Prices in Canada’s fourth-largest city declined in April for the seventh consecutive month while sales activity dropped and new listings increased.
According to data released this week by the Calgary Real Estate Board (CREB), the benchmark price dropped to $441,000, a decline of 0.4 per cent from March and 3.4 per cent from the same period a year ago. April inventory for all home sectors came in at 6,242, up 10.73 per cent from April 2015.
Explaining the jump in inventory, CREB president Cliff Stevenson said that while sellers are starting to adjust their expectations on price, “some buyers in the market are still not willing to pull the trigger because they expect even bigger discounts. And so that gap between buyers’ and sellers’ expectations still persists across many product types and locations.”
Despite those overall difficulties, the detached sector was a bright spot. While sales activity from January to April was down 4 per cent compared to the same period in 2015, an improvement in the sales-to-new-listings ratio in April helped move inventory levels to more balanced territory.
It was a different story for the apartment and attached sectors. Apartment sales fell 19 per cent year-over-year in April, while attached sales sank 13 per cent. Both sectors remain buyers’ markets due to slower sales and rising inventories, particularly in the attached sector, where inventories rose 24.39 per cent. Meanwhile, apartment sector inventories rose 16.31 per cent to hit levels unseen since 2010.
In all, 1,764 homes changed hands in Calgary last month, up from 1,588 in March, but down from 1,963 in April 2015. Since prices started declining, the monthly unadjusted benchmark detached price has fallen 4.1 per cent, while for apartments it has sunk 7.6 per cent. Semi and row prices are down 5.9 and 4.6 per cent, respectively.
For more, download the CREB’s complete April statistics package here (PDF).