Calgary\u0027s monthly home sales and new listings also declined. Read more.
The city’s total sales dropped to 1,648 units for the month, down from 1,901 units in October and 2,108 in November of last year, according to figures released Thursday by the Calgary Real Estate Board .Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Easing sales have been driven mostly by declines in the detached sector of the market,” CREB’s chief economist Ann-Marie Lurie said in the report. “Higher lending rates are impacting purchasers’ buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.”Article content
Despite weakness in some segments, Calgary’s condominium apartments and row sales continue to surge, contributing year-over-year increases of 10 per cent and 13.9 per cent respectively. According to the board, the benchmark price for a condominium in November was $277,000, slightly down month-over month from $277,800 — while the benchmark price for a row home in November was $358,700, again, slightly down from 361,200 in October.
For those looking for affordable products in the detached sector, homes priced under $500,000 dropped by more than 36 per cent year-over-year, contributing to an overall decline of 34 per cent across every price range.
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Calgary home prices fell in November as inventories hit lowest level since 2005Calgary\u0027s monthly home sales and new listings also declined. Read more.
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