Photo: Jason Woodhead/Flickr
Three demand-reducing factors were weighing on Calgary’s housing market last month, says the city’s real estate board.
“Recent challenges in the energy sector have weighed on consumer confidence over the past month. Combined with weakness in the employment market and further gains in lending rates, this is impacting ownership demand,” states Ann-Marie Lurie, the Calgary Real Estate Board (CREB’s) chief economist, in a news release.
What did that look like in terms of numbers? A total of 1,171 homes changed hands in Calgary in November, pushing the year-to-date total to 15,349 units, down 14 percent from the same time a year ago.
So far this year, the only price segment of the market that has not seen a decline in activity is the sub-$200,000 market, according to CREB.
The benchmark price of a home in November was $422,600, almost down 1 percent from the previous month and 3 percent off from a year prior.
Heightened listings have become the new reality for Calgary’s housing market as demand has waned.
But the number of homes put on the market in November was 7 percent lower than what was recorded in the same month last year. Still, the overall level of inventory is 32 percent above “typical levels,” by CREB’s count.
CREB President Tom Westcott notes a positive in the latest market data, published today.
“For buyers, it may mean being able to step into a home that was previously unattainable,” he says in the news release, adding, “It also means that sellers need to be keenly aware what is successfully selling in their neighbourhood and surrounding communities.”