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Slowing demand and rising provide in outlying communities like Airdrie have set in together with cooler temperatures of late summer time, latest information exhibits.
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Calgary Actual Property Board statistics from final month present gross sales falling 12 months over 12 months in most communities whereas provide is rising.
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“In all these markets, we’ve seen enhancements in stock,” says Ann-Marie Lurie, chief economist with CREB.
“Nonetheless these markets stay fairly tight, however we’re seeing some worth changes and that’s as a result of they got here up so excessive in the course of the pandemic.”
Airdrie is the biggest and most in-demand market with the very best gross sales final month, 169 transactions, down nearly eight per cent 12 months over 12 months. Nonetheless, the neighborhood noticed stock rise greater than 10 per cent with now greater than 1.69 months of provide, a rise of almost 20 per cent from final 12 months.
Different communities have additionally seen gross sales fall and provide rise. These embrace Cochrane, which had 75 gross sales, down about 17 per cent from August final 12 months. Its provide is now greater than two months, up about 26 per cent 12 months over 12 months.
Okotoks had 53 gross sales in August, down about 19 per cent 12 months over 12 months whereas provide grew to greater than 1.8 months.
Regardless of falling demand and rising provide, costs nonetheless grew 12 months over 12 months in these communities. The benchmark worth in Airdrie elevated nearly 19 per cent to $493,500. In Cochrane, the benchmark worth grew by greater than 16 per cent to $517,400 whereas the benchmark reached $549,300 in Okotoks, additionally a rise of greater than 16 per cent.
Chestermere noticed the most important drop in gross sales 12 months over 12 months at greater than 48 per cent.
Solely Excessive River skilled a slight improve in exercise with gross sales final month up 2.5 per cent versus the identical span final 12 months.
