Calgary

Calgary house prices down 4.3% compared with last year

House prices in Calgary were down 4.3 per cent in May year over year as the local market remains overstocked, according to the latest statistics from the Canadian Real Estate Association.

Canadian Real Estate Association says Prairie markets still suffering from oversupply

The average price for a home sold in May this year in Alberta was $388,568 compared with $394,648 last May, says CREA. (Robson Fletcher/CBC)

House prices in Calgary were down 4.3 per cent in May, year over year, as the local market remains overstocked, according to the latest statistics from the Canadian Real Estate Association.

The MLS home price index benchmark for Calgary sits at $418,300. That's down 7.28 per cent from five years ago, and 4.34 per cent from three years ago, CREA said in its monthly report.

The average price for a home sold in May this year in Alberta was $388,568 compared with $394,648 last May.

Benchmark prices were also down 3.6 per cent in Edmonton, 3.9 per cent in Regina and 1.3 per cent in Saskatoon, CREA reported.

The Multiple Listing Service's home price index benchmark for Calgary sits at $418,300. (CREA)

"Across the Prairies, supply remains historically elevated relative to sales, and home prices remain below year-ago levels," CREA said in a release Friday.

"The home pricing environment will likely remain weak in these cities until demand and supply return to better balance."

Nationally, by contrast, May was the best month for home sales in 16 months, as activity in big cities such as Toronto and Vancouver helped the national market rebound from the doldrums earlier this year, CREA said. The national average price for a home sold in May was close to $508,000, up 1.8 per cent from a year ago.

Excluding the Greater Vancouver and Greater Toronto Area, two of the country's most expensive markets, the average price was just under $397,000.

With files from The Canadian Press

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