Calgary Housing Market Update: Prices Ease 2% Amid 9% Drop in Sales
What are the latest trends in Calgary's housing market? Early in Q3, Calgary experienced 1.9K residential sales, a decline of approximately 9% compared to the previous year, while the residential benchmark price eased by about 2% to $569.2K, indicating softer pricing conditions for buyers. The market adjustment is influenced by persistent condo oversupply and several years of high construction, leading to a notable shift, particularly for higher-density homes. Apartment-style properties saw a significant decrease, dropping around 8% year-over-year to $297.6K, while row-style homes fell approximately 6% to $418.5K. In contrast, lower-density homes remained more stable, with detached prices slipping by 2% to $743.9K and semi-detached values declining by less than 1% to $691K. Supply dynamics also shifted, as new listings decreased by about 15% yearly to 3.3K, and total inventory dipped around 4% to 6.6K homes available.
Understanding these trends is essential for anyone interested in Calgary's real estate landscape, whether you're looking to invest, buy, or plan for the future.
For expert insights on the Calgary real estate market, connect with Anne Marie Plesa Richardson, REALTOR® at Coldwell Banker Mountain.