Housing Recovery Remains a Work-in-Progress!
Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year. Easing sales were met with higher new listings, causing further gains in inventory levels.
Current inventory levels and changes in the lending market continue to weigh on housing demand. Easing demand growth combined with elevated levels of supply will slow the pace of price recovery in our market.
The detached benchmark price for July is $512,100 an increase of 1.95% year-over-year. The apartment benchmark price is $264,200 a decrease of 3.27% and the attached benchmark price is $336,300 an increase of 1.33%. Overall sales for the month totaled 1,637 units, compared with 1,744 during the same period last year.
The City of Calgary home market has 3.25 months of inventory and the sales to new listings are at 54.40%, meaning 45.60% of homes are not selling. The sale price to list price ratio is 97.37% and 48 days on market.