“Calgary’s housing market continues to face a wide range of challenges,” says CREB president Cliff Stevenson. “Sellers are reflecting on their expectations and considering all options available to them, given the dynamics of their specific market. In this environment, buyers have the opportunity to carefully consider their housing needs and make a decision based on their lifestyle and future goals.”

The market for single-family homes expanded by 1,488 listings in January. This was the busiest month for new listings since 1,768 additions last September, but it was an 18 per cent setback year-over-year.

“In this type of market conditions gains in new listings can be caused from more people having to sell their home,” says CREB chief economist Ann-Marie Lurie. “However, in January, listings continued to fall over last year’s levels and remain lower than what we typically see in January. This is an indication that people could be delaying any unnecessary moves right now.”

Single-family home sales also cooled off in January. There were 465 transactions last month in Calgary, easing 67 sales from activity a month earlier. Year-over-year, sales dipped 13 per cent from 534 in January 2015.