As economic challenges linger into 2019, housing markets remain on a sluggish pace.
January sales totalled 804 units, 16 per cent below last year and 21 per cent below long-term averages for the month.
“The slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter,” said CREB® chief economist Ann-Marie Lurie.
As oversupply continues in Calgary’s housing market, December prices eased by one per cent compared to last month and are over three per cent below last December.
“Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year,” said CREB® chief economist Ann-Marie Lurie.
“This contributed to elevated supply in the resale market, resulting in price declines.”
December sales totalled 794 units, a 21 per cent decline over the previous year. Overall year-to-date sales in the city totalled 16,144 units. This is a 14 per cent decline over 2017 and nearly 20 per cent below long-term averages.
Sitting below long-term averages, November sales in the city totaled 1,171 units.
For the year so far, sales activity has totaled 15,349 units, a 14 per cent decline over last year and nearly 20 per cent below long-term averages. Continue reading →