Unemployment rate slows market recovery

With the release of the August 2018 Real Estate sales statistics by the Calgary Real Estate Board (i.e. CREB), we note that the current Calgary and area unemployment rate remains high @ 7.9%. The resulting uncertainty, along with continued elevated inventory levels, is placing downward pressure on both pricing and pace of sales. At month-end, sales are down 7% year/year and 14% over long-term trends. Average prices have dropped by over 2% year/year in all market segments (i.e. detached, attached and apartment condos). Most certainly a good time to buy.