According to the Calgary Real Estate Board (CREB), this reflects the strongest July levels ever recorded in the region. The surge in sales has been mainly driven by significant gains in the “relatively affordable” apartment condominium sector, combating the belief that rising interest rates would hinder sales.
Year-to-date sales down 19%, despite strong July sales
While the year-to-date sales have witnessed a decline of 19 per cent compared to last year, the July sales figures indicate that the market is rebounding and showing resilience. The record-breaking performance in the apartment condominium sector is boosting overall market performance, balancing out the drop in other property types.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” says CREB Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”
Inventory levels near record low continue to keep market in sellers’ territory
July’s sales and new listings trended down, following seasonal patterns, though inventory levels remained near the July record low set in 2006. The months of supply stood at 1.3 months, with a sales-to-new-listings ratio of 82 per cent, indicating that the market conditions still favour sellers.
Benchmark prices reach all-time high
The unadjusted total residential benchmark price reached $567,700 in July, marking the seventh consecutive monthly gain. This reflects a 4.0 per cent increase compared to the previous peak in May 2022. Notably, the apartment condominium segment has experienced the most significant price appreciation, with the unadjusted benchmark price reaching $305,900 — a 12 per cent increase compared to last July.
Detached properties see tighter market conditions
Detached properties reported 1,197 sales and 1,587 new listings in July, with inventory levels increasing from the previous month. Despite the uptick in listings, CREB reports the 1,720 units available represent the lowest-ever inventory reported for July. Furthermore, properties priced below $1 million experienced declines in inventory levels, further tightening the market conditions.
The unadjusted benchmark price for detached properties reached $690,500 in July, registering a monthly gain of nearly 1.0 per cent and an 7.0 per cent increase compared to last July. The most significant price growth occurred in the city’s most affordable North East and East districts.
Semi-detached properties
With 248 new listings and 211 sales in July, the sales-to-new-listings ratio for semi-detached properties once again exceeded 85 per cent. The limited new listings relative to sales kept inventory levels low, maintaining the months of supply just above one month and keeping the market conditions firmly in the seller’s favour.
The unadjusted benchmark price for semi-detached properties climbed to $616,800 in July, representing a monthly gain of over 2.0 per cent. The North East and East districts led the price growth with increases of more than 2.0 per cent compared to June, while the City Centre district reported stable monthly prices.
Row properties
July saw 467 sales and 488 new listings for row properties, resulting in a sales-to-new-listings ratio of 96 per cent, leaving the months of supply below one month for the fourth consecutive month.
Row properties have experienced substantial price gains, with the unadjusted benchmark price reaching $407,500 in July. This represents a monthly gain of almost 2.0 per cent and a 14 per cent increase compared to prices reported last July. Prices trended up across all districts, with the highest monthly gain occurring in the west district at nearly 4.0 per cent.
Apartment condominiums
Apartment condominiums stand out as the only property type to report a year-to-date gain in sales activity, with a 16 per cent increase compared to last year. Recent gains in new listings have supported this growth, though conditions remain tight with a sales-new-listings ratio of 84 per cent and a months of supply at 1.4 months.
The strong demand relative to supply in the apartment condominium segment has driven further price gains. The unadjusted benchmark price reached $305,900 in July, indicating a nearly 1.0 per cent monthly increase and a 12 per cent year-over-year increase. While prices have risen in every district, the city center has seen the lowest year-over-year growth at nearly 9.0 per cent.
