City of Calgary, Feb. 1, 2017 – For the fourth consecutive month, housing

inventory levels have recorded year-over-year declines. At 4,112 total units,

January’s inventory was 18 per cent below last year’s levels.

“While housing conditions continue to favour buyers, a slow transition

toward more balanced conditions is helping to ease downward pressure on

home prices,” said CREB® chief economist Ann-Marie Lurie. “Conditions have

improved over last year, but people need to remember that last year’s

market was one of the weakest on record. Despite the appearance of a

major shift in activity, the transition in the housing market is going to be a

slow process.”

January sales totaled 947 units, 24 per cent above last year, but 21 per cent

below 10-year averages for the month. Sales activity improved across all

product types, but only when compared to the near record lows that

occurred in January 2016.

The detached segment of the market is demonstrating the most

improvement. Sales activity totalled 584 units in January, a considerable

improvement over the 466 sales recorded last year. Inventories have also

declined pushing the months of supply to 3.2 months well below the 5.4

months recorded in January 2016.

“This past month showed how the market never stands still,” said CREB®

president David P. Brown. “The market isn’t expected to be as unpredictable

in 2017, but it’s early in the year and there are still lots of unknowns that will

shape decision-making for consumers.”

“Every transaction is a personal decision and anyone going through the

process of buying and selling real estate will be trying to make the best

decision for their family. They need to consider their long-term objectives

and think about the price they are willing to accept or pay for a home.”

City-wide benchmark prices totaled $437,400, 0.16 per cent lower than last

month and 2.82 per cent lower than last year’s levels. Since recent highs in

2014, residential prices have declined from a low of 4.9 per cent in the

detached sector to highs of 11.5 per cent in the apartment condominium

market.