These three spots around Calgary are seeing house sales plummet
Communities around Calgary are seeing real estate markets cool and house sales tumble, with three spots experiencing steep year-over-year declines.
According to data from an August report by the Calgary Real Estate Board (CREB), High River saw the biggest drop in the region with a 57.5 per cent decline in home sales compared to this time last year. Chestermere followed closely with home sales down 46.5 per cent, and Strathmore posted a 32 per cent decline.
The drop in home sales is leading to a major increase in the time it would take to sell all the homes currently on the market. In High River, it would take approximately four months to sell all the homes, a 281 per cent increase compared to last August. Strathmore saw a 167.1 per cent increase in months of supply, and Chestermere saw a 185.6 per cent jump, showing that homes are staying on the market much longer than last year.
While those three markets saw the biggest drops, other nearby communities like Airdrie, Cochrane, Okotoks, and Canmore each saw drops ranging somewhere between 6.7 and 16.4 per cent.
Despite the slowdown in sales, benchmark prices remained relatively steady in August. Both Cochrane and Okotoks saw no change in benchmark prices compared to this time last year. Only three communities saw a year-over-year price increase. High River’s prices rose 0.9 per cent, Strathmore saw a 2.8 per cent increase, and Canmore came in with a 0.7 per cent gain.
CREB
The data shows how the housing market is changing unevenly across the region. Some towns are seeing homes stay on the market for longer, while others are holding steady with inventory levels that haven’t shifted much.
You can view the full CREB report for the Calgary region here.