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Home sales in Calgary were down 14 per cent in 2018 compared with the year before, the latest housing market report from the Calgary Real Estate Board indicates.

According to the report, December sales totalled 794 units, down 21 per cent from a year earlier. Overall sales in the city for 2018 totalled 16,144 units, including detached homes, apartments and attached homes, which is almost 20 per cent below long-term averages.

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Meanwhile, inventory levels in December sat at 4,904 units, which CREB said is 30 per cent above typical levels for the month.

CREB chief economist Ann-Marie Lurie said weakness in the job market and changes in the lending rules affected resale activity in 2018.

“This contributed to elevated supply in the resale market, resulting in price declines,” Lurie said in a news release.

Photo by Lyle Aspinall / Calgary Herald

CREB said elevated resale inventories in 2018 were caused by gains in the detached and attached sectors.