Home sales dipped in March, due in part to economic uncertainty driven by tariffs, according to newly released real estate statistics.
The Calgary Real Estate Board (CREB) released its monthly housing market report on Tuesday, noting that sales declined 19 per cent year-over-year, with 2,159 units sold in March.
The report states ongoing tariff threats have weighed on consumer confidence.
“It is not a surprise to see a pullback in sales given the uncertainty,” Ann-Marie Lurie, chief economist at CREB, said in a news release.
“Nonetheless, easing demand has been met with gains in new listings and rising inventories, helping our market shift back toward balanced conditions, following four consecutive years where the market favoured the seller.”
The benchmark price of a home reached $592,500 – an increase of just 0.1 per cent.
“Both detached and semi-detached prices remain consistent with peak prices and continue to rise, while apartment and row-style homes continue to report prices slightly lower than last year’s peak,” CREB said in the report.
Each housing category increased in price year-over-year, including:
- Detached: $769,800 (+4.1 per cent);
- Semi-detached: $691,900 (+5.1 per cent);
- Row: $454,000 (+2.1 per cent); and
- Apartment: $336,100 (+2.6 per cent).
The city saw more than 4,000 new listings in March, an increase of 26.7 per cent year-over-year. The new listings helped feed the housing inventory, which rose to 5,154, a 102.4 per cent increase year-over-year.
The months of supply was up 149.2 per cent year-over-year, up to 2.39 months.
