Back in November, the number of listings in the areas of Calgary for the month of October was reported to be only 1,810, which is lower by 36.4 percent than the listings of the same month in 2014. The Canadian Real Estate Association (CREA) says that the said decline was the biggest in Canada's major housing markets, Calgary Herald reports.
As 2016 kicked in, Calgary's housing market was compared to a roller coaster ride. Calgary Sun has previously reported the data from the 2015 Calgary Real Estate Board (CREB) report that reflected a 26 percent plunge in Calgary-wide sales from 2014. Broken down, single-family home sales dropped by 24 percent, townhomes decreased in sales as low as 29 percent and apartments fell by 33 percent. Despite of that, some analysts where positive that it was not all that bad in the market arguing that the city averages do not tell that certain areas have positive housing conditions.
For instance, data from the same report show that areas like the Nolan Hill witnessed an increase in sales by 133 percent. Coral Springs on the east side had an increase of 100 percent, while Dover was up by 200 percent.
It indeed may be a roller coaster ride for the market not to mention that Calgary still continues to take a big hit from declining oil prices. Once again, for the month of January, sales and prices have taken a dive. According to CBC News, it is not likely that the Calgary housing market would ever heat up in the near future. Listings may have topped the 5,000 for the month of February but the inventory is sitting in the market 22 percent longer than it did in the same month last year.
Based on the month-end data from the Calgary Real Estate Board (CREB) the number of homes sold in the month of January 2016 is 13 percent lower at 763 homes than January 2015. The longer time the homes sit in the market is surprising given the fact that the median sale price in January fell 3.1 percent year-over-year to $409,000.
