Home sales up slightly in Calgary, but still way off 2019 numbers
COVID-19 and related job losses have resulted in lower consumer confidence in Calgary's housing market, a new report says. (File)
CALGARY -- New statistics show the COVID-19 pandemic is still causing problems in Calgary's housing market as just over 1,000 units were sold in the region last month.
The Calgary Real Estate Board, in its monthly housing report, while some buyers and sellers have come back, things are still "far from normal."
"Prices are trending down," said CREB's chief economist Ann-Marie Lurie in a release. "Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range."
While sales declined in May, CREB says it was met with lower inventory levels, but the change wasn't enough to make an impact on oversupply.
In May 2020, the agency says 670 detached units were sold (43 per cent less than 2019), 137 apartments were sold (56 per cent fewer than last year) and 273 attached units were sold (35 per cent less).
The benchmark price of a home in Calgary also dropped last month to $411,600, almost three per cent less than that in May 2019.
CREB attributes the drop in consumer confidence to the COVID-19 pandemic and associated physical distancing measures which has led to job losses, particularly in the energy sector.