Patience required in Calgary's housing market recovery
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HOUSING MARKET FACTS
• Oversupply issues continue to worsen in each district of the city compared to last year. However, compared to historical conditions, conditions today remain better than in 2016 in both the West and City Centre districts.
• Year-to-date, the West, and City Centre areas have recorded prices higher than last year’s levels and continue to edge towards price recovery. Benchmark prices in the West have averaged $733,329 this year, comparable to previous highs.
• City Centre benchmark prices have averaged $693,243, nearly three percent below previous highs. Most districts have recorded detached prices that remain over four percent below previous highs.
• Easing new listings in the apartment condominium sector have prevented any further gains in the amount of inventory in the market.
• Supply levels remain elevated compared to sales, keeping year-to-date prices three percent below last year’s levels and nearly 14 percent below previous highs.
• Citywide inventory levels remain just below last year. July inventories edged down in the North East, North, North West, South, and East areas of the city compared to the previous year.
• Levels remain elevated by historical standards, but any reductions in inventory can help reduce oversupply.
• Like the other sectors, attached sales have been easing this year, with 2,225 sales this year representing a 15 percent decline over the previous year.
• Gains in new listings pushed up inventory levels and months of supply compared to last year.
• Citywide year-to-date semi-detached prices have eased by nearly one percent compared to last year. Benchmark price changes have ranged from a three percent decline in the North West district to a six percent increase in the South district. Despite the annual gain this year in the South district, semidetached prices remain nearly five percent lower than that district’s peak.
• Year-to-date benchmark row prices have increased on a citywide basis due to gains in the City Centre, North and North West districts. The annual gain is a positive move towards recovery, but row prices remain well below previous highs in every district of the city.