Home sales in Calgary dropped last month to their lowest levels in five years, as dropping oil prices dented consumer confidence, the Calgary Real Estate Board (CREB) says.
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“There is a lot of concern about what is happening in the energy sector and that is impacting everything, including housing,” said CREB chief economist Ann-Marie Lurie.
But at the same time, the board’s monthly statistics package showed a 39 per cent uptick in new listings.
“There are many reasons for consumers to list their home,” said CREB president Corinne Lyall. “One reason may be that consumers are concerned about what will happen to Calgary’s economy and their personal exposure to this risk.”
The benchmark price of a single detached home in Calgary remained relatively stable in January, compared with December figures of just over $459,000.
Lurie predicts many consumers will wait to see what is happening with the economy this spring before purchasing a home.
“People here are very in tune with what's happening in the energy sector because, despite hopes we are more diversified, the reality is Calgary is quite reliant on what happens in energy and it influences everything,” she said.