Calgary Real Estate Market Rescued As Prices Continue To Drop For 20th Month In A Row

Calgary’s real estate market is probably exempted from the hottest housing markets including Toronto and Vancouver, as prices continue to reduce for the 20^th consecutive month.

On Tuesday, the Calgary Real Estate Board reported that up to 1,741 units were sold in July alone. This is a 12.6% increase compared to last year.

Detached home sales suffered a 9.2% decrease. However, with 6,908 units sold in 2016 alone, the rate has dropped by 22% compared to a decade ago.

The Calgary Real Estate Board said given the rising unemployment rate and low urbanization, these are the main factors affecting the weak Calgary market, as the economy has already suffered from the oil market crash that occurred recently.

However, the 10% drop in house listings helped rescue the economy due to the eroding prices.

The average price of a house was up to 1.78 percent, approximately $484,998, while the median sale price was down 1.38 percent to $429,000.

The markets benchmark price, which was solely aimed at representing the price of a typical home, suffered a drop of only $400 from June, but at $440,000 is down 4.16 percent compared to last year.