Home sales in Alberta were down in August compared to a year ago but two markets were the exception: Calgary and Lloydminster.
The Alberta Real Estate Association’s figures show that slower sales were accompanied by fewer new listings, helping to ease the oversupply in the provincial housing market.
Sales totaled 4,582, down 13.64% year-over-year and new listings were down 17.11% to 8,635, reducing inventory to 29,055, 22% below August 2018.
"Demand for housing still remains slow across most Alberta markets. This does not come as a surprise, as many regions continue to struggle with persistent weakness in the job markets and concerns regarding the province's economic prospects," says Ann-Marie Lurie. "The current improvements in the housing market are mostly driven by supply adjustments."
The average price in the province was up slightly year-over-year at $385,848 (+0.54%) but year-to-date the average of $380,933 means a 2.43% decrease from the same period of 2018
AREA has launched a new tool on its website to help homebuyers and other stakeholders see long-term market trends.
"Most people have an interest in the housing market as it is typically their largest investment," says Lurie. "The statistics tool can provide them insight into current movements in supply, demand, and prices at both regional and provincial levels."
The tool includes more than 18 years of resale data.
Users can also compare data in regions across Alberta using customizable time periods and graphs. Statistics are updated on the sixth of each month.
"For the first time, the public can get a look into the housing market in an easily digestible format, giving them enough information to understand Alberta market movements on their own accord," Lurie adds.