Status quo for Calgary's housing marketPrices remainsimilar to last year, but ease in OctoberOctober's housing market conditions closelyechoed previous month's trends with easing sales, rising
October Housing Prices Remain Stable
Status quo for Calgary's housing market
Prices remainsimilar to last year, but ease in October
October's housing market conditions closelyechoed previous month's trends with easing sales, rising inventories anddownward price pressure. Like last month, the monthly activity was not enoughto derail gains that occurred earlier in the year.
October sales and inventories totaled 1,467 and6,463 units for a month of supply of 4.4. Several months of elevated supply incomparison to demand has weighed on pricing over the past several months. Thecity-wide unadjusted benchmark price in October totaled $438,900, 0.6 per centbelow last month, but comparable to last year.
"While economic activity has improved in2017, it will take some time for this to translate into housing market growth.There have been employment gains, but most of this has occurred in areas withtraditionally lower income," said CREB® chief economistAnn-Marie Lurie.
"We also continue to face weak migration,higher lending rates and changes to lending policy. The combination of thesefactors is impacting housing demand, which is prolonging the pace ofrecovery."