City of Calgary, August 2, 2016 – In step with City census data on declining net migration levels, housing sales activity totaled 1,746 units in July, a 12.3 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines. “Continued pullback of sales activity is a sign of economic conditions,” said CREB® chief economist Ann-Marie Lurie. “The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker 
housing demand.”
Slower sales were accompanied by declining new listings in July. This helped prevent further inventory gains and minimize the downward pressure on benchmark prices. By months end, the residential benchmark price was $440,000, similar to last month, but 4.2 per cent below July figures from the previous year.
While detached price seem to be leveling, this is not the case for all property types. With over six months of inventory in the apartment sector, oversupply continues to create steep price declines.
It is really interesting to see how different market segments are reacting to the downturn. The absorption rates for detached homes in the bedroom communities of Airdrie, Cochrane and Okotoks are very different.
If you are curious about the investment market or the current market value of your home, please feel free to contact us.
Hope this helps!
Susanita de Diego
Download Calgary and Area Real Estate Statistics – July 2016
