Calgary housing market Photo: Mark Moz/Flickr

Following a 40 per cent decline in January, Calgary home sales were down 34.22 per cent year-over-year in February.

According to data from the Calgary Real Estate Board, a total of 1,217 homes changed hands on the Multiple Listing Service last month, down from 1,850 in February 2014. Year-over-year, single-family home sales fell 31.57 per cent, condo sales dropped 39.72 per cent, and townhome sales declined 36.34 per cent.

Prices

The benchmark price for a single-family home totaled $516,000 in February, a year-over-year increase of six per cent, but a 0.5 per cent fall over January figures. Meanwhile, the benchmark price for townhomes and condos totaled $354,600 and $296,000 respectively, a decline over the previous month’s levels but an increase from February 2014.

Calgary housing market-1

Listings

There were more than twice as many homes on the market at the end of February then there were a year ago as active listings climbed from 2,641 in February 2014 to 5,524 homes in February 2015.

“While housing supply levels continue to be higher than we have seen in this market for some time, they remain below February 2008 record highs of nearly 7,000 units” said CREB chief economist Ann-Marie Lurie in a release. “If the pace of growth in new listings continues to ease, this could place some downward pressure on the supply growth in the resale market.”

What can we expect from the housing market going forward? CREB says that depends on the price of oil and how it continues to impact net migration and employment in the city. Stay tuned.

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