Sales activity remains well below lasting averages
Calgary, Nov. 2, 2015 – 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.”
The steepest declines occurred in the apartment sector, where the benchmark…