Despite optimism related to recent oi price gains, the Calgary real estate market - housing inventory was once again on the rise during the month of May.
New Listings Combined with Slowed Sales Lead to an Increase in Housing Inventory
As new listings climbed and sales slowed to just 1,923 units, The Calgary Real Esttae Market inventory was once again on the rise. Unfortunately, due to a weakness in the labour market, demand for Calgary housing also remained weak during the month of May. While most of the focus had previously been on the oil industry, job loss is now starting to spread into other sectors. Meanwhile, wages are falling and unemployment levels remain high in Calgary. As such, housing inventory supplies are on the rise as well as supplies within the new home, rental and resale markets.
According to the latest Calgary Real Estate Board report, inventory levels in Calgary increased by 14 percent in May when compared to the previous month, reaching a total...