Rise in new listings prevents further tightening in the resale market..
City of Calgary residential sales totaled 1,923 units in September, 19 per cent higher than last year and 14 per cent higher than long-term averages for the month.
While sales activity over the past three months has been above long-term trends, it was less so in September than in July and August.
The impact of the floods likely boosted sales throughout July and August, and it appears as though some of that additional demand is starting to ease. Sales growth remains strong, in part because net migration has been stronger than anticipated and rental product is in short supply.
As Calgary’s market remains in seller’s territory, a notable shift is occurring with new listings,…