“This process is expected to be bumpy, with demand adjustments leading the changes,” says Lurie.
“However, it is important to remember that it is early in the process and the impact on prices will ultimately be dependent on the supply response,” she adds.
Despite a drop in sales, a decline in new listings helped keep prices steady last month.
Citywide benchmark prices hit $434,300 in February — comparable to levels recorded a year ago and just above levels seen in January.
Here are 11 more facts that illustrate Calgary’s bumpy road to recovery in February.
1. A total of 2,405 new listings hit the market last month, a 2 per cent decline from a year ago.
2. However, a drop in new listings was not enough to stop further gains in inventory levels, says CREB. Total inventory totaled 5,202 units, up 15.5 per cent from 4,502 units in February 2017.
3. Meantime, citywide months of supply rose to 4.76 months — a roughly 41 per cent increase from 3.37 months a year ago.
4. In the detached segment, activity in the $600,000 – $999,999 range saw the largest gains in supply relative to sales, says CREB.
5. A total of 657 detached units sold last month, down 20 per cent from 822 units recorded over the same period last year.
6. The benchmark price of a detached home was $502,800, up 0.72 per cent from $499,200 a year ago.
7. In the apartment segment, 197 units sold in the city last month — a 16 per cent decline from 235 units recorded in February 2017.
8. CREB says the apartment sector continues to remain oversupplied, with months of supply averaging at eight months so far this year, compared to the average of seven months recorded over the same time last year.
9. An abundance of supply is preventing price recovery in the apartment segment, as the benchmark price was $256,400 last month — a year-over-year drop of nearly three per cent.
10. A total of 240 attached units sold last month, down 13 per cent from the 277 recorded a year ago.
11. The benchmark price of an attached home was $328,200 in February — comparable to levels seen in February 2017.