Oversupplied market weighs on prices
Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market.
Citywide benchmark prices totalled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent.
“Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB® chief economist AnnMarie Lurie. “At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.”