Calgary home sales fall 16% in August as prices decline across most property types

Home sales in Calgary fell 16.4 per cent in August compared with the same month last year, with only 1,660 homes changing hands and prices declining across most property types.

The residential benchmark price fell 1.1 per cent to $569,800, according to the Calgary Real Estate Board. Apartment-style homes saw the steepest year-over-year decline at 8.2 per cent to $295,400, while row-style properties dropped 5.4 per cent to $415,200. Detached home prices fell 1.1 per cent to $744,300. Semi-detached properties were the only category to gain ground, rising 1 per cent to $690,500.

Ann-Marie Lurie, the board's chief economist, attributed the softer market to divergent dynamics across price ranges. "Sales have been growing in the upper end of the market thanks to improved supply, but Calgary has not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership," Lurie said.

New listings totalled 3,141 in August, down 9.7 per cent from a year earlier. Total inventory fell 2.3 per cent year-over-year to 6,509 homes for sale, indicating tightening supply even as demand cools.

The market has softened steadily this year, with sales declining across multiple months as the market continued to shift.