Data from the Calgary Real Estate Board shows that the number of sales in the city declined on a year-over-year basis last month but there are more homes being put up for sale.
Detached home sales in Calgary last month declined by 12.38 per cent on a year-over-basis. Sales of townhouses dropped by 16.35 per cent on a year-over-year basis. Sales of condo units increased by 2.82 per cent on a year-over-year basis.
The number of listings in the region increased last month. The number of listings for detached home increased by 6.47 per cent and the number of listings for townhouses increased by 5.12 per cent.
According to Calgary Real Estate Board's chief economist Ann-Marie Lurie, inventory levels remain high as some gains in the level of new listings can be seen. She mentioned that that this results in a market that is slightly oversupplied.
According to Calgary Real Estate Board's chief economist, factors such as increasing lending costs, unemployment rates, tougher mortgage qualifications and concerns surrounding long-term growth are all affecting housing demand regardless of the economy no longer being in a recession.
Listings in the region are remaining longer on the market. Last month, listings stayed on the market for an average of 41 days. An year earlier, listings remained on the market for an average of 32 days.
Despite the current trends of the Calgary real estate market, there may be signs of improvement in the upcoming months according to Ann-Marie Lurie.
The Calgary Star