Calgary Real Estate Market Slowdown Continues

The Calgary Real Estate Board says job losses from the oil downturn continue to take a toll on the real estate market in Calgary. The oil downturn has lead to more homes up for sale and fewer individuals buying them.

Anne-Marie Lurie, Calgary's Real Estate Board's chief economist stated that although recent oil price gains may have some individuals feeling optimistic, weakness in the labour market continues to affect housing demand. She also stated that housing supply levels are rising in the rental, new home and resale markets.

Active listings increased 14 per cent to 6,148 and new listings jumped 4.8 per cent to 3,319. During the month of May, there were 1,923 homes sold in the city.

Inventory grew in all market categories particularly in apartment and attached homes according to the Calgary Real Estate Board.

The average price of a home increased 3.2 per cent from May 2016 to $494,078, likely due to more high-end sales. The median price for a home stayed steady at $433,000.

Reference:

Calgary Herald

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