Average price of a home in Calgary drops by over 4%

CREB, in its January 2019 housing sales report, says the average price of a home in Calgary has dropped to $414,800.

The Calgary Real Estate Board says there were fewer sales in the City of Calgary last month, continuing a trend that has persisted for some time.

In its housing market report released this week. CREB says 1,160 units were sold in the City of Calgary last month, with the drop being driven in the apartment sector.

There were 21 per cent fewer apartments sold in the city last month over November 2018.

CREB says it's likely due to the continued uncertainty and poor economic conditions weighing down on the market.

"Achieving more stable conditions will take time," said Anne-Marie Lurie, CREB chief economist in a release. "While the amount of supply in the market continues to ease, the persistent oversupply continues to weigh on prices."

According to the report, the average price of a home in Calgary is now $458,523, 4.37 per cent less than in November 2018 when it cost about $479,593 to buy a home.

CREB also says the number of new listings in November has dropped year-over-year to 29,874, nearly 11 per cent less than last year.

Elsewhere in the southern Alberta region CREB says sales have improved in Airdrie, where a decrease in new listings helped to ease the oversupply in the market. Cochrane's market also remains oversupplied and the benchmark price of a home there was $394,200, over four per cent lower than November 2018.