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August Market Update

Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors.These gains offset declines in the apartment and semi-detached sectors. The 1,573 sales recorded in August are consistent with levels over the past five years. Year-to-date sales activity remains nearly 13 per cent below last year.

“Recent national reports have shown a bounceback to new record levels over the past several months. Calgary has seen improvements over the lows recorded during the lockdowns, but is far from record levels,” said CREB® chief economist Ann-Marie Lurie. “We have started to see improvements in the job market compared to previous months, as some jobs start to return. The situation in Calgary has been slightly different, as the job losses were not isolated to sectors that are typically associated with rental demand. We have started to see improvements in the job market compared to previous months, as some jobs start to return.”

However, the impact of COVID-19 on the economy is not over.

“There have been more than 100,000 jobs lost since last year and Calgary’s unemployment rate sits at 15 per cent. This is well above the national average of 11 per cent,” said Lurie.

New listings are easing, which is helping to chip away at existing inventory compared to the higher levels recorded last year. However, the pace of year-over-year decline has eased, as inventory levels have trended up relative to levels recorded a few months ago.

The months of supply has also risen compared to the past few months and now sits at four months. This gain has slowed some of the monthly gains on prices. The residential benchmark price in August was $420,800, nearly one per cent lower than last year’s levels.

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