Oversupplied market in Calgary continues to take a toll on home prices
Posted Nov 2, 2018 8:41 am.
Last Updated Nov 3, 2018 11:31 am.
This article is more than 5 years old.
CALGARY (660 NEWS) — An oversupplied market continues to weigh on home prices in Calgary.
The Calgary Real Estate Board says the benchmark price in October was $426,000, trending down for the fifth consecutive month, and down about 3% compared to a year ago.
Chief Economist Ann-Marie Lurie says job growth in Calgary remains a concern.
” We just have not seen that pickup in the job market and that’s been one of those things that’s been weighing on activity and housing throughout this year; there’s just been nothing to offset the impact of changes in lending and with regards to the more stringent conditions as well as the rising rates,” said Lurie.
Inventory levels remain near record highs for the month of October.
