The positive outlook of consumers is helping to keep the Calgary housing market consistent with typical levels.
That’s according to a new report from the Calgary Real Estate Board, which notes that the volume of sales in June was only five per cent below the 10-year average for the month and three per cent higher than levels of the past three years.
“We’ve seen less concern from consumers lately,” said CREB president Corinne Lyall. “Consumers who were waiting for wide-spread price declines have been surprised to see that it just hasn’t happened yet, and so they’ve decided to take advantage of the improved selection and lower lending rates.”
June’s sales were 18 per cent lower than the same month last year, new listings totalled 3,122 and prices were essentially flat. The second quarter figures show that the worst may be behind us with year-over-year declines in sales of 22 per cent, down from 32 per cent in the first quarter.
The apartment sector in Calgary is showing the greatest weakness in absorption rates, creating downward pressure on prices, although still 1.65 per cent above last year’s average on an adjusted basis.
Detached homes reached a benchmark price of $515,500, up 0.4 per cent from the same month last year; the year-to-date figure is 3.44 per cent higher than the same period last year.
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