Calgary

House sales down 12% in Calgary

The latest statistics show Calgary’s housing market remains sluggish, with sales down 12 per cent while the number of properties for sale spiked by 14 per cent.

Latest figures from CREB show corresponding 14% uptick in number of active listings

Total home sales in Calgary dipped 12 per cent in May compared to the same month a year ago. (Robson Fletcher/CBC)

The latest statistics show Calgary's housing market remains sluggish, with sales down 12 per cent while the number of properties for sale spiked by 14 per cent.

The Calgary Real Estate Board (CREB) reports that 1,923 homes changed hands last month, compared with 2,186 during the same month in 2015.

"While recent oil price gains may have some feeling optimistic, weakness in the labour market continues to impact housing demand," said CREB's chief economist Ann-Marie Lurie in a release. 

"Job losses are spreading into other sectors, wages are declining and unemployment levels remain high. At the same time, we're seeing housing supply levels rise in the rental, new home and resale markets."

The number of actively listed properties was up to 6,148 last month from 5,393 a year earlier, with apartments and attached houses accounting for half of all resale propoerties in the city, CREB says. 

The average price for a house in Calgary went up about three per cent, from $478,850 to $494,078, CREB says.

Houses are sitting on the market for an average of 42 days. 

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