City of Calgary, June 3, 2019

Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 percent compared to last year.
Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.

Citywide sales in May totaled 1,921 units, 11 percent higher than last year’s levels. However, sales remain 10 percent below longer-term trends. This sales growth was primarily driven by homes prices under $500,000.

“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to the market, while also preventing some others from listing their homes,” said CREB® chief economist Ann-Marie Lurie.

“This has started to push the market towards more balanced conditions. If this trend continues, it could limit some of the downward pressure on prices.”

Citywide benchmark prices totaled $423,100 in May. Prices have shown some signs of improvement month-over-month, but remain four percent lower than 2018 levels.