A new report from the Calgary Real Estate Association shows that the detached sector is balanced and prices are holding steady, although 0.9 per cent below April 2016.
“Detached product has not faced the same supply pressure as the apartment sector,” said CREB chief economist Ann-Marie Lurie. “Detached supply from new construction didn’t surpass previous highs. That helped prevent steeper price adjustments in the detached sector when demand eased.”
Total transactions improved to 1,917 units in April, while inventories totaled 5,495 units, pushing months of supply below three for the second consecutive month.
More market update:
An improving labour market has contributed to the stabilization of the Calgary housing market.