Summary of sales August 2018
Calgary continues to struggle with high unemployment at 7.9% Tighter lending and competition from new home sector are contributing to slow sales leading to a y/y price decline of 2.7%. The condominium apartment sector has struggled for years with oversupply but now has a y/y price decline of 2%.
Prices and sales remain variable depending of style of property and location within the city.
See the attached chart for inventory and price change. What is interesting is that in the past there has been almost continuous movement in opposite directions since 2005. In the last few years these measures have been stable. It is almost as if something is waiting to happen. Get those pipelines Built!