Calgary and Edmonton housing markets were “hammered” in January, says the Conference Board of Canada.
A report, by senior economist Robin Wiebe, released on Thursday, said the seasonally-adjusted annual rate of sales fell by 23.9 per cent on a monthly basis in Calgary to 20,100 and by 9.8 per cent in Edmonton to 15,372.
The rate of annual listings in Calgary declined by 3.9 per cent to 52,944 while they were up by 11.6 per cent in Edmonton to 35,784.
The sales-to-new listings ratio was 0.398 in Calgary and 0.450 in Edmonton.
The report classified both cities as being in a buyer’s market.
The price in Calgary of $448,746 was down by 2.5 per cent from the previous month. In Edmonton, it rose by 4.2 per cent to $379,743.
According to the Conference Board report, the short-term year-over-year MLS price expectation is from zero to 2.9 per cent in Edmonton. In Calgary, the board classified the expectation as “falling.”
Month-to-date in Calgary from February 1-25, according to the Calgary Real Estate Board, there have been 1,052 MLS sales in the city, down 33.59 per cent from the same period a year ago while new listings have risen by 11.78 per cent to 2,619. The average MLS sale price of $463,029 which is off by 3.98 per cent from a year ago.
By Mario Toneguzzi, Calgary Herald, Calgary Herald