Peter Kusch

Tel.: 403-990-7990

April 2019

OVERSUPPLY PERSISTS

March saw a modest decline in citywide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors.

Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is nine per cent below last year and 28 per cent below typical levels of activity.

Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not enough to prevent inventory growth.

With 6,595 units in inventory in March, the months of supply eased to five months. This is an improvement over the past several months but still considered oversupplied when compared to levels traditionally recorded in March.

The oversupply in the Calgary market has caused further price declines this month. As of March, the median price eased to $412,500, six per cent below last year’s levels. The median price is where half sell for more and half for less.

Average days on the market (Calgary Metro)

	Average days on the market in March 2019	Average days on the market in March 2018
Detached	57	37
Attached	66	53
Apartments	74	64

Attached category includes condominium townhouses and duplexes.

Median price (Calgary Metro)

	Median price in March 2019	Median price in March 2018	Percentage change
Detached	$460,000	$509,450	-9.7%
Attached	$330,250	$351,000	-1.4%
Apartments	$249,000	$252,500	-7.4%

The median price is where half sell for more and half for less.

Months of supply (Calgary Metro)

January 2014	1.57
February 2014	1.47
March 2014	1.26
April 2014	1.55
May 2014	1.57
June 2014	1.82
July 2014	2.05
August 2014	2.07
September 2014	2.13
October 2014	1.97
November 2014	2.16
December 2014	2.99
January 2015	5.31
February 2015	4.57
March 2015	3.19
April 2015	2.85
May 2015	2.44
June 2015	2.32
July 2015	2.53
August 2015	3.16
September 2015	3.85
October 2015	3.93
November 2015	4.21
December 2015	4.94
January 2016	6.57
February 2016	5.04
March 2016	3.83
April 2016	3.54
May 2016	3.20
June 2016	2.95
July 2016	3.26
August 2016	3.61
September 2016	3.97
October 2016	3.30
November 2016	4.06
December 2016	4.04
January 2017	4.36
February 2017	3.35
March 2017	2.71
April 2017	2.90
May 2017	2.95
June 2017	3.12
July 2017	4.12
August 2017	4.15
September 2017	4.71
October 2017	4.41
November 2017	4.03
December 2017	4.29
January 2018	4.83
February 2018	4.73
March 2018	4.64
April 2018	4.82
May 2018	4.91
June 2018	4.65
July 2018	5.46
August 2018	5.47
September 2018	6.28
October 2018	5.56
November 2018	5.55
December 2018	6.18
January 2019	6.81
February 2019	6.03
March 2019	4.96

Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits