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A seller’s market – low inventory and high prices in Calgary housing: CREB

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The Calgary Real Estate Board (CREB) reports October housing sales in Calgary were some of the highest levels for the month, at 2,171 transactions. This is a 17 per jump from the same time last year. Much of this increase is due to condominium sales, specifically as buyers look for more affordable options as they deal with high interest rates.

The market saw another increase last month in new listings, which, at 2,684 units, were the highest October levels since 2015 and over 40 per cent less than typical October levels. With the strong sales, though, there wasn’t much movement.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” Ann-Marie Lurie, CREB’s chief economist, points out. “It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

The city continues to experience upward pressure on home prices, with October’s unadjusted benchmark price hitting $571,600 – almost 10 per cent higher than a year ago.

 

Source: CREB

 

Here are some further details by property type.

 

Detached

 

New listings and sales improved compared to last October. That said, inventory of detached homes is at its lowest for October, slowing with 1,302 new listings and 976 sales. Conditions are tight overall, but less so for homes priced above $1 million (months-of-supply rose to 4.3 months).

The unadjusted benchmark price reached $697,600 as of October, which is a bit higher than September and 12 per cent higher than October 2022.

 

Semi-detached

 

New listings for semi-detached homes increased compared to last year. But, the sales to new listings ratio stayed high at 76 per cent due to 235 new listings and 179 sales. Inventory of semi-detached properties are about half of what’s typically seen in October. They haven’t been this low since October 2005.

Because of the consistently tight conditions, prices have climbed. The October unadjusted benchmark price hit $628,700, a year-over-year jump of 13 per cent.

 

Apartment condominium

 

Thanks to large boosts in new listings of apartment condominiums, October saw record-high sales. That said, the sales to new listings ratio was also high at 88 per cent, due to 727 new listings and 641 sales. Inventories of apartment condominiums went down, largely in units priced at $300,000 or less (which is 38 per cent of total inventory compared to 53 per cent last year).

October’s unadjusted benchmark price of this housing type got to $316,600, representing a monthly boost of over 1 per cent and a year-over-year increase of 16 per cent.

 

Read CREB’s full October statistics package here.

 


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