Photo: Teddy Kwok/Flickr
For a third consecutive month, home sales in Calgary were down significantly year-over-year.
According to the latest figures from the Calgary Real Estate Board (CREB), 1,747 homes changed hands across the Multiple Listing Service in March, a 29.58 per cent drop from the 2,481 sales recorded in March 2014. This follows a 40 per cent decline in January and a 34 per cent drop in February.
Calgary’s median home price fell 1.15 per cent year-over-year to end the month at $420,000. New listings fell 5.5 per cent to 3,136, while active listings rose 87.7 per cent to 5,693.
“Based on current sales activity and rising supply levels, the change in pricing does not come as a surprise,” said CREB chief economist Ann-Marie Lurie in a release. “However, the recent price adjustments have not eroded all the higher than expected price gains recorded last year. While conditions have likely tempered growth in new listings, further near term price adjustments will be dependent on changes to inventory levels.”
Of course, for the buyer, more homes on the market and fewer other would-be purchasers means more choice and more time to make a decision. According to CREB, there are 878 units priced under $300,000, of which 99 per cent are either apartments or townhomes. The majority of inventory falls in the $300,000 to $600,000 range, of which 56 per cent are detached homes.
The outlook going forward? In February, employment figures pointed towards job losses related to the energy sector. While monthly employment gains offset the losses, most of the gains were in traditionally lower paying sectors such as the service industry.
“If this trend continues, it may influence the composition of housing demand,” said Lurie.
For more, the complete CREB statistics package can be found here.