Calgary house sales drop 15.5% as market softens
Real estate activity is cooling across Alberta, with Calgary joining Edmonton and Red Deer in double-digit declines year-over-year.
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Calgary's housing market is cooling fast. House sales dropped 15.5 per cent in May compared to a year earlier, according to data from the Alberta Real Estate Association. Edmonton fared worse with a 19.6 per cent decline, while Red Deer saw a 13 per cent drop.
Across the province, May sales fell 12.2 per cent year-over-year, marking the 13th consecutive month of declines in row housing and apartments. New listings dropped 3.8 per cent, but inventory grew 2.1 per cent — a sign the market is loosening for buyers.
Calgary and Edmonton are both experiencing that loosening, with months of supply increasing as fewer homes sell. The sales-to-new listings ratio fell to 54 per cent in May. Fort McMurray bucked the trend, posting a 25 per cent sales increase, while Lethbridge rose 4.1 per cent.
Average prices across Alberta grew year-to-date, with Lethbridge and Fort McMurray leading at 10 and 9 per cent gains respectively. But for most Alberta cities, the story is one of cooling demand and softening momentum.