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Calgary home sales stay strong despite supply shortages for lower-priced product: CREB

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Last month, Calgary’s resale market continued on its path of resilience with 3,092 home sales, largely thanks to declines in lower-priced semi-detached and detached properties. Although this is almost one per cent below last year’s record high, it’s also 34 per cent higher than long-term trends, the Calgary Real Estate Board (CREB) reports.

“Although new listings have increased, much of this growth is in higher price ranges for each property type,” says Ann-Marie Lurie, chief economist at CREB.

“Our strong economic situation has supported sales growth in these higher price ranges. However, this month’s sales could not offset the declines in the lower price ranges due to a lack of supply choice.”


Seller’s market with low inventory continues


New listings in May reached 4,333 units, about 19 per cent higher than last year. Although the sales-to-new listings ratio dropped to 71 per cent, inventory stayed at nearly half of what’s typically seen in May and conditions continue to favour sellers.


Detached homes


Year-over-year sales of detached homes declined by seven per cent, and supply sat at just over one month. May’s unadjusted benchmark price reached $761,800, over one per cent higher than last month and 13 per cent higher than last year. 


Semi-detached homes


Detached home sales rose by almost 11 per cent year-to-date, and like other property types, one month of supply meant seller-favoured conditions. The benchmark price of semi-detached homes reached $678,000 in May, over one per cent higher than last month and 13 per cent higher than last May. 


Row homes


May had 540 sales of row homes and supply of under one month. The benchmark price of row homes reached $462,500, nearly two per cent higher than last month and over 19 per cent higher than last year.


Apartment condominium homes


Apartment condominium home sales continued to rise, reaching a year-to-date 19 per cent gain and just over one month’s supply. Prices continued to increase compared to last month’s and last year’s levels, exceeding 13 to 30 per cent across different districts.


Review Calgary’s city and regional May updates, including area summaries.


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