“[New] house price growth in Calgary has dropped off dramatically,” states the latest weekly economic review by the Alberta Treasury Board & Finance.
Calgary price growth has softened to such an extent that it was outpaced by Edmonton for the first time since May 2012 according to the New Housing Price Index released by Statistics Canada.
Edmonton prices were up 0.4% year-over-year in July, edging Calgary’s 0.3% gain which was the smallest increase dating back to January 2012.
From June to July, Calgary prices fell -0.3%, tied for the largest monthly decline in the country with the Kitchener-Cambridge-Waterloo region.
The trend in Calgary new home prices has been obvious, particularly since the start of the year with annual growth shrinking with each passing month.