Calgary detached homes drop 2.1% year-over-year
The city saw the largest price decline among major Alberta centres in May, while Fort McMurray led the province with 14.7% growth.
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Calgary's detached house prices fell 2.1 per cent year-over-year to an average of $715,000 in May, marking the largest decline among major Alberta cities, according to market statistics from the Alberta Real Estate Association.
The broader Alberta market is loosening. May saw a 12.2 per cent year-over-year drop in sales — the thirteenth consecutive month of declines — with the biggest drops in row housing and apartments. New listings decreased 3.8 per cent year-over-year, while inventory climbed 2.1 per cent. The sales-to-new listings ratio fell to 54 per cent.
While Calgary declined, other Alberta cities showed growth. Fort McMurray led the pack with a 14.7 per cent rise to $532,614. Lethbridge saw a 7.9 per cent jump to $492,073, and Medicine Hat rose 7.7 per cent to $451,698. Edmonton gained 5.7 per cent to $589,610, and Grande Prairie climbed 5.5 per cent to $451,808. Red Deer saw a smaller 0.7 per cent drop to $470,987.
Across Alberta in May, there were 2.87 months of supply — up 16.5 per cent year-over-year. Calgary and Edmonton continue to see loosening supplies, while Grande Prairie has the tightest conditions in the province at 1.4 months.