Sellers’ market in February leads to rising prices

City of Calgary, March 1, 2021 –

With gains in every price range, residential sales activity in February totalled 1,836.

This reflects the best February since 2014.

“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.

“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”

New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.

Conditions are far tighter in the detached sector of the market, especially for product priced below $600,000, where strong sellers’ market conditions are present with less than two months of supply.

The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels.

Detached product has the lowest months of supply and is also exhibiting the most significant gains in prices. On the opposite end of the spectrum, the apartment condominium segment still has a relatively high level of inventory compared to sales, which is impacting price recovery for this property type.

HOUSING MARKET FACTS

Detached

Detached sales improved across every price range this month, but the lack of choice in the lower price ranges likely placed limits on the gains in sales.

New listings did rise, but it was not enough to prevent further tightening in the market, as the sales-to-new-listings ratio rose to 71 per cent and the months of supply fell to under two months. This is the lowest months of supply recorded in February since 2007.

Tighter market conditions occurred across all price ranges, but properties priced below $600,000 saw the months of supply fall to just above one month. These conditions are supporting significant price gains in the detached sector, which recorded a February benchmark price of $502,500. This is nearly two per cent higher than last month and five per cent higher than last year. It is also the first time since 2018 detached prices have risen above $500,000, and currently sits under five per cent below previous highs recorded in 2014.

Prices increased compared to last month and last year in every district of the city. However, the magnitude of those increases varied, with the largest year-over-year gains occurring in the South East district at nine per cent, and the lowest gains occurring in the City Centre at under two per cent.

Semi-Detached

Semi-detached sales in February recorded significant gains, pushing sales activity to the highest February levels seen in nearly 13 years. However, like the detached sector, the improvements in new listings were not enough to offset sales, ensuring this sector continues to favour the seller.

With lower levels of supply relative to sales, benchmark prices improved over both last year and last month. However, this was not consistent across all districts. The West district continues to see prices that remain over two per cent lower than last year’s levels. The strongest year-over-year price gains were reported in the South East and North districts.

Row

Despite a significant increase in new listings, improving sales offset the gains and the months of supply fell to three months.

Conditions for row properties are not as tight as what we have seen in both the detached and semi-detached sectors. However, they do reflect an improvement relative to the oversupplied conditions recorded last year. However, when considering activity by price range, pockets of oversupply persist in this market.

Citywide reductions in inventory relative to sales supported some price improvements in this segment. The benchmark price trended up from last month and currently sits just over one per cent higher than last year’s levels. Year-over-year gains did not occur across all districts, as prices remain lower than last year’s levels in the North, North West, South and South East districts.

Apartment Condominium

Driven by product priced mostly under $300,000, apartment condominium sales improved to best February levels recorded over the past six years.

However, the gain in sales was not enough to cause any significant changes in inventory levels. February inventory remained elevated compared to levels we typically see at this time of year.

While the months of supply has trended down in this sector, it remains above five months. This is preventing the same type of price recovery seen in other sectors. On a year-to-date basis, the benchmark price remains similar to levels recorded last year.

Dec 1/20 CREB media. November Sales remain strong.

Sales activity remains strong in November

City of Calgary, December 1, 2020 –

For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year’s levels.

New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.

“The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city,” said CREB® chief economist Ann-Marie Lurie.

“However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply.”

Tighter conditions in the housing market have contributed to some of the recent gains in benchmark prices. As of November, the benchmark price was $423,600. This is nearly two per cent higher than last year’s levels.

However, conditions vary depending on price range. There is not a lot of supply for affordable homes in each product type because of high demand. This is likely causing differing price trends in the lower end of the market versus the higher end.

HOUSING MARKET FACTS

Detached

November sales activity improved across every district, contributing to a year-over-year citywide increase of 26 per cent. Improving sales over the past six months have helped offset some of the pullbacks from earlier in the year, as year-to-date sales were only two per cent lower than last year’s levels.

Like other sectors, inventory in the detached market has also eased due to the sharp decline in new listings. This has kept the months of supply below three months for the past three months. The tighter market conditions are supporting price gains. As of November, the detached benchmark price improved by nearly three per cent compared to last year for a total of $492,000. However, prices did not improve across all districts, as the City Centre continues to record prices that are one per cent lower than last year’s levels.

Activity for this product type does vary significantly depending on location and price range. The pullback in new listings relative to sales has caused significant reductions in inventory for homes priced below $500,000. Higher price ranges have also seen some declining inventory, but the degree of decline has not been as significant. In fact, the market is exhibiting sellers’ market conditions for homes priced below $500,000, while still favouring the buyer for homes priced above $700,000.

Semi-Detached

Year-over-year gains in sales were met with slower new listings, resulting in inventory reductions and a month of supply of three months. While conditions are not as tight in the semi-detached market as they are in the detached market, the reductions in supply relative to demand were enough to support further monthly gains in the benchmark price.

As of November, the benchmark price was $395,100, which is one per cent higher than last year’s levels. Activity did vary depending on location, as price gains were the highest in the South East district, while prices remained just below last year’s levels in the City Centre.

There have also been notable differences within this market depending on price range. The months of supply has declined significantly for product priced below $400,000. This decline is likely contributing to some of the differing price trends throughout the districts of the city.

Row

Year-over-year gains in the row sector continued in November and were enough to cause year-to-date sales to remain at levels similar to last year. Bucking the trend from other sectors, new listings rose compared to last year, easing some of the downward pressure on inventory levels. The months of supply stayed above four months, higher than levels seen in both the detached and semi-detached sectors, but a significant improvement from the nearly six months of supply recorded last November.

Row prices also showed signs of stabilizing, as November prices remained comparable to last year’s levels. Despite some of the monthly gains, on a year-to-date basis, prices remain nearly two per cent lower than last year’s levels and have eased across all districts except the City Centre, West and East.

Apartment Condominium

Following seven months of year-over-year declines, apartment condo sales improved over last year’s levels. However, last November was an exceptionally weak month for apartment sales. Year-to-date apartment sales totalled 2,209, a 13 per cent decline from last year and nearly 30 per cent lower than longer-term averages.

New listings did ease slightly this month, placing some downward pressure on inventory that was missing earlier in the year. However, inventory remains higher than last year’s levels and the months of supply is still elevated at nearly eight months. The oversupply in this market continues to place downward pressure on prices, which not only eased relative to last month, but remain one per cent lower than last year’s prices. The only district to see some positive momentum is the North, where prices rose slightly compared to last year.

Detached homes drive Calgary sales growth in October

City of Calgary, November 1, 2020 –

With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.

The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.

“Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand,” said CREB^® chief economist Ann-Marie Lurie.

“This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all product type and price ranges and downside risk still hangs over future conditions.”

Improving sales over the past four months were not enough to offset the pullbacks in the second quarter, leaving year-to-date sales nearly six per cent below last year’s levels.

The same is also true for prices. Benchmark prices have trended up over the past four months and October prices were slightly higher than 2019. On a year-to-date basis, prices are one per cent lower than last year’s levels and nearly 10 per cent below previous highs.

HOUSING MARKET FACTS

Detached

Detached sales totalled 1,139 in October, a year-over-year gain of 35 per cent. Unlike earlier this year, October’s largest gains in sales occurred for homes priced above $600,000. Easing prices for more expensive homes could be supporting this rise in sales.

There were more new listings this month than levels recorded last year, but inventories still eased, causing the months of supply to drop below three months. This is a significant improvement from the four-plus months recorded over the past several years.

There is, however, significant variation by location and price range. Detached homes priced under $500,000 are reporting less than two months of supply, supporting some price gains depending on location.

When looking at price movements by district, the only city district to record further price declines was the City Centre. The South and South East districts recorded year-over-year price gains of around four per cent. Despite recent price movements, prices in all districts remain far from recovery and are well below previous highs.

Semi-Detached

Sales activity trended up over the last month and new listings eased. This is causing inventories to decline and the months of supply to fall to just above three months.

The tighter market conditions continued to support some monthly gains in prices. Despite these gains, the October benchmark price remained nearly one per cent below last year’s levels. However, activity varies significantly based on location. Year-over-year prices eased in the City Centre, North West and West districts, offsetting the price gains in the other districts.

Despite improvements over the past several months, year-to-date sales remain over six per cent below last year’s levels and over seven per cent below long-term averages. Slower sales activity has been mostly driven by pullbacks in the City Centre, North West, South, West and East districts of the city.

Row

There were significant year-over-year declines in the City Centre and West districts, but citywide row sales improved over last year’s levels and year-to-date activity sits only two per cent below last year.

Inventory remained relatively stable this month, keeping the months of supply around four months.

Citywide benchmark prices were $274,400 in October. This is a slight improvement over last month, but nearly six per cent below last year’s levels. The price decline was mostly caused by the significant drop in row prices in the West district of the city.

Apartment Condominium

For the seventh consecutive month, apartment condominium sales eased compared to last year’s levels, resulting in year-to-date sales of 1,999 units.

This represents a 15 per cent decline from last year and is nearly 30 per cent below longer-term averages. The only sector of this market showing signs of improvement is the under-$200,000 segment. Sales have improved in this segment, but it has not been enough to offset declines in all other price ranges.

Citywide sales have been easing, but new listings have been on the rise. This is causing year-over-year inventory gains and is halting positive momentum in prices. As of October, the benchmark price totalled $248,600, similar to last month and over one per cent below last year’s levels.

Overall, apartment condominium prices remain over 17 per cent below previous highs.

Home sales rise along with supply

City of Calgary, October 1, 2020 –

September sales activity jumped to 1,702 units, the strongest September total since 2014.

New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year.

“The recent rise in new listings, combined with low lending rates and softness in prices, has helped support some of the recent upward trend in sales,” said CREB^® chief economist Ann-Marie Lurie.

“However, conditions vary significantly based on the price range and property type.”

The adjustment in supply relative to demand has caused the housing market to move toward more balanced conditions. The current 3.7 months of supply represents the most balanced conditions seen for September in over five years. This has helped support some of the recent monthly gains in prices.

Total residential benchmark prices have trended up over the past three months, resulting in September prices that are similar to prices recorded at the same time last year.

Despite some of the recent improvements, the impact of COVID-19 is still present. Year-to-date sales remain nearly nine per cent below last year’s levels, while city-wide prices are still over one per cent lower than last year. Considerable risk also weighs on the housing market due to economic uncertainty and a struggling labour market.

HOUSING MARKET FACTS

Detached

With significant gains in the $400,000 – $600,000 range, September sales are the highest they have been since 2014.

Improving sales and easing new listings resulted in further reductions in inventory levels and caused the months of supply to ease to balanced territory. Recent improvements in the supply/demand balance have supported some upward price movements. As of September, the benchmark price was nearly one per cent higher than last year.

However, the year-over-year gains have been driven by the more affordable end of the market, as prices remain well below last year’s levels in both the City Centre and West districts of the city.

Semi-Detached

Given some recent monthly gains in new listings, sales in this sector improved in September, but at a slower pace than both the detached and row sectors. This could be related to the significant pullback in inventory.

September inventory levels were nearly 21 per cent lower than last year, the largest percentage decline in inventory among all property types. This shift in supply, along with improving sales, has started to help reduce the oversupply in this sector and ease the downward pressure on prices.

September prices remain nearly two per cent lower than last year’s levels, but prices have started to improve in the South, South East and East districts of the city.

Row

Sales in this sector have continued to trend up for the past several months and September sales were significantly higher than last year’s levels.

While it was not enough to offset the pullback that occurred during the COVID-19 shutdown, row sales activity is four per cent lower than last year’s levels. The growth in sales could be related to the significant price adjustment that has occurred in this sector.

Prices in this sector have eased by seven per cent compared to last year and remain nearly 17 per cent below previous highs.

Apartment Condominium

All other sectors have seen some recent year-over-year gains in sales, but this sector continues to trend in the other direction. Year-to-date sales declined by 16 per cent, the largest decline among all property types.

At the same time, new listings continue to rise, which is causing further inventory gains. This is keeping the months of supply above seven months.

There have been some districts showing signs of price stabilization, but overall, year-to-date prices have eased by more than two per cent, amounting to a total adjustment from 2014 highs of over 18 per cent.

June 1/20 CREB Market Update

Media release: COVID-19’s impact on Calgary housing market continues

City of Calgary, June 1, 2020 –

Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary.

May sales totalled 1,080 units, a 44 per cent decline from last year’s figures.

“The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down,” said CREB^® chief economist Ann-Marie Lurie.

“Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range.”

Sales are down in all price ranges, but a greater share of sales are priced below $500,000.

In the higher price ranges the drop in inventory has not been enough compared to the drop in sales. Additionally, the months of supply is far higher than the already elevated levels seen during the past five years.

The shift in sales toward lower-priced product is contributing to steep average price declines in the Calgary market.

Benchmark pricing, which reflects comparisons of the same type of home, has eased by over two per cent compared to last year and 0.4 per cent compared to last month. This does not come as a surprise as the market continues to struggle with more supply than demand.

COVID-19 and social distancing measures have contributed to rising unemployment rates and job losses throughout many economic sectors. This is weighing on consumer confidence and the housing market. Some of this job loss is temporary, but the energy sector remains the largest concern.

Significant job loss throughout the typically higher-paid professional and technical services sector points to a longer adjustment period in the housing market, particularly in the higher end of the market.

HOUSING MARKET FACTS

Detached

• Detached sales eased across the city, with the largest declines occurring in the West district.
• May sales totalled 670 units. This is a 43 per cent decline over the previous year.
• The decline was met with lower inventory levels. However, it was not enough to change the oversupply situation. Citywide months of supply remained above four months.
• For the higher-priced districts – the West and City Centre – the months of supply rose to seven months.
• Detached home prices trended down in May compared to the previous month and remained nearly two per cent below last year’s levels. Declines varied across the city, with the highest price declines occurring in the City Centre, West, North West and North East districts.

Apartment

• Apartment sales totalled 137 units in May, an improvement from the 95 units last month. However, this is still nearly 60 per cent below last year’s levels. The pullback in inventory was not enough to offset the slower sales, and the months of supply jumped to 10 months.
• The benchmark price continued to fall and is now more than two per cent lower than last year’s levels. The average and median prices fell at a significant rate. This is because a large share of the sales occurred in the under-$200,000 price range.
• Benchmark prices eased across all districts, but the year-over-year decline was the highest in the North East district, with declines of over five per cent.

Attached

• Mirroring the trend from other property types, sales for attached product slowed by 35 per cent compared to last year for a total of 273 units. Inventory levels eased to 1,503 units and months of supply totalled 5.5 months. The months of supply has eased from the levels recorded last month, but it remains elevated relative to historical levels for this time of year.
• The benchmark price trended down for attached product, declining by nearly one per cent over the previous month and nearly four per cent compared to the previous year.

COVID-19 Impacts and the Housing Market Quarterly Report Released
City of Calgary, April 27, 2020 –
Due to COVID-19 impacts in Calgary’s housing market and general economy, it is not business as usual.
This year was projected to be a time when Calgary would start to see some modest improvements.
“The uncertainty surrounding the COVID-19 pandemic and the energy industry is expected to cause a dramatic decline in housing demand over the second quarter,” said CREB® chief economist Ann-Marie Lurie.
“With social distancing expected to soften by the third quarter, the pace of the decline in sales will ease by the third and fourth quarter. However, a turnaround in sales is not expected by the end of the year, as the financial implications for many households will have lingering effects.”
At the same time supply levels are also declining, as social distancing measures are causing some households to delay listing their home during the pandemic. In situations of rising unemployment rates and job loss, we can see rising inventory levels. However, the ability for households to defer their mortgage will help prevent a steeper rise in supply when social distancing measure are relaxed. This will help prevent home prices from collapsing.
However, given the situation in the energy sector, weakness in our economy is expected to persist beyond the immediate impact of COVID-19. On this basis, our housing market is expected to struggle with excess supply and further price declines. On an annual basis, prices in 2020 are expected to decline by nearly three per cent.

Media release: COVID-19 weighing on housing market

Calgary housing market still favours the buyer
City of Calgary, December 2, 2019 – Year-to-date residential sales in the city remain just above last year’s levels due to improvements in the attached sector so far this year.
However, November sales activity eased over last year’s levels, mostly due to pullbacks in the apartment sector.
Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels.
“Achieving more stable conditions will take time. Sales activity has been settling in at lower levels and is likely being influenced by the economic conditions and uncertainty weighing on our market,” said CREB® chief economist Ann-Marie Lurie.
“While the amount of supply in the market continues to ease, the persistent oversupply continues to weigh on prices.”
As of November, the citywide unadjusted benchmark price was $419,100. This is just below last month’s levels and two per cent lower than last year’s levels.
Market conditions continue to vary depending on price, location and product type. For example, prices have ranged from a year-to-date decline of nearly eight per cent for row product in the East district to a two per cent increase for semi-detached product in the North district.
Larger price declines are often caused by high supply in the new-home and resale markets relative to demand.

HOUSING MARKET FACTS
Detached
Detached sales improved in November over last year’s levels, mostly due to growth in the $400,000 – $500,000 range. However, sales in November and overall activity remain low by historical standards.
Despite some recent gains in sales activity, year-to-date sales remain comparable to last year’s levels and 20 per cent below longer-term trends. However, detached sales have improved in both the North West and South districts this year.
Improving sales, combined with further declines in new listings, helped reduce inventories in this sector compared to levels recorded last year. However, supply levels remained elevated based on seasonal comparisons.
Like some of the other sectors, the detached market is slowly moving toward more balanced conditions. However, it is still oversupplied, and this trend continues to weigh on prices.
The detached unadjusted benchmark price was $481,500 in November, slightly lower than last month’s levels and two per cent below last year’s prices.
Apartment
Apartment sales pulled back this month, causing year-to-date sales to remain comparable to last year’s levels and 21 per cent below long-term averages.
The monthly decline in sales was mostly driven by pullbacks in the City Centre, North West and South East districts. However, on a year-to-date basis, sales activity improved in the North, West and South East districts.
New listings rose across most districts, causing city-wide inventory gains this month. Much of the gains were a result of a rise in new-home listings filtering into the resale market. Despite the monthly shift, year-to-date new listings and inventories remain lower than last year’s levels.
Weaker sales, combined with rising inventories, pushed November months of supply to over seven months. This is higher than last year’s levels of more than five months.
Persistent oversupply in this sector caused prices to ease. The year-to-date benchmark price declined by more than two per cent.
Attached
Year-to-date sales remain more than six per cent higher than last year’s levels and just below long-term averages.
New listings eased this month compared to last year and sales improved. Inventories continue to ease from the monthly highs recorded last year. While the attached market remains oversupplied, the market continues to improve over last year’s levels.
November semi-detached prices eased by two per cent compared to last year. The largest year-over-year declines occurred in the City Centre district.
Row prices eased by nearly four per cent compared to last year. Annual declines ranged from more than seven per cent in the North East district to nearly two per cent in the North West and East districts.

Homes under $500,000 moving to more balanced conditions
City of Calgary, November 1, 2019 – Sales activity in October improved by nearly 10 per cent compared to last year, driven mostly by improvements for apartment and attached product.
New listings also eased, which helped reduce inventory levels and the oversupply in the market. Despite the move to more balanced conditions, the market remains oversupplied and prices continue to remain below last year’s levels.
“Employment has shifted in the city, with job growth occurring in our non-traditional sectors and often at a different pay scale. This is consistent with the shift to more affordable housing product,” said CREB® chief economist Ann-Marie Lurie.
“However, at the higher end of the market the amount of oversupply is rising, as supply cannot shift enough to compensate for the reductions in demand. This is likely causing divergent trends in pricing and preventing prices from stabilizing across the city.”
This is a market where signs of improvement are not consistent across all product types and price ranges. Improvements in sales are occurring in the lower price ranges across all product types. This is not yet translating into price shifts, as persistently elevated supply levels continue to place downward pressure on prices.
As of October, citywide unadjusted benchmark prices were $422,900, just below last month’s levels and two per cent lower than last year’s levels.
HOUSING MARKET FACTS
Detached
Sales activity this month came in just above last year’s levels, thanks to growth in all districts except the North East and North. However, year-to-date citywide levels remain comparable to last year’s levels and over 19 per cent lower than longer-term trends.
New listings continued to ease this month, but at a slower pace than levels recorded over the past eight months.
Improvements in sales and easing new listings brought down inventory levels by 15 per cent. With 3,391 units in inventory, the months of supply is just under four months. This is a decline compared to last year, but it is still high based on longer-term trends. Months of supply eased across all districts except the North, likely due to the increased pressure coming from the new-home sector.
Unadjusted benchmark prices eased over the previous month due to declines in all districts except the South East and East. Overall, prices in October remained nearly two per cent lower than last year’s levels and nearly eight per cent lower than previous highs.
Apartment
Apartment sales continued to improve this month and new listings eased. This helped reduce inventory levels and brought the months of supply down just under 6 months. Despite improvements, the market remained firmly in buyers’ territory.
Year-to-date improvements in sales were driven by gains in the North, West and South East sectors.
Inventory declines have occurred in all districts except the South East.
Overall, year-to-date prices remained over two per cent lower than last year’s levels and nearly 17 per cent lower than peak pricing. However, there are some signs of stabilization in prices this year, with prices in the North East, South East and East remaining comparable to last year.
Attached
The attached market continues to show the largest increase in sales, with year-to-date growth of nearly seven per cent. Improvements occurred across all districts except for the North West and North East.
New listings have eased by eight per cent so far this year, causing inventory declines and reductions in the amount of oversupply.
Like most sectors, this segment remains oversupplied, which is causing price adjustments. As of October, semi-detached and row prices remained two and four per cent lower than last year’s levels, respectively. Prices continue to ease across nearly all districts and remain well below previous highs.

Sales activity increase led by lower-priced homes
City of Calgary, September 3, 2019 – Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.
“Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB® chief economist Ann-Marie Lurie. “This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.”
Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year.
Sales activity improved for all product types. The growth was largest for apartment-style and attached properties.
Attached sales increased for the sixth consecutive month compared to the previous year. This is also the only property type with year-to-date sales higher than last year’s levels.
New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions.
The amount of downward pressure on prices is also easing. At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels.
Despite improving sales and reductions in inventory, housing market recovery will take time. Inventory levels remain elevated and sales activity is still well below historical norms. The market continues to favour the buyer, with over four months of supply.

HOUSING MARKET FACTS
Detached
Year-to-date detached sales remain just below last year’s levels, but sales improved in the South and North West districts this month.
Citywide growth has been driven by homes priced under $500,000. Meanwhile, easing sales and elevated inventories among homes priced above $500,000 have increased the months of supply, pushing it further into buyers’ market territory.
Benchmark prices in August ranged from a year-over-year decline of over five per cent in the South district to a decline of nearly one per cent in the South East.
Apartment
For the second month in a row, sales activity improved for apartment-style homes, but these gains were met with a rise in new listings. This prevented any significant adjustments to inventory levels and kept the months of supply elevated.
Sales activity remains just below last year’s levels. On average, the amount of inventory in the market this year has eased compared to last year.
Citywide benchmark prices in August eased compared to last year, but the East, South East and North East districts recorded modest gains. Despite those gains, prices remain well below 2014 highs.
Attached
For the sixth consecutive month, year-over-year attached sales improved in the city. This has resulted in year-to-date sales of 2,665 units, nearly a five per cent increase compared to the previous year. At the same time, new listings continue to ease, causing further reductions in inventory.
The months of supply have moved from over six months at this time last year to under five months in August.
These improvements have supported some monthly gains in benchmark prices, but August benchmark prices remain 2.6 per cent below last year’s levels.

REGIONAL MARKET FACTS
Airdrie
Despite a year-over-year decline in sales activity this month, year-to-date sales sit just above last year’s levels. Unlike Calgary, most of the growth here has been driven by gains in the detached sector. Year-to-date new listings have eased by 13 per cent and inventories have edged down relative to last year.
A general trend toward more balanced conditions has eased downward pressure on prices. The benchmark price was $334,600 in August – 1.8 per cent below last year’s levels.
Cochrane
Fuelled by reductions in new listings and stable sales, inventories continue to trend down. This has supported some easing in the months of supply, which dropped from nearly eight months in August of last year to five months this year.
Reductions in oversupply have supported more stability in monthly prices. The benchmark price was $408,000 in August, nearly four per cent below last year’s levels.
Okotoks
Improving sales in August contributed to year-to date sales of 373 units, slightly higher than last year’s levels, but still below long-term averages. The number of new listings continues to ease. This is causing inventories to decline and reducing the months of supply.
Months of supply dropped from nearly 10 months last year to under five months this August. Despite this reduction in oversupply, benchmark prices so far this year have remained over four per cent below last year’s levels.