CREB® report singles out changing conditions in apartment sector

Buyer's conditions in the apartment sector are contributing to a continued shift in Calgary's resale residential housing market, which experienced a second consecutive month of price declines in October, according to CREB®.

The local housing agency noted that while overall, new listings in the city did not decline enough to prevent inventory gains and, ultimately, price contractions, the biggest shift continued to occur in the apartment sector.

CREB® chief economist Ann-Marie Lurie noted months of supply in that sector have gone from a low of three months in June to nearly six months in October.

Sales activity remains well below long-term averages  

Elevated inventory levels in October contributed to a second consecutive month of price declines in Calgary's resale residential housing market.

Benchmark prices declined 0.7 per cent from the previous month, and 1.2 per cent from the same time last year, to $453,100.

"Persistent weakness in the overall economy continued to impact housing demand in Calgary as October sales were nearly 16 per cent below long-term averages," said CREB® chief economist Ann-Marie Lurie. "In addition, new listings did not decline enough to prevent inventory gains and, ultimately, price contractions."

Will add 'consistency' to housing stock numbers

Seeking to provide consumers and industry experts with a better picture of Calgary's housing market, CREB has altered some of the categories in its monthly housing report.

Prior to the changes, which will appear on the January housing update, the city's housing stock was separated into three categories: single-family, condominium apartment and condominium townhouse.