Calgary real estate market continues to cool as house sales drop for 20th month in a row
Fewer houses changing hands but sale prices less affected than sales volumes
Calgary's real estate picture continues to diverge from the hot markets in Toronto and Vancouver with a 20th consecutive month of declining home sales in July.
The Calgary Real Estate Board said Tuesday that sales activity totalled 1,741 units last month, for a 12.6 per cent decrease over last year.
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Total detached home sales were down slightly less at 9.2 per cent, but with only 6,908 sales so far this year activity is 22 per cent below the 10-year average and at the lowest level since 1996.
The real estate board said continued rising unemployment and fewer people coming to the city are helping contribute to the weaker Calgary market, where the economy has been hit by a significant fall in oil prices.
But a 10.2 per cent drop in listings helped prevent much further eroding of prices, which were down only slightly from the month before.
On a year-over-year basis, the average sale price for a home was actually up 1.78 per cent to $484,998, while the median sale price was down 1.38 per cent to $429,000.
Calgary's benchmark price, which aims to represent the price of a typical home, dropped only $400 from June, but at $440,000 is down 4.16 per cent from July 2015.