The Calgary Real Estate Board (CREB) reports that March sales rose to 2,664 units, a 10 per cent year-over-year gain.
The 3,172 new listings were an improvement from February, but still below what’s typically seen in March and not enough to help change the supply situation.
March’s sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” says Ann-Marie Lurie, CREB’s chief economist.
“Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in resale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”
Lower inventory, higher prices
Inventory levels have declined across properties priced below $1,000,000, with the largest drops being for homes priced below $500,000. Last month, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels normally seen in March.
Last month’s total residential benchmark price rose to $597,600, two per cent higher than last month and almost 11 per cent higher than last year. Prices have increased across all property types, particularly for row and apartment-style homes.
Detached homes
There were 1,386 new listings of detached homes. Compared to 1,151 sales, this caused the sales-to-new listings ratio to rise to 83 per cent. Inventories were 24 per cent lower than last year’s levels and nearly 60 per cent lower than long-term trends for March. 71 per cent of March’s available inventory was priced above $700,000.
The detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year-over-year gain of 14 per cent.
Semi-detached homes
There were 260 new listings and 250 sales of semi-detached homes, causing the sale-to-new listings ratio to rise to 96 per cent. Inventory declines have been driven mostly by properties below $600,000.
The benchmark price hit $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March
Row homes
There were 536 new listings and 449 sales of row homes, with the sales-to-new listings ratio rising to 84 per cent and preventing significant monthly change in inventory. Inventory levels were 12 per cent below last year’s and 53 per cent below long-term trends for March, mostly driven by properties priced below $400,000.
The benchmark price went up to $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year.
Apartment condominium homes
March apartment condominium sales reached 814 units, contributing to the first quarter’s record-high sales of 1,940 units. The month’s sales-to-new-listings ratio of 82 per cent and one month of months-of-supply created favourable conditions for sellers.
The benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.
Review Calgary’s city and regional March updates, including area summaries.
