CALGARY — The Calgary Real Estate Board says August home sales dropped 19.5 per cent from last year’s record levels as activity continues to move away from the extreme sellers’ market conditions seen in the spring
A total of 2,186 properties changed hands last month, down from 2,716 in the same month last year.
The board says the benchmark price across all home types was $601,800 for August, slightly lower than the previous month but 6.3 per cent higher than August 2023.
It’s a sign that the pace of price growth is starting to slow after stronger-than-expected gains earlier in the year, according to the board.
Ann-Marie Lurie, chief economist at CREB, says rising construction of new homes and more new listings hitting the market are contributing to increased supply.
“This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties,” Lurie said in a press release.
“It will take time for supply levels to return to those that support more balanced conditions.”
There were 3,536 new listings on the market in August, 13 per cent more than a year earlier.
The board says August inventory levels reached 4,487 units, a 37.3 per cent gain from last year but still nearly one-quarter lower than long-term trends for the month.
Higher-priced properties mostly drove supply gains, while sales declines were driven by homes priced below $600,000.
Among property types, apartments recorded the biggest price jump at 15.8 per cent last month, reaching $346,500, while the benchmark price of row houses grew 12.5 per cent to $461,700.
Semi-detached home prices rose 9.6 per cent to $681,200 and detached prices increased 9.5 per cent to $762,600.
This report by The Canadian Press was first published Sept. 3, 2024.