Calgary home sales drop again in June as inventory keeps piling up: board
The Calgary Real Estate Board says home sales in the city decreased 16.5 per cent in June compared with last year as higher levels of new listings led to inventory gain.
The board says 2,286 homes changed hands last month, with declines recorded across all property types year-over-year.
CREB chief economist Ann-Marie Lurie says sales decreases come as supply has improved across rental, resale and new home markets, allowing for more choice as inventory returned to levels reported in 2021 before a population surge.
There were 4,223 new listings on the market last month, up 11.2 per cent from a year earlier, as the city’s inventory reached 6,941 homes for sale — an 83.2 per cent increase.
Lurie says additional choice in the market — combined with stagnant lending rates, persistent uncertainty and concerns of price adjustments — is keeping many potential buyers on the sidelines, which “is weighing on home prices, especially for apartment and row style homes.”
The residential benchmark price was $586,200 last month, marking a 3.6 per cent decrease from June 2024 levels.