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Slowing demand and rising supply in outlying communities like Airdrie have set in along with cooler temperatures of late summer, recent data shows.
Calgary Real Estate Board statistics from last month show sales falling year over year in most communities while supply is rising.
“In all those markets, we’ve seen improvements in inventory,” says Ann-Marie Lurie, chief economist with CREB.
“Still these markets remain quite tight, but we are seeing some price adjustments and that’s because they came up so high during the pandemic.”
Airdrie is the largest and most in-demand market with the highest sales last month, 169 transactions, down almost eight per cent year over year. Still, the community saw inventory rise more than 10 percent with now more than 1.69 months of supply, an increase of nearly 20 percent from last year.
Other communities have also seen sales fall and supply rise. These include Cochrane, which had 75 sales, down about 17 percent from August last year. Its supply is now more than two months, up about 26 percent year over year.
Okotoks had 53 sales in August, down about 19 percent year over year while supply grew to more than 1.8 months.
Despite falling demand and growing supply, prices still grew year over year in these communities. The benchmark price in Airdrie increased almost 19 percent to $493,500. In Cochrane, the benchmark price grew by more than 16 percent to $517,400 while the benchmark reached $549,300 in Okotoks, also an increase of more than 16 percent.
Chestermere saw the biggest drop in sales year over year at more than 48 percent.
Only High River experienced a slight increase in activity with sales last month up 2.5 percent versus the same span last year.