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Calgary sees more listings, stronger sales, higher prices

The Calgary Real Estate Board (CREB) reports that last month, the city saw new listings hit 2,227, representing a nearly 40 per cent increase from the same time last year. These gains happened across most price points, with the most significant affecting homes at over $600,000.

But, because of pretty strong November sales (1,787), inventory stayed low — with a sales-to-new-listings ratio at 80 per cent and less than two months of supply.

The city’s benchmark November price of $572,700 was higher than October’s and close to 11 per cent higher than November 2022’s. It has climbed by over five per cent year-to-date.

CREB’s chief economist, Ann-Marie Lurie, comments: “Like other large cities, new listings have been increasing. However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”

Here’s how the Calgary market is doing by property type.

 

Detached

 

There’s been a decline in detached home sales and tight market conditions for properties priced under $700,000, mainly because of limited supply. November had a slight increase compared to last year, but year-to-date sales of this home type have dropped by 20 per cent. Conditions are more balanced for higher-priced detached homes.

The unadjusted benchmark price hit $699,500 in November, a slight jump from October and over 13 per cent higher than last November.

 

Semi-detached

 

For semi-detached homes, there were more new listings last month compared to the same time last year, which halted a year-over-year drop in inventory. That said, inventory still sits at over 40 per cent less than typical November levels. These tight conditions are particularly existent for homes priced under $700,000.

However, benchmark prices were stable compared to October. The unadjusted benchmark price of $628,700 still kept prices at over 12 per cent more than the same time last year.

 

Row

New listings for row homes went up in November compared to last year, with 370. This property type saw 267 sales and a sales-to-new-listings ratio fall below 75 per cent for the first time since 2021. Though inventories are still almost half what we’d normally see, the months of supply went up to 1.6, which is improved from the past seven months (particularly for higher-priced homes).

Row home prices went up both last month and last year (by 21 per cent), with a November unadjusted benchmark price of $429,100.

 

Apartment condominium

 

Thanks in part to new listings growth, sales of apartment condominium units reached record highs last month, bringing year-to-date sales to 7,487, which have already surpassed 2022’s record high. Market conditions are still in favour of sellers, as prices continue upward.

November’s unadjusted benchmark price hit $320,100, a monthly boost of over one per cent and a year-over-year increase of 18 per cent.

 

Read more about the city of Calgary’s and the Calgary region’s November statistics.

 

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