Calgary Real Estate Market Update for August 2019
– Lower priced homes boost sales activity –
In August of 2019, Calgary’s residential home market saw new listings and inventories drop with increased sales activity driven by lower priced homes below $500,000.
New listings have eased this month, helping the market shift towards a more balanced position.
According to the Calgary Real Estate Board, employment figures are improving but not in high paying industries like traditionally seen in the city.
This is reflected in the demand for lower priced homes below half a million.
Rising sales in this price range offset declining sales in higher price ranges, giving a 6 per cent boost in sales activity for the city compared to August of 2018.
Sales activity for all types of homes improved this month, especially for apartment-style and attached properties.
Attached homes have been on a roll, with improved sales for six consecutive months on a year-over-year basis.
The attached sector is the only one with year-to-date sales higher than that seen in 2018.
Despite improvements in Calgary’s real estate market in August 2019, it will still take time to return to a full recovery.
Inventory levels remain slightly higher than usual and the market continues to favour buyers with more than four months of supply.
- $426,000 unadjusted citywide benchmark price, similar to July of 2019 but 2.6% lower year-over-year
- More than four months of supply has kept the market far into buyers’ territory
- Attached home sales recorded another boost in sales activity, the sector’s sixth consecutive month
- 2,665 year-to-date attached sales, about a 5% increase year-over-year
- Attached inventories are dropping as a result of less new listings entering the market
- Months of supply for attached homes dropped to 5 versus 6 in August of 2018
- Some monthly gains in benchmark prices have been seen for the attached sector this month, but they remain 2.6% lower year-over-year
- Detached sales activity remains slightly below that of 2018, but is higher in the North West and South districts for August 2019
- City-wide sales activity has grown below $500,000, but homes priced higher than this have seen increased inventory and pushed this segment of the market further into buyers’ territory
- Benchmark price declines for detached homes ranged from 1% in the South East to about 5% in the South on a year-over-year basis
Apartments / Condominiums
- Apartment sales activity improved for the second consecutive month, but such gains were met with more new listings entering the market
- On average, the amount of apartment inventory has eased on a year-over-year basis
- Overall, apartment benchmark prices eased in August of 2019 versus the year before, but the South East, North East and East districts saw modest gains
- Apartment benchmark prices remain well below highs recorded in 2014
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