Calgary residential sales last month rose by seven per cent (to 2,881 units) compared to last year, the Calgary Real Estate Board (CREB) reports. Although growth pace has slowed from earlier this year, sales are still 37 per cent higher than long-term trends for April.
The city saw 11 per cent more new listings (3,491) than last year which helped stabilize inventory and represented a three per cent increase over long-term trends. This is still half of what April normally gets and 16 per cent less than last year.
“While supply levels are still declining, much of the decline has been driven by lower-priced homes,” says Ann-Marie Lurie, chief economist at CREB. “Homes priced below $500,000 have reported a 29 per cent decline. Meanwhile, we are seeing supply growth in homes priced above $700,000. Persistently high interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.”
Seller-favoured conditions persist
The month’s sales-to-new-listings ratio was 83 per cent and months of supply was less than one month, showing continued conditions that favour sellers and further drive price growth.
April’s unadjusted residential benchmark price reached $603,700, a one per cent increase from March and almost 10 per cent over last year’s levels. There were price increases throughout the city, particularly in the more affordable areas, and across all property types.
Detached homes
April witnessed a one per cent increase in detached home sales compared to the previous year. While there was a surge in sales for higher-priced properties, those below $600,000 experienced a sharp decline due to limited listings.
The unadjusted benchmark price in April rose to $749,000, up over one per cent from the previous month and 13 per cent higher than April 2023. Notably, the most affordable districts witnessed the highest year-over-year gains.
Semi-detached homes
Sales of semi-detached homes continued to climb in April, contributing to overall year-to-date sales growth of almost 18 per cent. This increase was partly attributed to gains in new listings, although it did little to alleviate low inventory, with the months of supply staying below one month for the second consecutive month.
The persistent tight market conditions led to further price appreciation, with the unadjusted benchmark price reaching $668,400 in April, nearly two per cent higher than the previous month and 13 per cent higher than last year.
Row homes
April saw continued improvement in row home sales, contributing to a year-to-date gain of 19 per cent. Despite a 16 per cent increase in new listings, low inventory persisted because of high sales activity, maintaining the months of inventory below one month for the fourth consecutive month.
The tight market conditions, particularly in the lower price ranges, drove further price appreciation for row homes. The unadjusted benchmark price in April reached $458,100, up two per cent from the previous month and 20 per cent from last year.
Apartment condominiums
Sales of apartment condominiums reached 822 units in April, contributing to a year-to-date increase of 24 per cent. This property type now represents nearly 30 per cent of all resale activity, thanks in part to a rise in new listings. However, inventory levels remain significantly lower than last year, driving further price growth.
The unadjusted benchmark price for apartment condominiums in April rose to $346,200, a gain of over two per cent from the previous month and nearly 18 per cent higher than last April.
Review Calgary’s city and regional April updates, including area summaries.
