For the past couple years, the Calgary condo market has been plagued by elevated inventory, but there has been some improvement in that area over the past year.

Let's look at some key stats that have defined the condo market so far this year in Calgary.

For the third consecutive month, sales activity improved over last year's figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.

Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.

Calgary communities that provide convenient access to desirable amenities and major roadways are leading the way in growth.

New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.

Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.

With housing affordability continuing to be a major concern these days, particularly due to the mortgage stress test, you would think that the lower-priced options in the condo segment would benefit. However, that has not been the case in the Calgary resale housing market, where sales numbers and prices continue to suffer.

The reason for this is simple – an oversupply of properties for sale.