Calgary has seen the number of active listings increase to 5,022 at the end of January, according to the latest official figures.
Rising from 4,357 in late December last year, these listings also took longer to get off the market, with some spending up to 50 days in sale (approximately 22% longer than the average sale time in January 2015).
These developments were observed in the wake of the CMHC’s recent assessment that the city’s real estate market is now exhibiting “strong” evidence of problems brought about by overbuilding and overvaluation.
As quoted by CBC News
, the numbers point to the Calgary market remaining tepid in the first part of 2016, with the city real estate board noting that the number of homes sold in January dropped to 763. This represented a significant 13 per cent drop compared to the same month last year.
Median sale prices fell by around 3.1 per cent (down to $409,000) on a year over year basis, while average sale prices experienced a 0.2 per cent fall to $459,874.
Sales volume also showed yet another decline over the past month, with no signs of stopping anytime soon.