AUGUST 2024 HOUSING MARKET UPDATE

September 3, 2024
Calgary housing market sees shifts
Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring. Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB®. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

Inventory levels in August reached 4,487 units, 37 per cent higher than last August but nearly 25 per cent lower than long-term trends for the month. Higher-priced properties mostly drove the supply gains, as the most affordable homes in each property type continued to report supply declines.

The supply gains were made possible by both an increase in new listings in August and a pullback in sales activity. There were 2,186 sales in August, representing a 20 per cent decline from last year’s record high but still 17 per cent higher than long-term averages for the month. The sales declines were driven by homes priced below $600,000.

Following stronger-than-expected gains earlier in the year, the pace of price growth is starting to slow. In August, the total unadjusted residential benchmark price was $601,800, six per cent higher than last year and just slightly lower than last month. Year-to-date, the average benchmark price rose by nine per cent.

Detached
Detached home sales fell by 14 per cent compared to last year, as gains in homes priced above $600,000 were not enough to offset declines in the lower price ranges, which continue to struggle with low supply levels. In August, there were 2,011 detached homes available in inventory, with over 85 per cent priced above $600,000.

The improving higher-end supply compared to sales helped push the months of supply up to nearly two months. While market conditions are still tight, this is a significant improvement from the under-one-month supply experienced in the spring. Shifting conditions are relieving some pressure on home prices. In August, the unadjusted detached benchmark price was $762,600, slightly lower than last month but still over nine per cent higher than last year.

Semi-Detached
With 297 new listings and 172 sales, the sales-to-new-listings ratio in August dropped to 58 per cent, which is more consistent with pre-pandemic levels. This shift supported a rise in inventory levels, and the months of supply rose to nearly two months.

While conditions remain relatively tight, the boost in new listings has helped ease some of the pressure on prices. In August, the unadjusted benchmark price was $681,200, a decline from last month but nearly 10 per cent higher than last year.

Row
New listings row for homes priced above $400,000, contributing to year-to-date growth of nearly 16 per cent. At the same time, slower sales over the past three months have contributed to inventory gains. In August, there were 660 units available, a 75 per cent increase over the exceptionally low levels reported last year. While inventories are still low by historical standards, as with other property types, this shift is helping ease pressure on home prices.

The unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than last August. Monthly adjustments were not consistent across districts, with adjustments in the City Centre, North West, North, and West districts mostly driving monthly declines. Despite the monthly adjustments, year-over-year prices remain higher than last year across all districts and range from a low of 10 per cent in the City Centre to a high of 26 per cent in the East district.

Apartment Condominium
New listings in August reached 1,001 units, a record high for the month. The gains in new listings were met with a pullback in sales, causing the sales-to-new-listings ratio to drop to 60 per cent and inventories to rise to 1,476 units. Unlike other property types, overall condominium inventory levels were relatively consistent with longer-term trends for the month.

Rising inventory and easing sales caused the months of supply to increase to nearly two and a half months, not as high as levels seen before the pandemic but an improvement over the extremely tight conditions seen over the past 18 months. In August, the unadjusted benchmark price was $346,500, similar to last month and nearly 16 per cent higher than last year’s prices.

JULY 2024 HOUSING MARKET UPDATE

August 1, 2024
Supply levels improve, taking some pressure off prices
With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory. Inventories rose to 4,158 units, still 33 per cent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years.

Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

July sales eased by 10 per cent over last year’s record high but were still higher than long-term trends for the month. Like last month, the pullback in sales has been driven by homes priced below $600,000.

Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year.

Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year’s levels.

Detached
Detached home sales in July fell by eight per cent, as the 15 per cent rise for homes priced above $600,000 was not enough to offset the 50 per cent decline occurring in the lower price ranges.

The decline in the lower price ranges reflects limited availability as inventories and new listings continue to fall for lower-priced homes. Year-to-date detached sales have eased by just over one per cent compared to last year.

With 1,098 sales and 1,721 new listings this month, inventories rose to 1,950 units. Inventories are still low based on historical levels, but the gain did help push the months of supply up to nearly two months and supports some stability in prices. The unadjusted benchmark price in July was $767,800, similar to last month but 11 per cent higher than last July.

Semi-Detached
Relative affordability continues to attract purchasers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year.

The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76 per cent sales-to-new listings ratio and months of supply of 1.5 months.

While the pace of monthly price growth has slowed, at an unadjusted benchmark price of $687,900, prices are nearly 12 per cent higher than last year. The highest price growth continues to occur in the city’s most affordable North East and East districts.

Row
Gains in row new listings relative to a pullback in sales caused the sales-to-new listings ratio to fall to 73 per cent this month. This supported gains in inventory levels, and the months of supply rose to 1.3 months.

While conditions continue favouring the seller, the shift prevented further monthly price gains this month. Nonetheless, at a benchmark price of $464,200, levels are still nearly 15 per cent higher than last year. Year-over-year price gains have ranged from a low of 13 per cent in the City Centre and North districts to over 20 per cent in the North East and East districts.

Apartment Condominium
Sales in July slowed to 659 units, as a significant drop in sales occurred for properties priced below $300,000. Like the other property types, limited supply choices for the lower-priced units prevented stronger sales activity.

New listings in July were 1,043 units, high enough to cause the sales-to-new listings ratio to fall to 63 per cent. This supported inventory gains and months of supply of over two months. Improved supply relative to sales helped slow the pace of monthly price growth.

However, the unadjusted benchmark price of $346,300 is still 17 per cent higher than levels reported last year at this time.

June 03, 2024 | CREB

Calgary home sales remain robust despite supply shortages in lower price ranges
In a market that continues to show resilience, May saw a total of 3,092 resale home sales. While this figure is nearly one per cent below last year’s record high, it is 34 per cent higher than long-term trends for the month. The pullback in sales was primarily driven by declines in lower-priced detached and semi-detached homes, where there was limited supply choice compared to last year.

“Although new listings have increased, much of this growth is in higher price ranges for each property type,” said Ann-Marie Lurie, Chief Economist at CREB®. “Our strong economic situation has supported sales growth in these higher price ranges. However, this month’s sales could not offset the declines in the lower price ranges due to a lack of supply choice.”

New listings in May reached 4,333 units, almost 19 per cent higher than last year. This increase in new listings compared to sales caused the sales-to-new listings ratio to drop to 71 per cent, supporting a modest year-over-year inventory gain. Despite this, inventory levels remained nearly half what we typically see in May, with most gains driven by homes priced above $700,000.

While inventories did improve this month, conditions continue to favour sellers with one month of supply. Several districts continue to report less than one month of supply, while the City Centre reported the highest supply-to-sales ratio at one and a half months. Seller market conditions drove price growth across all districts in the city. The unadjusted total residential benchmark price in May reached $605,300, nearly one per cent higher than last month and 10 per cent higher than last May.

Detached
The gain in detached sales for homes priced over $700,000 was not enough to offset pullbacks across the lower price ranges, as year-over-year sales declined by seven per cent. At the same time, new listings rose enough to cause the sales-to-new-listings ratio to drop to 68 per cent, supporting inventory growth. However, inventory levels for homes priced below $600,000 continued to fall, accounting for only 13 per cent of the detached market.

With just over one month of supply, the detached market continues to favour the seller, and prices continue to rise. As of May, the unadjusted benchmark price reached $761,800, over one per cent higher than last month and 13 per cent higher than prices reported last year. Prices improved across all districts, with the most significant year-over-year gains occurring in the most affordable districts.

Semi-Detached
The year-over-year decline in sales did not offset earlier gains, as year-to-date sales rose by nearly 11 per cent. Like the detached sector, we have also seen improved levels of new listings come onto the market, causing the sales-to-new listings ratio to drop to 72 per cent and driving some gains in inventory levels.

Nonetheless, the market continues to favour the seller with one month of supply. The persistently tight market conditions continue to drive up prices. The benchmark price reached $678,000 in May, over one per cent higher than last month and 13 per cent higher than last May.

Row
May reported 540 sales, a gain over last year that has contributed to the 16 per cent year-to-date rise. At the same time, new listings also rose, supporting a gain in inventory levels. Inventory levels have declined for properties below $400,000, but the gains reported for higher-priced row properties were enough to support overall inventory gains.

With a sales-to-new-listings ratio of 78 per cent and a months of supply below one month, conditions continue to favour the seller, driving further price growth. In May, the benchmark price reached $462,500, nearly two per cent higher than last month and over 19 per cent higher than last year’s levels.

Apartment Condominium
Demand for affordable homes continues to drive growth for apartment condominium-style homes. May sales continued to rise, contributing to the year-to-date record high with a 19 per cent gain. This was partly possible thanks to gains in new listings preventing a further drop in inventory levels. While inventory levels are similar to last year, the gains for products over $300,000 offset the steep declines for lower-priced homes.

With a months of supply of just over one month, conditions still favour the seller, and prices continued to increase compared to last month’s and last year’s levels. Year-over-year price gains exceeded 30 per cent in the North East and East districts, with the lowest price growth occurring in the City Centre at 13 per cent.

April 01, 2024 | CREB

March reflects strong seller’s market and price increases
March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.

“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.

Detached

Detached home sales rose in March but were likely limited by the level of new listings coming onto the market. New listings in March were 1,386 units, compared to the 1,151 sales, causing the sales-to-new listings ratio to rise to 83 per cent. Inventories also remained relatively stable compared to last month but were 24 per cent lower than last year’s levels and nearly 60 per cent lower than long-term trends for March. Inventory levels dropped across all price ranges, but the most significant fall was in the lower price point. Overall, 71 per cent of the available inventory in March was priced above $700,000.

Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year-over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.

Semi-Detached

Supply availability continues to weigh on the semi-detached sector of the market. In March, 260 new listings were met with 250 sales, causing the sale-to-new listings ratio to rise to 96 per cent. This prevented inventories from improving, and the months of supply dropped below one month. Inventory declines have been driven mainly by properties priced below $600,000.

Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.

Row
Both sales and new listings rose in March. However, with 536 new listings and 449 sales, the sales-to-new listings ratio rose to 84 per cent, preventing any significant monthly change in inventory levels. With 355 units available, inventory levels were 12 per cent below last year’s and 53 per cent below long-term trends for March. The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000.

The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city’s most affordable districts.

Apartment Condominium
Sales in March reached 814 units, contributing to the first quarter’s record-high sales of 1,940 units, nearly 31 per cent higher than last year. New listings also improved throughout the first three months of the year, but with a March sales-to-new-listings ratio of 82 per cent and a months-of-supply of one month, conditions favoured apartment condominium sellers.

Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

FEBRUARY 2024 HOUSING MARKET UPDATE

March 1, 2024
Low inventory and high demand drive price gains in February
New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79 per cent, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.

“Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market,” said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.”

In February, the unadjusted detached benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Our most affordable East district is experiencing the highest year-over-year price growth at 25 per cent, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under five per cent.

Detached
In February, 1,195 new listings came onto the market, of which 75 per cent were priced over $600,000. While new listings did improve over last month in line with seasonal expectations, levels are still below typical levels for February. At the same time, sales in February rose to 954 units, a year-over-year gain of 20 per cent. The growth in sales was driven by where we saw listings growth, but with a sales-to-new listings ratio of nearly 80 per cent, inventory levels were near record lows for February.

Exceptionally tight market conditions drove further price growth. In February, the unadjusted detached benchmark price rose to $721,300, nearly three per cent higher than last month and over 13 per cent higher than last February. While prices rose across every district, the most significant year-over-year gains occurred in the North East and East districts.

Semi-Detached
Last month’s rise in listings compared to sales was short-lived, as the 223 new listings this month were met with 191 sales, driving up the sales-to-new-listings ratio to 86 per cent. This prevented any significant change to the low inventory situation and caused the months of supply to fall to just over one month.

In February, the unadjusted benchmark price reached $639,100, a monthly gain of over two per cent and 13 per cent higher than last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre to over 26 per cent in the East district.

Row
New listings rose to 457 units in February, contributing to the year-to-date increase in new listings of 22 per cent. The rise in new listings supported sales growth, preventing any significant change to the low inventory situation. For the second consecutive month, the months of supply were below one month.

The exceptionally tight market conditions have contributed to strong price growth for row properties. In February, the unadjusted detached price reached $436,500, over 2 per cent higher than last month and nearly 19 per cent higher than levels reported last February. Prices rose across all districts, with the highest growth occurring in the most affordable districts.

Apartment Condominium
Sales in February reached 638 units, contributing to the year-to-date sales increase of 39 per cent. Relative affordability has supported the strong demand for apartment-style homes, and sales growth has been possible thanks to the continued growth in new listings. Inventory levels trended up over the last month in line with seasonal expectations. However, inventory levels declined by 12 per cent compared to last year, ensuring the market continued to favour the seller with just over one month of supply.

Persistently tight conditions continued to place upward pressure on home prices. Prices have steadily increased since January of last year, and as of February, they reached $329,600, a 17 per cent gain over last February. Prices rose across every district in the city, with year-over-year gains surpassing 19 per cent in all districts except the City Centre, which reported a year-over-year gain of 13 per cent.

JANUARY 2024 HOUSING MARKET UPDATE

February 1, 2024
January sees strong sales fueled by boost in new listings
January sales rose to 1,650 units, a significant gain over last year’s levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.

The rise in new listings relative to sales did little to change the low inventory situation in the city. With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month.

“Supply challenges have been a persistent problem since last year. This month’s gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth,” stated Ann-Marie Lurie, Chief Economist at CREB®.

The months of supply in January was 1.3 months, falling over last month’s and last year’s levels. The persistent tightness in the market contributed to further upward pressure on home prices. The unadjusted benchmark price in January reached $572,300, a gain over last month and ten per cent higher than levels reported last January.

Detached
A boost in new listings helped support stronger sales this month. However, with a sales-to-new-listings ratio of 77 per cent, there was minimal change in the low inventory situation reported in the detached sector. New listings rose for all homes priced above $500,000, but the largest gains occurred in the over $700,000 market segment. Low inventory levels compared to sales prevented any improvement in the months of supply, which at 1.4 months was lower than levels reported last month and last January.

The exceptionally tight market conditions continued to drive further price growth. In January, the unadjusted detached price reached $702,200, nearly one per cent higher than last month and nearly 13 per cent higher than prices reported last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre and South East districts to a 27 per cent gain in the East district of the city.

Semi-Detached
With 223 new listings and 131 sales, the sales-to-new listings ratio fell to 59 per cent, the lowest level reported since 2020 and significantly improved over the 82 per cent average reported in 2023. The sudden shift did cause inventories to improve over the last month, but they remain well below long-term trends.

The unadjusted benchmark price in January was $625,000, slightly lower than last month but over 11 per cent higher than last January. The monthly decline was driven mainly by adjustments in the higher-priced districts of the West and City Centre.

Row
Like other property types, new listings and sales rose in January over levels reported last month and last year. However, with 322 new listings and 297 sales, the sales to new listings ratio remained exceptionally high at 92 per cent. This contributed to further reductions in inventory levels, and the months of supply once again fell below one month.

Limited supply and strong demand contributed to a rise in prices. In January, the unadjusted benchmark price reached $426,400, up over last month and nearly 20 per cent higher than levels reported in January 2023. While year-over-year prices are higher in every district, the West and City Centre districts saw unadjusted benchmark prices ease slightly over December.

Apartment Condominium
Apartment-style properties continued to see the most significant gain in sales activity, rising to 488 sales in January, a year-over-year increase of 54 per cent. This was possible thanks to the growth in new listings. However, the gain in listings did little to supply levels; with 682 units, inventories were 40 per cent below long-term trends.

Tight market conditions continued to contribute to further price gains. In January, the unadjusted benchmark price reached $324,000, nearly one per cent higher than last month and 19 per cent higher than last January. Prices rose across all districts, with the largest year-over-year gains occurring in the most affordable districts of the North East and East.

DECEMBER 2023 HOUSING MARKET UPDATE

January 2, 2024
Strong migration and low supply drive Calgary housing prices in 2023
Sales in 2023 did ease relative to last year’s peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. While sales stayed relatively strong, there was a notable shift in activity toward more affordable apartment condominiums style homes.

“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”

Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1,000,000.

The persistently tight conditions contributed to our city’s new record high price. While the average annual benchmark price growth did slow from 12 per cent in 2022 to nearly six per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.

Detached
With an annual decline of nearly 20 per cent, the detached market saw the most significant decline in sales activity. While sales did improve for homes priced above $700,000, limited supply choices in the lower price ranges caused consumers to turn to alternative housing styles. Despite some recent gains in higher-priced new listings, inventories have remained near record lows, and the months of supply have remained relatively low throughout 2023.

The persistently tight market conditions have supported further price growth for detached homes, albeit at a slower pace than last year. On average, the benchmark price rose by nearly eight per cent in 2023, with the most significant gains occurring in the city’s most affordable districts.

Semi-Detached
Like the detached sector, year-over-year sales growth since May was not enough to offset the pullbacks at the beginning of the year, leaving 2023 sales down by 10 per cent. The decline in sales was driven by pullbacks for homes priced under $500,000, while sales improved for higher-priced properties. The decline in the lower range was primarily due to limited supply choices, preventing stronger sales.

Persistently tight market conditions this year caused prices to trend up throughout most of the year. On an annual basis, the benchmark price rose by seven per cent over last year—a slower gain than the 12 per cent reported in 2022, but still relatively strong. Price growth ranged from a low of six per cent in the city centre to over 16 per cent in the east district.

Row
Limited supply choices in the lower price ranges contributed to the pullback in sales in 2023. Annual sales declined by over 11 per cent despite rising sales for homes priced above $400,000. While new listings did show signs of improving in the second half of the year, all of the gains were reported in the higher price ranges, causing relatively more balanced conditions in the upper price ranges versus the sellers’ market conditions in the lower price ranges.

Conditions favoured the seller throughout the year, supporting an annual benchmark price gain of over 13 per cent. Prices improved across each district, ranging from a low of 11 per cent in the city centre to over 20 per cent price growth in both the North East and East districts.

Apartment Condominium
Apartment-style properties were the only property type to report a gain in sales this year, resulting in a record high of 7,884. The growth in sales was possible thanks to the higher starting point for inventory levels and gains in new listings. However, conditions tightened throughout the year, favouring the seller and driving price growth.

Apartment condominium prices finally recovered from their 2014 high earlier this year and have pushed above those levels, reaching a new record high of $321,400 by December. On an annual basis, the 2023 benchmark price rose by over 13 per cent, a faster pace than the annual growth levels reported last year.

NOVEMBER 2023 HOUSING MARKET UPDATE

December 1, 2023
Increased listings, strong sales, and price growth
New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.

“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”

As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent.

Detached
Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year’s levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East.

Semi-Detached
November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000.

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.

Row
New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.

Apartment Condominium
Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices.

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

SEPTEMBER 2023 HOUSING MARKET UPDATE

October 3, 2023
Calgary home sales at record highs in September, yet supply remains a challenge
Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year’s levels.

New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.

Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.

“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”

In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

Detached
Inventory levels remained at record lows for the month as the sales-to-new listings ratio remained relatively high at 76 per cent. The decline in inventory levels has been driven by homes priced below $700,000, as supply levels show some improvement for homes priced above this level. While detached sales improved over levels reported last year, much of the gains were driven by the higher-priced properties with some supply options. Overall, homes priced below $700,000 continue to struggle with less than one month of supply.

Despite persistently tight market conditions, the unadjusted benchmark price remained relatively stable this month compared to last month, as a monthly price adjustment in the West end of the city offset monthly gains in all other districts. Overall, at a benchmark price of $696,100, prices are still over 11 per cent higher than levels reported last year at this time, with year-over-year gains ranging from a high of 20 per cent in the East district to a low of nine per cent in the City Centre.

Semi-Detached
September reported a boost in new listings compared to sales activity as the sales-to-new listings ratio dropped below 70 per cent, the first time it has done that since September of last year. The one-month shift supported a monthly increase in inventory levels, but with 295 units available, inventories have not been this low since September 2005.

Following ten consecutive monthly price gains, benchmark prices in September did ease slightly over the last month. However, at a benchmark price of $621,300, prices are still 11 per cent higher than last year’s levels. The monthly pause in price was primarily driven by adjustments in the West and North West districts, which saw the months of supply rise above levels reported last year and last month.

Row
The pullback in monthly sales outpaced the pullback in new listings, causing the sales-to-new listings ratio to fall to 84 per cent. While conditions are still exceptionally tight, it is an improvement over the 90 per cent average reported since April. The shift also prevented any further monthly declines in inventory levels. However, with less than one month of supply, the persistently tight conditions continue to place upward pressure on prices.

The benchmark price in September reached $419,400, a 1.5 per cent monthly gain and 17 per cent higher than levels reported last year. Price gains have occurred across all districts, with the most significant gains occurring in the most affordable districts in the city.

Apartment Condominium
New listings in September were at the highest levels reported for September, contributing to the record-high sales this month. Year-to-date apartment condominium sales reached 6,286 sales, a 25 per cent gain over last year and a record high for the city. Higher lending rates and tight rental market conditions have kept demand for apartment-style products strong. While inventory levels did see a modest gain compared to last month, thanks to a lower sales-to-new-listings ratio, conditions remain exceptionally tight with 1.5 months of supply.

The persistently tight market conditions have continued to drive further price gains. In September, the unadjusted benchmark price reached $312,800, a 1.2 per cent increase over last month and nearly 15 per cent higher than last year.

AUGUST 2023 HOUSING MARKET UPDATE

September 1, 2023
August sees record-high sales amidst historic low inventory, pushing prices higher
Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15 per cent compared to last year.

While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent, preventing any significant shift from the low inventory situation. Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.

“Higher lending rates have caused many buyers to either hold off on purchase decisions or shift toward more affordable products on the market,” said CREB® Chief Economist Ann-Marie Lurie. “The challenge has been the availability of supply, especially in the detached market. Inventory levels hit record lows in August, and while new listings are higher than last year, conditions continue to favour the seller, driving further price gains.”

The unadjusted benchmark price reached $570,700 in August, representing the eighth consecutive monthly gain. Prices have trended up across all property types, with row-style properties reporting the largest increase.

Detached
Record low inventory levels this month were primarily driven by pullbacks for homes priced under $700,000. While new listings did improve compared to last year, most of the growth was driven by homes priced over $700,000. August sales did improve over last year’s levels. However, limited supply in the lower price ranges has likely prevented stronger detached home sales.

Persistently tight conditions drove further price gains this month. As of August, the unadjusted benchmark price reached $696,700. Nearly one per cent higher than last month and over 10 per cent higher than last year’s levels. The highest year-over-year price gains occurred in the most affordable regions of the city’s North East and East districts.

Semi-Detached
The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage.

With months of supply remaining exceptionally low throughout 2023, we continue to see upward pressure on home prices. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year. Price growth did range across each of the Calgary districts, but the strongest year-over-year gains were reported in the most affordable districts of the North East and East.

Row
The gain in new listings did little to offset the strong sales activity as the sales-to-new-listings ratio remained high at 94 per cent. This prevented any additions to the inventory and left the months of supply below one month for the fifth consecutive month.

The persistently tight conditions placed further upward pressure on home prices. In August, the unadjusted benchmark price reached $413,200, a monthly gain of over one per cent and nearly 16 per cent higher than levels reported last year. Year-over-year gains have occurred across all districts, ranging from 12 per cent in the North West to 29 per cent in the East district.

Apartment Condominium
August sales continue to rise over last month and last year’s levels. Recent gains have caused year-to-date sales to reach 5,582 units, nearly 22 per cent higher than last year’s levels and a new record high for the city. Tight rental markets and relative affordability have driven many purchasers to the apartment condominium sector. At the same time, new listings have struggled to keep pace as the sales-to-new-listings ratio bumped up to 98 per cent in August, causing inventories to ease and the months of supply to drop to one month.

The tight market conditions have been placing upward pressure on home prices, and as of August, the unadjusted benchmark price reached $309,100, a monthly gain of over one per cent and a year-over-year gain of over 13 per cent. The City Centre is the only district that did not report a monthly price gain, and prices are still below their previous highs in 2014. This is partly due to better supply/demand balances in the City Centre compared to other parts of the city.