MARKET REPORT 

- June 2020 - 

June Sales Rebound, Sales from June 15-30 outpace 2019

City of Calgary, July 2, 2020 –

After three months where COVID-19 weighed heavily on the housing market, sales activity in June continued to trend up from the previous month, totalling 1,747 units.

Caution remains necessary, as monthly sales are nearly two percent lower than the activity recorded last year. However, this represents a significant improvement compared to the past several months, where year-over-year declines exceeded 40 percent. 

“Recent price declines, easing mortgage rates and early easing of social restrictions are likely contributing to the better-than-expected sales this month,” said CREB^® chief economist Ann-Marie Lurie. 

“However, the market remains far from normal. Challenges, such as double-digit unemployment rates, will continue to weigh on the market for months to come.” 

New listings in June totaled 3,335 units, a six percent increase over last year. The recent rise in new listings caused inventories to trend up, but they remain well below last year’s levels. 

Despite some recent monthly gains in supply, sales activity was high enough to cause the months of supply to dip below four months for the first time since May 2019. If this trend continues, it should help to ease the downward pressure on prices. 

Residential benchmark prices are comparable to last month, but they remain nearly three percent lower than last year’s levels.