A surge in the number of homes listed for sale in Calgary in January eased last month. Calgary Real Estate Board figures show that new listings growth was 9 per cent in February, down from 37 per cent at the start of the year when it may have looked like panic-selling. Sales activity last month was still blow long-term averages so the inventory rose to 5,474 units. This is still well below the peak in February 2008 when there were 7,000 units available.
City of Calgary sales totaled 1,217 in February down 34 per cent year-over-year. Apartment sales were notably lower. CREB president Corinne Lyall says it is difficult to predict how buyers will react to the current market conditions: “Buyers who have been waiting for more inventory to come on the market may find what they are looking for today. If they are in a position to make a buying decision, they certainly can take advantage of the lower interest rates.”
Prices in Calgary are down slightly month-over-month with the benchmark for detached houses at $516,000 in February, down 0.5 per cent from the month before, although 6 per cent higher than a year earlier. Attached and apartment prices are also down slightly on a monthly basis with benchmarks of $354,600 and $296,000 respectively. See the full CREB report.