Due to continued weaknesses within the energy sector, Calgary’s residential resale housing market remained below the norm for the city during the month of August. Not only did the city experience a decline in sales, but the city also experienced an increase in inventory. Nonetheless, benchmark prices remained relatively stable.

According to the most recent CREB report, residential housing sales in Calgary fell by 27 percent to 1,643 when compared to the same time last year. These figures are also 12 percent below the city’s 10-year average. The residential unadjusted sales-to-new-listings ration also fell from 67 percent in July to 60 percent in August, thereby helping to push inventory levels up to 5,146 units....