Calgary home sales declined 2.9% year-over-year in December as the real estate market remains subdued despite falling interest rates.
The Calgary Real Estate Board said that 1,322 homes were sold in the western Canadian city last month, which was nearly 3% lower than in December 2023.
On a month-over-month basis, home sales were down 26.3% from November 2024 levels.
Owing to the year-end holidays and winter weather, December is typically the weakest month of the year for home sales.
However, despite the December decline, home sales in Calgary were nearly 20% higher than long-term trends in that market.
The average home price in Calgary during December was $583,300, about 0.8% lower than in November of last year but 3.2% higher than December 2023.
The Calgary Real Estate Board said that overall sales in 2024 were just shy of the previous year’s levels due to supply challenges among lower priced homes.
The board added that it will take some time for lower interest rates charged on home mortgages to spur sales within Calgary’s real estate market.
