These areas in Calgary saw the biggest drop in detached home prices
The housing market in Calgary is experiencing a decline in detached home prices across the city, and some areas are seeing their benchmark prices drop by more than five per cent.
The Calgary Real Estate Board (CREB) just released its September housing report, and things are looking good for buyers looking for a detached home.Â
Detached homes in North East Calgary experienced the largest declines, where detached home prices fell 5.65 per cent year-over-year to $579,000. East Calgary also saw a notable decrease, with prices dropping 4.19 per cent to $504,800.
Other areas in the city experienced smaller declines, but declines nonetheless. North Calgary benchmark prices fell 2.83 per cent to $670,000, while South Calgary saw a 1.71 per cent decrease to $718,800. The South East followed closely with a 1.11 per cent drop to $710,300.Â
Calgary Real Estate Board
Calgary’s city centre, North West, and West Calgary each saw an increase in year-over-year benchmark prices. The city centre saw the largest increase, rising 1.07 per cent to $967,700.
Overall, the city saw a 0.95 per cent decrease in year-over-year benchmark prices for detached homes, bringing the benchmark price to $749,000.Â
Beyond price trends, sales activity varied across Calgary. South Calgary led the list in sales, with 167 homes sold in September, while East Calgary had the lowest in the city, with just 30 sales last month.Â
South East Calgary had the highest sales-to-new listings ratio at 50 per cent, seeing 152 sales, with 304 new listings last month. North West Calgary had the lowest sales-to-new listings ratio, with 86 sales and 225 new listings.
West Calgary was the only section of the city that saw an increase in month-over-month benchmark prices, with a 0.12 per cent increase in price, while all the others saw a decrease between 0.19 per cent and 1.49 per cent.