Due to slow sales and an elevated housing inventory, prices continued to fall within the Calgary housing market in February. With the state of the current economic environment, consumer confidence and housing demand have both been negatively impacted.
Unemployment Continues to Affect the Calgary Housing Market
Over the past eight months, unemployment rates have continued to rise in Calgary. As such, unemployment rates have reached higher levels than they reached during the previous recession. Unfortunately, these conditions are expected to continue over the next several months, which means unemployment is likely to continue to have a negative impact on the Calgary housing market.
During the month of February, sales within the Calgary market reached 1,127 units. This represents a 6.63 percent drop when compared to the previous year. These figures are also 37 percent lower than the long-term averages for the month of February. Furthermore, the number of new listings...