Alberta sales activity in April improved by nearly three per cent compared to last April but remained well below typical levels of activity. Nonetheless, this is the first time since July 2018 that province wide monthly sales improved compared to the previous year.
The monthly sales gain was not high enough to offset the slowing trend in the first quarter and year-to-date sales eased by nearly six per cent, and are 17 per cent below long-term averages. The year-to-date declines were driven by reductions in Calgary, Edmonton, Grande Prairie, Central Alberta and Medicine Hat.
In April, new listings continued to ease compared to the previous year. The combined impact of improved sales and easing new listings was not enough to prevent year-over-year inventory gains this month. However, the growth rate of inventories has been slowing. If this trend continues, it could help the market move towards more balanced conditions and eventually support more price stability.
With over six months of supply in the entire province, prices continue to trend down. The province wide average price was $381,452, nearly two per cent lower than last year's levels.
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The data provided herein data is compiled by AREA's Chief Economist and may not perfectly reflect the data reported by a Board/Association. For more specific information, please contact the local Board/Association representing your area of interest. Click here for a guideline of Board/Association boundaries.
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