Calgary’s housing market has seen significant drops in townhouse and apartment sales in the month of July, according to recent data.
The numbers, released by the Calgary Real Estate Board (CREB), show a 23.5% decrease in townhouse sales compared to July of last year. Apartment sales also saw a decline of 21.6% in the same time period.
CREB chief economist Ann-Marie Lurie attributes these drops to the ongoing economic challenges faced by the city, including the impact of the COVID-19 pandemic and low oil prices.
Despite these declines, the overall housing market in Calgary has remained relatively stable. The total number of sales in July was only 1.5% lower than the same month last year.
However, the average price of a home in Calgary has decreased by 1.5% compared to July 2019, with the average price now sitting at $418,000.
Lurie notes that the decrease in townhouse and apartment sales has also affected the rental market, with an increase in inventory and a decrease in rental prices.
The rental market has been hit hard by the pandemic, with many people losing their jobs or experiencing reduced income. This has led to a decrease in demand for rental properties, resulting in lower prices.
Despite these challenges, Lurie remains optimistic about the future of Calgary’s housing market.
“We are seeing some signs of recovery in the economy, which could lead to an increase in housing demand in the coming months,” she says.
In addition, the CREB data shows that the detached housing market in Calgary has remained strong, with a 3.5% increase in sales compared to July of last year.
Overall, while the townhouse and apartment markets have seen declines, the housing market in Calgary as a whole has remained resilient in the face of economic challenges.
