Calgary Real Estate Market Slumps: Drop in Home Sales and Prices in August

 

Reports indicate a significant slowdown in Calgary's real estate market. According to data released by the Calgary Real Estate Board, total home sales in the city fell by 16 percent compared to the previous year, with only 1,660 homes sold last month. The report also highlights a nearly 10 percent decline in new home listings entering the market.

The average benchmark price in the housing market dropped to $569,000 in August. While slight price increases were observed in high-value areas like the City Centre and West Calgary, prices fell significantly in the Northeast regions; specifically, a 6.4 percent decline in home prices was recorded in the Northeast. Financial experts attribute this downturn primarily to buyer caution driven by high interest rates. However, CREB Chief Economist Ann-Marie Lurie noted that increased inventory is providing consumers with more options.