Residential real estate sales in the City of Calgary ended the Month of March with sales volume down almost 30 per cent in March 2015 compared to March 2014, and average sales price down 2.19% compared to March 2014.
Recent job losses in the Energy sector combined with high inventory in the housing market have led to low sales and declining house prices. This is in contrast to last year’s first quarter, in which housing inventory was low, and competition drove house prices up. March has seen fewer new listings than previous months, however, softening the recent growth in inventory.
Quarterly price declines were noticeably higher in the apartment sector, with a drop of 1.46% in quarterly benchmark prices, compared to the 0.4% drop in detached and attached homes, compared to this time last year.