Residential sales in August continued to be stable and in line with levels over the last five years with 1, 573 sales occurring last month. Although national reports show a bounce back to record levels, Calgary has seen improvements over the lows recorded during the lockdowns but is not quite at said record levels.
New listings are easing and it's helping chip away at existing inventory and the pace of the year-over-year decline has eased as inventory levels have trended up relative to levels recorded a few months ago. The months of supply has also risen compared to the past few months and now sits at four months which has slowed some of the monthly gains on prices. The residential benchmark price in August was $420,800 and is nearly 1% lower than last years’ levels.