Lending Conditions Weigh on Housing Demand
HOUSING MARKET FACTS
• Year-to-date detached sales in Calgary totaled 4,047 units. This is 21 percent below last year's levels and 26 percent below long-term levels. Further gains in new listings across most districts pushed up inventory levels.
• Detached benchmark prices totaled $504,500 in May. This is similar to last month and 0.4 percent below last year. Year-to-date, benchmark prices remain comparable to last year but remain nearly four percent below 2014 highs.
• Detached price changes have varied depending on the district. Compared to last year, year-to-date benchmark prices have risen in the City Centre and West areas, while remaining relatively stable in the North West, South and South East areas of the city.
• Apartment condominium sales totaled 1,104 units this year, a decline of nearly 12 percent over last year. The number of new listings has eased slightly over last year and is preventing more significant gains in inventory levels. Overall months of supply remain elevated in this sector causing further declines in prices. City-wide unadjusted benchmark prices totaled $256,200 in May. This is slightly lower than last month and nearly four percent below last year's levels and 15 percent below previous highs.
• Attached sales eased and new listings rose to cause further inventory gains and months of supply to push above five months. Overall attached prices in May remained relatively stable. This was due to gains occurring in the row sector being offset by declines in the semi-detached market.
• Year-to-date semi-detached benchmark prices averaged $418,480, 0.5 percent below last year. Price adjustments did vary by district, with easing occurring in the North, North West and South East areas. This offset the gains recorded in other districts of the city.
• Year-to-date row benchmark prices improved over last year's levels due to gains mostly in the City Centre and North end of the city. Row prices continue to remain over nine percent below the unadjusted highs recorded in 2014.
For full detailed data from CREB click here.