Calgary's housing market slides into buyers' territory
Resale prices and sales both dropped in May, with apartment condos leading the decline as inventory stays flat.
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Calgary's resale market continued its downward drift in May, with both prices and sales sliding year over year. The benchmark price for all homes fell three percent to $570,500, while resales dropped nearly 16 percent with 2,162 transactions.
Apartment condominiums were hit hardest, with prices off more than nine percent to $300,400 and sales down 30 percent — the largest decline of any housing type. Row homes also struggled, down 23 percent in sales while prices fell six percent to $422,300.
Single-family detached homes, the city's most active segment, saw resales off six percent and benchmark prices down two percent to $747,800. Semi-detached homes showed the smallest price decline at one percent to $691,100, though sales were down 15 percent.
New listings dropped nearly 13 percent year over year while overall inventory remained flat. All housing segments showed balanced buyer-seller demand in May, though apartment condos are drifting closer to a buyer's market with a sales-to-new-listings ratio of 42 percent.
For buyers, it's the most welcoming market Calgary has seen in some time.