Record unemployment and high uncertainty push home sales down in Calgary

Thursday, August 6, 2020   /   by Sergey Korostensky

Record unemployment and high uncertainty push home sales down in Calgary

CALGARY -- While more detached and semi-detached homes were sold during the month of July, statistics show tough conditions are still hurting Calgary's housing market.


The report, from the Calgary Real Estate Board, says year-to-date sales are still 15 per cent lower than what they were in 2019. That's even after a boost in sales in July.


Anne-Marie Lurie says COVID-19 is having less of an impact, but there are other issues to consider.





"We are still facing record high unemployment rates, significant government aid, and uncertainty throughout the business community. This will continue in the coming months."


Much of the recent gains are in reaction to the pandemic cancelling the spring season, which is generally the busiest time for real estate, she says.


While buyers are now moving forward with plans, sellers are also putting their homes on the market, resulting in even more supply.


The crunch has also changed prices for different types of units in Calgary.


"Year-over-year price declines ranged from more than eight per cent for row properties to nearly three per cent for semi-detached and apartment properties."


The only type of home in Calgary that increased in value since last year were detached homes.


CREB says the average price of a detached home in Calgary is $485,800.