Calgary condo market retreats as inventory grows
According to the Calgary Real Estate Board (CREB) condo sales continue to decline in June while inventory continues to grow.
June saw a year-over-year increase of 73 per cent in inventory of 2,112 listings.
Inventory is now at four months while the benchmark price dipped to $333,500, down three per cent year-over-year.
'The big change here has been the supply side,' said CREB's chief economist Ann-Marie Lurie.
'Listings have really been rising,' Lurie added. 'There is a lot more choice, not just the resale side, but on the new home side, both in terms of condos as well as there's more rental availability.'
Slowing migration to the city is also a factor in the condo slump according to Lurie.
Areas experiencing the largest year-over-year declines are the northeast, north and southeast districts.
Realtor Tanya Eklund, who has sold properties in the inner city for 25 years, has noticed the trend.
'The apartment condo market in Calgary has really seen a huge shift in the last 30 to 45 days,' said Eklund.
Eklund provided an example of a unit for sale in Edenwold Heights.
'This condo last year would have sold for $320,000 now,' said Eklund. 'We will be lucky to get $300,000 (in 2025). We are listed at $312,000 and there are six other units listed in the same building.
'Higher supply and clearly less demand based on the amount of showings I am getting,' she added.
The Calgary Real Estate Board doesn't anticipate the trend slowing down anytime soon.
'There still is more supply coming. We have a lot of product that currently is under construction,' said Lurie.
According to Lurie, there are over 14,000 units under construction in Calgary.
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