CREB’s Chief Economist, Ann-Marie Lurie, reiterated, “Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates. 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 in Calgary stood at $570,300, and while not a significant change month-over-month, it’s nearly 9.0 per cent higher than the prices recorded last year.
Detached homes
Inventory levels for detached homes remained at record lows during the month while the sales-to-new listings ratio stayed relatively high at 76 per cent. This decline in inventory levels was particularly noticeable for homes priced below $700,000, with some improvement seen for homes priced above this threshold.
Despite improved detached sales compared to last year, most of the gains were driven by higher-priced properties with more supply options. Overall, CREB reports homes priced below $700,000 continued to face challenges, with less than one month of supply.
The unadjusted benchmark price for detached homes remained relatively stable compared to the previous month. At a benchmark price of $696,100, prices are still over 11 per cent higher than the levels reported in September 2022.
Semi-detached homes
September saw a boost in new listings for semi-detached homes compared to sales activity. The sales-to-new listings ratio dropped below 70 per cent, marking the first time it had done so since September of the previous year. This shift supported a monthly increase in inventory levels, although CREB reports that with 295 units available, inventories have not dipped this low since September 2005.
Following ten consecutive months of price gains, benchmark prices in September eased slightly over the previous month, but at a benchmark price of $621,300, prices are still 11 per cent higher than last year’s levels.
Row homes
The pullback in monthly sales for row homes outpaced the pullback in new listings, causing the sales-to-new listings ratio to fall to 84 per cent. While conditions remain exceptionally tight, CREB highlights that this represents 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 available, persistently tight conditions continue to exert upward pressure on prices.
The benchmark price for row homes in September reached $419,400, marking a 1.5 per cent monthly gain and a 17 per cent year-over-year increase.
Apartment condominiums
September recorded the highest number of new listings for apartment condominiums, contributing to record-high sales for the month. Year-to-date apartment condominium sales reached 6,286 units, representing a 25 per cent gain over last year and setting a new record for the city.
Higher lending rates and tight rental market conditions have sustained strong demand for the sector. While inventory levels saw a modest gain compared to the previous month, conditions remained exceptionally tight, with only 1.5 months of supply available.
These persistently tight market conditions have continued to drive further price gains. In September, the unadjusted benchmark price for apartment condominiums reached $312,800, marking a 1.2 per cent increase over the previous month and nearly 15 per cent higher than the prices seen last year.
