While demand is declining in April, the amount of supply in the market continues to rise, forcing prices down

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Mario ToneguzziThe residential resale market in Calgary continues to struggle this year with MLS sales off the pace from a year ago.

Transactions in the housing market so far in April are down substantially from last year, according to the Calgary Real Estate Board website.

CREB’s data shows sales of 699, up to April 15, are off by 23.02 per cent from last year. So far this year, MLS sales are down by 18.8 per cent in Calgary.

While demand is declining, the amount of supply in the market continues to rise. New listings of 1,723 are up 1.71 per cent year-over-year and active listings of 6,970 have risen by 27.52 per cent.

Prices are being impacted due to that supply and demand dynamic. The median sale price so far in April has dropped by 2.92 per cent year-over-year to $432,000 while the average sale price has fallen by 6.35 per cent to $465,403.

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.

The views, opinions and positions expressed by columnists and contributors are the author’s alone. They do not inherently or expressly reflect the views, opinions and/or positions of our publication.

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