July 30, 2015 | CREBNow
Dissecting the detached category
Sales activity declines in Calgary's detached resale housing segment over the first half of 2015 resembled that posted during the global economic crisis in 2009, according to CREB®'s mid-year forecast update.
Yet experts warn aggregate prices in Calgary's largest housing segment, which have started to fall, are being skewed by higher-priced markets, which experienced a more dramatic drop during the first half of the year.
"This year, we have seen sales decline in all price ranges. However, the decline in the luxury home market has been larger compared to lower-priced homes," said Richard Cho, principal of market analysis for Canada Mortgage and Housing Corp. (CMHC).
Detached sales totaled 6,203 units, a 25 per cent decline relative to the previous year, noted CREB®.