Yahoo Finance Calgary housing market keeps cooling in September
Calgary’s real estate market continued to cool in September despite strength in some segments, with sales and new listings down for the sixth straight month and benchmark prices dipping slightly from August.
Total sales dropped to 1,901 units for the month, down from 2,135 in August and 2,157 in September last year, according to figures released Monday by the Calgary Real Estate Board (CREB). Sales peaked in March at more than 4,000 units and, due to that strength early in 2022, year-to-date sales remain 15 per cent higher than at this point in 2021.
While median and average prices were up over August, the city’s benchmark price eased by 0.8 per cent to $527,400 from $531,800.
“While demand is easing, especially for higher priced detached and semi-detached products, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales,” CREB’s chief economist Ann-Marie Lurie said in the report.
“At the same time, we are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.”
Sales of detached homes in the $600,000 to $999,9999 price range continued to trend above last year’s levels. This higher price range group reported the largest growth in new listings and supply levels.
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Strong condo sales were another bright spot, setting a new September record. Year-to-date unit sales are now at 5,026, a 60 per cent gain over last year, though prices remained flat month-over-month.
The shift to more balanced conditions is causing some adjustments to home prices. While the benchmark price has slid from May’s high of $546,000, they remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.
• Email: shcampbell@postmedia.com
