Panic over; Calgary listings ease but sales activity is weak
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.
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.