Monthly prices decline for fifth consecutive month.
February sales totalled 1,127 units in Calgary, a 6.63 per cent drop over last year and 37 per cent lower than long-term averages for the month.
City wide unadjusted benchmark prices totalled $445,000 in February, a 0.63 per cent decline over January and 3.45 per cent lower than levels recorded last year. 
“Slow sales and elevated housing inventory has resulted in further price declines,” said CREB® chief economist Ann-Marie Lurie. “Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted.”
Calgary has seen employment fall for eight consecutive months, while unemployment rates have reached levels higher than the previous recession, said Lurie, adding that these conditions are expected to persist over the next several months.
“The high volume of inventory that we’re seeing has pushed sellers to be more realistic about their pricing expectations and the amount of time their properties may be on the market,” said CREB® president Cliff Stevenson. “Buyers are less likely to submit an offer if there’s a big gap between the listing price and what they are willing to pay. A solid selling strategy can really make the difference in this market.”
For those who are selling, it is vital to know how the market is performing for your specific type of property! For those who are interested in investing in real estate, this is an ideal market! Interest rates continue to favour borrowers.
If you are curious about the investment market or the current market value of your home, please feel free to contact us.
Download Calgary and Area Real Estate Statistics – February 2016
Hope this helps!
Susanita de Diego
