RBC Economics published its most recent market update pointing to “green shoots” of demand growth with March sales increasing 1.4 per cent from February.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Calgary remains one of the tighter markets in Canada despite sales falling in March from February by 2.3 per cent and were down 42 per cent year over year. Average prices also dropped 0.2 per cent month over month in Calgary, but they had increased about one per cent from March last year, the report found.
The challenge in Calgary — as elsewhere in Canada — is low supply, which is holding back stronger sales and price growth, it further noted. New listings in Calgary were down almost 13 per cent in March from February and about 40 per cent year over year.The report also noted that Calgary was the largest major market with conditions favouring sellers with a sales-to-new-listing ratio of 85 per cent in March. In contrast, the national average was 63 per cent, slightly above the 60 per cent threshold between a balanced market and conditions favouring sellers.