Calgary Real Estate Statistics for July 2020
Economic uncertainty continues while detached and semi-detached home sales report an increase
With higher sales for detached and semi-detached properties, July sales total increased over levels last year. Year-to-date sales persist at 15 percent lower than last year's levels, despite the improvements in July.
"There have been improvements relative to the lowest sales levels caused by COVID-19, but it is too early to say things are shifting back to pre-pandemic levels," said CREB® chief economist Ann-Marie Lurie.
"We are still facing record-high unemployment rates, significant government aid, and uncertainty throughout the business community. This will continue in the coming months."
COVID-19 lockdown ensued over traditionally the busiest quarter for real estate sales. Some of the current increases indicate activity that would have occurred in those months has shifted into July. A certain amount of demand is returning to the market, and so is the supply.
Sales growth was offset by the inventory levels that trended up over the previous month. Row and apartment higher-density properties show supply/demand ratios well above traditional levels.
Relative to sales, higher-than-typical levels of supply for higher-density properties also had a significant impact on prices for those property types. Price decreases year-over-year differed from over eight percent for row properties to almost three percent for apartment and semi-detached properties.
Detached properties tighter market conditions held some upward price trends, and prices year-over-year were stable in comparison to the prior year. However, on a yearly basis, detached prices remain at almost one percent less than levels last year.