In Calgary, residential sales totaled 2,336 units in July, setting a record for the month. New listings reached 3,219 units, an 18-per-cent increase over July 2013. The rise in listings represents a 14-per-cent increase in inventory over the same month last year, bringing inventory levels to 4,659 units.

“More selection is welcome news for many potential purchasers. However, improving supply levels have only come after nearly three consecutive years of declines,” says Bill Kirk, Calgary Real Estate Board president. “Along with improving inventories, other indicators support the notion that market conditions are moving toward more sustainable levels.”

In the condominium sector, sales increased by 21 per cent, year-over-year, and new listings outpaced sales, thereby increasing inventory levels. In the single-family market, however, listings priced below $400,000 declined.

“With declining choices in the lower-priced single-family market sector, consumers are considering both condominium apartment and townhouse segments,” says Kirk.