For the fourth consecutive month, Calgary’s housing inventory has recorded year-over-year declines. At 4,112 total units, January’s inventory was 18 per cent below last year’s levels, reports the Calgary Real Estate Board (CREB).
“While housing conditions continue to favour buyers, a slow transition toward more balanced conditions is helping to ease downward pressure on home prices,” said CREB chief economist Ann-Marie Lurie. “Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record. Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.”
January sales were 947 units, 24 per cent above last year, but 21 per cent below 10-year averages for the month. Sales activity improved across all product types, but only when compared to the near record lows that occurred in January 2016.
Calgary benchmark prices totalled $437,400, 0.16 per cent lower than last month and 2.82 per cent lower than last year’s levels. Since recent highs in 2014, residential prices have declined 4.9 per cent in the detached sector to 11.5 per cent in the apartment condominium market.