The Calgary Real Estate Board has reported that home sales in the western Canadian city fell 14% year-over-year in September as the economy continues to weaken.
The real estate board said that 1,720 homes changed hands during September, However, at the same time, 3,782 new listings entered the market, raising inventory levels.
In all, there were 6,916 homes for sale in Calgary during September, a 36.5% increase from the same month in 2024 and 17% higher than levels typically seen at this time of year.
The real estate board said lower demand is mostly because of slowing population growth and economic uncertainty.
Going forward, bloated inventory levels are expected to weigh down home prices in the city.
The Calgary Real Estate Board said the benchmark price of a home in the city fell 4% year-over-year in September to $572,800.
Canada’s economy has softened in recent months due to U.S. import tariffs and a pullback in business investment.
However, the Bank of Canada resumed lowering interest rates in September to boost the economy and a decline in rates could give home sales a lift moving forward.
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