Calgary home sales nosedive as inventory skyrockets by 115%
If you are on the hunt for a house in Calgary, now might be a good time to pull the trigger. Home sales have dropped sharply for a second consecutive month when compared year-over-year.
The Calgary Real Estate Board (CREB) released its regional monthly statistics package on Thursday for April, revealing that sales in our city totalled 2,236, a 22.3 per cent year-over-year decline.
Inventory in YYC is also up a whopping 115.5 per cent year-over-year, while the months of supply have shot up more than 177 per cent year-over-year to sit at 2.62 months, compared to the 2.39 months reported in March.
The CREB said that ongoing economic uncertainty has weighed on consumer confidence and impacted housing activity in April. A rise in inventory levels helped the market shift to a balanced condition, and the additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years.
Last month, the unadjusted residential benchmark price reached $591,100, a slight decrease in price compared to last year and a tad lower than the $592,500 reported in March.
The detached and semi-detached prices in Calgary sat at $769,300 and $691,700, respectively, a 2.4 and a 3.6 per cent year-over-year increase.
CREB
“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Ann-Marie Lurie, chief economist at CREB, in a news release.
“This, in part, is related to our market’s situation before the recent shocks. Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”
If you are in the mood for more real estate stories, take a look at these five Calgary neighbourhoods that are seeing the most overbidding for homes, or the least and most expensive areas to rent in Calgary right now.