Calgary Regional Housing Market Statistics found that the unadjusted benchmark home prices in Calgary “eased as expected in September to $456,100, a 0.26 per cent decline compared with last year”, according to The Calgary Real Estate Board (CREB).
In September 2015 residential sales totaled 1,448, this is down 32.4 per cent from September 2014, well below typical activity for this time of year. From the beginning of the year to the present, Calgary sales have remained below the five-year average by 10 per cent and below the ten-year average by 26 per cent.
Although all property types were recorded to have had a decline in the sales-to-new-listings ratio, apartments and attached properties saw the steepest decline to the 40 per cent range in both ratios.
The detached property types also saw a ratio decline to about the 50 per cent range.
CREB president Corinne Lyall stated that the apartment sector is currently favouring buyers with pricing and more selection, but notes that “not all units are created equal”.
The citywide inventory levels have stayed elevated when compared to the last three years, but Lyall recognizes that Calgary is still well below the highs during the previous 2008-09 economic downturn.
“There is no question that we have seen a shift in our local housing market conditions, but it needs to be put in perspective,” she said.
Calgary’s aggregate prices have had a “moderate correction” easing one per cent when compared to last years nine per cent aggregate price gain.