Downturn in Calgary’s Housing Market: Sales Drop by 15.3% in October

 

 

Data from the Real Estate Board indicates a significant decline in home sales in Calgary this past October. Compared to October 2023, housing sales in the city fell by 15.3% last month. A slight decrease in overall prices has also been observed in the market.

Ann-Marie Lurie, the Board’s Chief Economist, explained that this is primarily due to an oversupply of units in the apartment and multi-family housing segments. In contrast, prices for single-detached and semi-detached homes have remained more stable. The number of new listings entering the market last October dropped by 9.4% compared to the previous year, totaling 2,928 units. Official reports also indicate that total inventory has decreased by 4.6% from the previous year, falling to 6,173 homes.