Alberta: New listings dramatically outpacings sales

Marco sent in this link to a Globe and Mail story about the Alberta housing market where a flood of new listings from owners trying to cash in on high prices is shifting the dynamics of the market in Calgary and Edmonton.

In Calgary, 5,330 residences hit the market last month, an 11 per cent increase from the year before. But sales for the month fell by 11 per cent year-over-year to 1,935 units.

“Momentum is fading fast in the Alberta housing market,” said Robert Kavcic, economic analyst at BMO Capital Markets, in a research note. In September, sales in Edmonton had their sharpest decline since the early 1980s, Mr. Kavcic said.

While soaring prices are drawing sellers in droves, it also means potential buyers in Alberta are waiting or being priced out of the market.