Housing market conditions continue to follow similar trends to last year, with gains in sales.

At the same time, there have been further reductions in new listings and inventory, and more declines in prices.

Sales activity in October improved by nearly 10 per cent compared to last year, driven mostly by improvements for apartment and attached product.

For the third consecutive month, sales activity improved over last year's figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.

New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.

How building a garage can dramatically increase your home value

Driving has always been a way of life for Calgarians, and given the ubiquity of cars in in the city, garages are a must for almost every home.

Whether looking to build a home for the first time or renovating an old one, detached or attached garages are the options most builders choose. However, special builds also exist and can even include underground parking or tunnels, at costs upwards of $35,000 for a triple-detached unit.

Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines.

The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas.

Diversity and volume of home options offer something for homebuyers of every stage

There is no such thing as a "typical" home in the $500,000 to $750,000 price range in Calgary's market today.

"It is more than a starter home, but no mansion," said Ray Riley, a REALTOR® with RE/MAX First. "It could even be a teardown in a desirable (inner-city) neighbourhood, or a luxury apartment downtown. It just depends on what the buyer is looking for, and where."

As expected, Calgary sales activity similar to last year

The new year opened predictably, with monthly figures close to the Januarys of the past three years.

With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector.