CALGARY — The Calgary Real Estate Board says August home sales dropped 19.5 per cent from last year’s record levels as 2,186 properties changed hands.
The board says the benchmark price across all home types was $601,800 for August, slightly lower than the previous month but 6.3 per cent higher than August 2023.
Ann-Marie Lurie, chief economist at CREB, says rising construction of new homes and more new listings hitting the market are contributing to increased supply, but it will take time to achieve more balanced conditions — especially for supply of lower-priced properties.
There were 3,536 new listings on the market in August, 13 per cent more than a year earlier.
The board says August inventory levels reached 4,487 units, a 37.3 per cent gain from last year but still nearly one-quarter lower than long-term trends for the month.
Higher-priced properties mostly drove supply gains, while sales declines were driven by homes priced below $600,000.
This report by The Canadian Press was first published Sept. 3, 2024.
The Canadian Press