Home sales in Calgary, Alberta plunged 14.8% year-over-year in January as the real estate market continues to weaken and prices decline.
The Calgary Real Estate Board said that 1,234 homes were sold in the western Canadian city during January.
The average price of a home sold in Calgary decreased 4.7% year-over-year to $554,400.
Apartment and row-style homes saw year-over-year price decreases of 7.7% and 5.2%, respectively, while detached home prices fell 3.4% and semi-detached prices dropped 1.1%.
The real estate board said that potential buyers did not return to the market in January and that growing inventory levels “reduced the sense of urgency” among would-be buyers.
Also in January, there were 2,785 new homes listed for sale, a decline of 3.8% from a year earlier.
However, Calgary’s inventory of total homes for sale grew 20.6% to 4,391 units, the highest January level since 2020.
The Calgary Real Estate Board said the high inventory level and sinking prices are reflective of a buyer’s market.
