Apartment Inventory Faces Historical Levels in August
The apartment sector faced further decline due to a continued saturated market. On average, apartment inventories rose to levels above historical norms reaching a little over 6 months, with a seven per cent drop in price compared to last year.
Sales in the detached homes sector continue to drop. However; in August, sellers have stepped back on listing their homes helping prevent inventory levels from getting out of hand. This in turn, limited the downward pressure on pricing. The benchmark price of $503,200 remained similar to July numbers.
Please keep in mind that the information in the stats are an average and total of all communities in Calgary. Price and inventory levels vary depending on area, property type, and price point. Therefore, it is important to talk to a professional about your specific needs.