The apartment segment of the market continues to face elevated inventory levels, despite improved sales. With months of supply remaining elevated at 5.9, downward price pressure persisted in February. The apartment benchmark price totaled $269,200, down 0.26per cent from last month and over five percent lower than levels recorded last year in February.
The attach (townhomes) sector recorded some improvements in sales, along with easing inventory levels. However, price adjustments are still occurring for row properties, with semi-detached product demonstrating some stability.
Despite the overall year over year construction in attached inventory levels, supply has still climbed in the $200,000 - $299,999 price range, supporting a gain in sales activity for product at those price points.
Detached prices are still lower than last year’s levels, the North West, West and East districts have recorded some modest improvements over last year’s figures.
The northwest Calgary has significant drop in inventory levels, causing the months of supply to be the lowest out of all the districts. Meanwhile, the City Centre continues to exhibit the highest months of supply, likely due to the greater share of higher density product in the district.