The Calgary Real Estate Board says home sales in the city declined 11.6 per cent in July compared with the same period last year as inventory grew to levels not seen since before the pandemic.
The board says 2,099 homes changed hands last month compared with 2,374 sales in July 2024.
The organization attributes the decrease to factors such as persistent economic uncertainty due to tariffs, the lack of further reductions in lending rates and added competition from the new home market.
There were 3,911 new listings on the market last month, up 8.6 per cent from a year earlier, as the city’s inventory reached 6,917 homes for sale — a 66.1 per cent surge.
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The board says additional supply has weighed on home prices in some parts of the city.
The residential benchmark price was $582,900 last month, a 3.9 per cent decrease from July 2024.
However, CREB chief economist Ann-Marie Lurie says price declines are not occurring across all property types in all locations of the city and the steepest price drops seen in apartment and row style homes.
“Even where there have been declines, it has not erased all the gains made over the past several years,” said Lurie.
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