Calgary housing market sees June sales gain, prices slip year-over-year

Calgary home sales rose in June from the previous month but remained below last year’s levels. (File)

Calgary home sales rose in June from the previous month but remained below last year’s levels.

The Calgary Real Estate Board says 2,197 homes were sold in June, up from May but nearly four per cent lower than a year earlier and just below the long-term average.

The board says sales declines have been seen across most price ranges this year, though activity improved in the most affordable and highest-priced segments.

Chief economist with Calgary Real Estate Board Ann-Marie Lurie says softer demand is tied in part to slowing migration, which is affecting both rental and ownership markets, particularly for higher-density housing.

• Sign up for breaking news alerts from CTV News, right at your fingertips

Inventory continued to rise across rental, resale and new-home markets, with the largest gains in apartment-style units.

That has created buyer’s market conditions in the condominium sector and led to price declines.

The sales-to-new-listings ratio reached 56 per cent in June, helping slow inventory growth. The benchmark home price was $572,500 in June, up from May but about two per cent lower than a year earlier.

Apartment condominium prices saw the steepest drop, falling nearly nine per cent year-over-year to $299,000, while detached home prices reached $750,500, down about one per cent annually.

Detached and semi-detached homes remained relatively balanced, while row housing also stayed within balanced conditions despite higher supply.

• The information you need to know, sent directly to you: Download the CTV News App

In contrast, the apartment condominium sector saw nearly five months of supply and a sales-to-new-listings ratio of 45 per cent, reinforcing buyer-friendly conditions.

Sales declined in Airdrie, while inventory gains pushed prices down nearly four percent year-over-year.

Cochrane recorded slight annual sales gains but lower prices, and Okotoks saw stable prices amid relatively tight supply.