In total, 2,729 units sold last month; however, despite record levels reported over the last few months, year-to-date sales are down 15 per cent compared to the previous year.
New listings have improved year-over-year, but the sales-to-new-listings ratio remains high at 87 per cent. Consequently, Calgary’s market continues to favour sellers, with inventory levels dropping to a historic low of 3,254 units, which CREB notes is far below the typical 6,000 units available. The scarcity of new listings combined with strong sales has kept the months of supply at just over one month.
Price trends
CREB’s Chief Economist, Ann-Marie Lurie, notes that higher lending rates have prompted buyers to delay purchases or seek more affordable options in the market.
Lurie adds, “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.”
According to CREB, 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 homes
Detached homes, particularly those priced under $700,000, saw record-low inventory levels in August. While new listings have improved compared to last year, most of the growth has been in higher-priced homes. Although August sales did show improvement over the previous year, CREB suggests limited supply in lower price ranges has likely hindered stronger sales.
Persistently tight conditions have resulted in the unadjusted benchmark price reaching $696,700, marking an increase of nearly 10 per cent over August 2022. The most substantial year-over-year price gains were observed in the city’s most affordable regions, specifically the North East and East districts.
Semi-detached homes
The semi-detached segment continues to grapple with low inventory, with just 236 new listings against 197 sales in August. While inventory levels remain comparable to the previous month, they are still 35 per cent below last year’s levels and are at record lows for this time of year.
Low inventory levels combined with strong sales continue to put upward pressure on home prices. In August, the semi-detached unadjusted benchmark price reached $623,200, reflecting a 10 per cent increase from the previous year. The most significant year-over-year price gains were concentrated in the North East and East districts.
Row-style properties
Despite an increase in new listings, strong sales activity has kept the sales-to-new-listings ratio high at 94 per cent. This has contributed to the ongoing inventory shortage, resulting in months of supply remaining below one month for the fifth consecutive month.
The consistently tight conditions have led to significant price hikes for row-style properties, with the unadjusted benchmark price reaching $413,200 in August. This marks a monthly gain of over 1.0 per cent and a staggering 16 per cent increase compared to the previous year. CREB reports that price gains have been widespread across all districts, ranging from 12 per cent in the North West to 29 per cent in the East district.
Apartment condominiums
August saw apartment condominium sales continue to rise, surpassing both last month’s and last year’s levels. This surge has propelled year-to-date sales to reach a new record high of 5,582 units, a 22 per cent increase year-over-year.
The tight market conditions have placed significant upward pressure on prices. As of August, the unadjusted benchmark price reached $309,100, marking a monthly gain of over 1.0 per cent and a year-over-year gain of more than 13 per cent. While the City Centre is the only district not reporting a monthly price gain, its prices remain below their previous highs in 2014 due to better supply/demand balances compared to other parts of the city.
