Photo: John Johnston/Flickr
For the second consecutive month, Calgary’s housing market experienced year-over-year price declines. According to data from the region’s real estate board, the benchmark home price for all property types was $453,100 in October, down 1.2 per cent from the same month a year ago.
Broken down by property type, single-family home values dipped -0.66 per cent year-over-year, townhome prices were down -0.59 per cent and condo prices saw the most significant price drop at -3.93 per cent.
“New listings did not decline enough to prevent inventory gains and, ultimately, price contractions,” stated Ann-Marie Lurie, chief economist with the Calgary Real Estate Board (CREB) in a release.
For the apartment/condo section, Lurie said a continued rise in months of supply was to blame for the nearly four per cent price drop — from a low of three months in June to nearly six months in October.
“That sector is facing added competition from several new apartment projects, improved vacancy in the
rental market and more supply in the [townhome] sector,” said Lurie, adding that market conditions “generally favour the buyer.”
As prices declined, so too did the number of residential real estate transactions. Some 1,421 homes changed hands across the Multiple Listing Service last month, representing a 33 per cent decline from the 2,130 sales recorded in October 2014. Year-to-date sales were down by more than 26 per cent at month’s end.
In the news release, CREB president Corinne Lyall said: “Sales activity has varied depending on market segment and price. For example, while some price adjustments have occurred in the higher-end detached category, this is less likely for the under-$500,000 detached segment, which had more balanced conditions.”
For more, the complete October statistics package can be download here (PDF).