AREA), just a handful of places are seeing a drop in housing inventory, while others are seeing a rise of more than 30 per cent.
The City of Red Deer/Facebook
Year-over-year data revealed that the City of Red Deer has seen a 30.2 per cent rise in inventory, while the City of Medicine Hat led the pack with a 34.2 per cent increase.
Lethbridge followed with a rise of 18 per cent in its inventory, while Edmonton registered a 13.6 per cent rise, with Calgary scraping by with a 1.8 per cent jump.
The only two cities that recorded declines in their inventory were Grande Prairie and Fort McMurray, with a 10.6 and a 22.1 per cent dip, respectively.
Looking at statistics for all of Alberta, the AREA stated that April saw an 8.7 per cent year-over-year drop in sales, with the biggest drops seen in row housing and apartments for the 12th consecutive month. New listings decreased by 0.6 per cent year-over-year. Inventory increased 3.3 per cent year over year. The sales-to-new listings rose to 58 per cent.
There were 2.72 months of supply in April, up 13.1 per cent year-over-year. Calgary and Edmonton are continuing to see a loosening of supplies, while Grande Prairie has the tightest conditions in the province, having 1.28 months of supply. There were notable increases in months of supply in Red Deer (36 per cent), Medicine Hat (35 per cent), and Lethbridge (35 per cent).
You can view the full statistics online.