In June, the housing market in Calgary experienced a notable increase in apartment condominium sales, reaching a new total residential record of 3,146 sales, according to the latest data from the Calgary Real Estate Board (CREB).
Despite being 23 per cent lower in year-to-date sales compared to the previous year, the current sales remain significantly higher than pre-pandemic levels.
Demand remains strong amid healthy labour market and increased migration
“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said CREB Chief Economist Ann-Marie Lurie.
“Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city. While new home starts are on the rise, it will take time to observe their impact on supply.”
Inventory levels remain low despite uptick in new listings
Although there has been a positive trend in new listings, especially for apartment condominiums, it has not been enough to cause any substantial change in the low inventory situation in Calgary, CREB reports. As a result, the supply of available properties remains limited, favoring sellers and putting upward pressure on home prices.
Benchmark price reaches new heights in June
In June, Calgary’s total residential benchmark price reached $564,700, showing a monthly unadjusted gain of one per cent and a four per cent increase year-over-year.
Despite a monthly gain in new listings, inventory levels for detached homes hit a new record low in June, with only 1,651 units available. This marked a decline across most price ranges, particularly in homes priced below $600,000.
Detached home prices continue to rise
The limited inventory in the lower price ranges has kept the market in favour of sellers, driving further gains in detached home prices. With only 1,651 units available in June, CREB notes levels hit a new record low for the month.
As of June, the benchmark price for detached homes reached $685,100, showing an unadjusted monthly gain of nearly two per cent and a year-over-year increase of six per cent.
Tight market for semi-detached
Despite improved new listings in June, the inventory levels for semi-detached homes remained exceptionally tight, with only 268 units available and 240 sales, leading to just over one month of supply.
As of June, the benchmark price reached $613,100, showing over a two per cent increase from the previous month and nearly six per cent higher than the levels reported in June 2022.
Row houses see increase in sales and new listings
Row houses witnessed an uptick in both sales and new listings in June, though, with a sales-to-new-listings ratio of 86 per cent and less than one month of inventory, conditions continued to favour sellers, putting upward pressure on home prices.
The benchmark price for row houses reached $400,000 in June, marking a monthly gain of over two per cent and a year-over-year increase of over 11 per cent.
