Home sales continued to decline in Calgary in May, primarily due to sluggish condo and row house activity, according to the Calgary Real Estate Board.
The condo sector saw significant decreases, leading to a 17% drop in total residential sales compared to May of the previous year, as reported by CREB.
Despite the decline, last month’s 2,568 sales were 11% higher than the long-term May average and showed improvement from the previous month.
Ann-Marie Lurie, chief economist at CREB, noted that easing sales and increasing inventories are common trends in many cities, reflecting ongoing uncertainty affecting housing demand.
Prior to the economic uncertainties, Calgary experienced seller market conditions, but recent sales declines and rising inventory levels have shifted towards balanced conditions, alleviating pressure on prices, according to Lurie.
Lurie added that this differs from other larger cities where housing markets were struggling even before economic uncertainties were introduced.
The benchmark price in Calgary decreased to $589,900, slightly lower than April and 2% below May 2024 levels.
Sales and inventory balance out
Calgary saw 4,842 new listings in May, contributing to a rise in inventory levels, which doubled year-over-year to 6,740.
The increase in both inventory and sales for the month maintained relatively balanced conditions with 2.6 months of supply, as per CREB.
New listings divide markets
Recent inventory gains have separated the market into oversupplied or under-supplied segments, according to CREB.
Detached and semi-detached home prices remained stable in May and are higher than last year, while row and apartment-style homes reported slight price declines, influenced by new housing and rental supply.
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