Calgary home sales down 9% in August as high inventory driving price declines: board

The Calgary Real Estate Board says home sales in the city declined 8.8 per cent in August compared with last year but remained above long-term trends, reflecting relatively strong demand.

The board says 1,989 homes changed hands last month compared with 2,182 sales in August 2024.

There were 3,478 new listings on the market last month, down 1.7 per cent from a year earlier, as the city’s inventory grew 48.2 per cent to 6,661 homes for sale.

The board says improved supply has “changed the dynamics of the Calgary market” by driving price declines, with the residential benchmark price decreasing 4.1 per cent year-over-year to $577,200 last month.

But CREB chief economist Ann-Marie Lurie says recent price declines “have not offset all the gains that have occurred over the past several years.”

The most significant price declines have been for row and apartment-style homes, which have seen the largest gains in inventory, while the detached and semi-detached markets range from modest price growth in some areas to declines in neighbourhoods with large supply growth.