It may be spring, but you wouldn’t be able to guess that looking at Calgary’s real estate figures.
March is historically one of the four busiest months of the year. So far this month there have been a total of 1173 sales, down -29% year-over-year, and below the 5 and 10 year average by -17% and -21% respectively.
The amount of new listings have scaled back by -6.83% from the same period last year, easing supply growth. But the number of homes for sale is still rising.
Inventory, now at 5785, towers 78.6% above a year ago and 44.4% higher than two years ago.
The high-end market is especially struggling with sales of million dollar plus homes off by -44% from last March.
With a large numbers of layoffs being reported in Calgary (Nexen, Talisman and ConocoPhillips each announced job cuts this past week) and provincial migration into Alberta slowing, the real estate market faces heavy headwinds going into the second quarter and the seasonally busiest time of the year.