Oversupply of Homes Equals Buyer’s Market in Calgary
An oversupply of homes in Calgary means the market will likely remain a buyer’s market. According to a recent report from the Canadian Real Estate Association, prices fell this past November by two percent when comparing sales to a year ago.
The CREA maintains Calgary’s benchmark home price was just over $419,000. That was slightly lower than the previous month. The association also reports, as of late December, sales were just slightly above last year.
Economists say it will likely take some time to achieve more stability. The report points to varying market conditions due to location, price and type.
In terms of detached homes, November sales were more in line with a year ago, but still well below long-term trends. As for attached homes, November sales were about six-percent higher than a year ago.
Growth in the Montreal, Greater Toronto and Greater Vancouver markets is helping nationally. Meanwhile, the housing markets in Regina, Edmonton and Calgary have all seen declines in sales.