The Calgary Real Estate Board says November home sales remained on par with last year’s levels, as gains in detached, semi-detached and row home sales balanced out a drop in condo sales.
A total of 1,797 homes were sold last month, up 0.8 per cent from November 2023 and roughly 20 per cent above long-term averages. Sales dropped 17.3 per cent from October, following “typical seasonal trends.”
The benchmark price for all property types was $587,900, a 0.8 per cent decrease from October but 3.5 per cent higher year-over-year.
CREB notes a “significant shift” in supply; inventory levels rose to 4,352 units in November, a jump from the 3,000 units reported during the same month last year.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” notes Ann-Marie Lurie, chief economist at CREB. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets,” Lurie says while noting that supply improvements “vary significantly by location, price range and property type.”
Detached home sales saw growth in higher price ranges, particularly for properties above $600,000. Semi-detached and row homes also recorded gains, supported by rising supply levels. Meanwhile, condominium sales fell from last year’s record November but remained 47 per cent above long-term trends.
The months of supply increased to over two months, up from the “extremely” low levels seen earlier this year, though CREB notes many segments still favour sellers.
