CREB’s numbers show Calgary remains a buyer’s market
Posted Jun 1, 2016 3:52 pm.
This article is more than 5 years old.
May was anything but merry for the local real estate market.
The latest numbers from the Calgary Real Estate Board give more proof of why the city remains a buyer’s and not a seller’s market.
CREB’s Chief Economist Ann Marie Lurie said more ‘for sale’ signs went up last mongth, yet the key’s to fewer homes changed hands compared to the same period a year ago.
“What we saw happen in May; yes inventory levels on the whole — the total residential market increased by 14 per cent, while sales were still continuing to decline by 12 per cent,” Lurie said.
She added that while recent oil prices gains have boosted the level of optimism in Calgary, weakness in the labour market continues to impact demand for all types of housing.
Subsequently, prices are still trending downward.
“On the total residential market, not looking at different types of properties yet, we continue to see monthyl pull back in that typical home price as well as prices running about four per cent lower than they were last year.”
On average, prices are off about four per cent year over year.
