Calgary’s real estate market experienced a significant downturn in March, as home sales dropped by 13% compared to the previous year. This decline can largely be attributed to a reduction in condo demand, along with an increase in the overall housing supply.
Key Figures from Calgary’s Real Estate Market
According to the Calgary Real Estate Board, a total of 1,881 homes sold in March. This represents a notable decrease year-over-year. Meanwhile, the residential benchmark price for properties fell to $565,600, marking a 4% drop.
Market Trends and Price Changes
Ann-Marie Lurie, the board’s chief economist, highlighted the diverse conditions within the market. Detached homes are experiencing tighter conditions, while apartment-style properties lean towards a buyer’s market.
- Apartment homes saw a price decrease of approximately 9%.
- Row-style homes experienced a price drop of around 6%.
- Detached home prices fell just over 3%.
- Semi-detached prices decreased by under 1%.
New Listings and Inventory Status
In March, the market recorded 3,409 new listings, down 15% from March of the previous year. However, the overall inventory grew by nearly 5%, resulting in a total of 5,395 homes available for sale.
This combination of decreased sales and increased inventory reflects a broader trend of shifting demand in Calgary’s housing landscape. Factors such as reduced migration are contributing to changes in buyer activity.
