'Market remains far from normal': Home sales decline continues in Calgary

Thursday, July 2, 2020   /   by Sergey Korostensky

'Market remains far from normal': Home sales decline continues in Calgary

CALGARY -- While more homes were sold last month, total sales figures are still off from last year and COVID-19 has a lot to do with it, again.


The Calgary Real Estate Board (CREB) says monthly sales were down by two per cent in June compared to 2019.


Experts say price declines, easing mortgage rates and fewer social restrictions have helped.


"However, the market remains far from normal. Challenges, such as double-digit unemployment rates, will continue to weigh on the market for months to come," said Anne-Marie Lurie, chief economist for CREB.


The report shows six per cent more homes were listed last month over June 2019, but the benchmark price of a home in Calgary is still down from last year.


The benchmark price is $411,300 while the average home price in the city of Calgary is $460,442.


Sales in other regions outside of Calgary weren't much better, CREB says. Airdrie's sales activity was eight per cent lower than last year and sales in Okotoks are well below the 2019 levels and long-term trends.



The housing market in the town of Cochrane fared a bit better, but the increased sales (76) did little to offset inventory, considering 136 new listings were added in the month.