The downward trend in Calgary's resale housing market persisted in May, with both prices and sales continuing to slide. According to the Calgary Real Estate Board (CREB), resales dropped nearly 16 percent year over year, totaling 2,162 transactions.
Benchmark Prices Decline Across All Segments
The benchmark price for all homes in May fell three percent year over year to $570,500. Inventory levels remained largely unchanged, while new listings decreased by nearly 13 percent compared to the same month last year.
Apartment Condos Lead the Drop
Apartment condominiums experienced the most significant price decline, falling more than nine percent to $300,400. This segment also saw the largest percentage drop in sales at 30 percent. The sales-to-new-listings ratio for condos was 42 percent, approaching buyer's market territory (below 40 percent).
Row Homes and Semi-Detached Homes
Row home resales declined by 23 percent in May year over year, with prices falling six percent to $422,300. Semi-detached homes saw the smallest price drop at one percent to $691,100, while sales were down 15 percent.
Single-Family Detached Homes
Single-family detached homes, the largest housing type by activity, showed relatively stronger demand but still posted declines. Resales were off six percent, and the benchmark price decreased two percent to $747,800.
CREB statistics indicate that all housing segments were balanced between buyers and sellers in May. However, the apartment condo market moved closer to a buyer's market, reflecting ongoing challenges in that segment.
