Calgary Real Estate Board reports on the market's latest performance figures
Calgary’s housing market saw its inventory decline to levels not seen since the 1990s amid a substantial annual decline in home sales, according to the Calgary Real Estate Board.
The market saw 1,852 new listings in January, representing a 25.1% annual decline. Active inventory stood at 2,451 units, a level that was 43% lower than the region’s long-term average for the month.
Home sales activity fell by 40.2% year over year, for a total of 1,199 transactions. In January, Calgary saw a significant shift in terms of asset class preferences, with detached residential properties accounting for only 47% of sales during that month.
“Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said Ann-Marie Lurie, chief economist of the CREB. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”
CREB reported that listings of properties valued under $500,000 reported annual drops of nearly 30%, while inventory levels grew for more highly valued homes. Calgary’s benchmark price in January reached $520,900, representing a 5% annual increase.
