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2026 Sotheby’s Luxury Outlook Report

Wed, 07 Jan 2026 17:03:00 GMT

Market Updates, January 7 2026

I am pleased to present the Sotheby’s International Realty® brand’s 2026 Luxury Outlook® report, an authoritative guide to the trends shaping the world’s most exclusive property markets.

Drawing on insights from leading financial voices and Sotheby’s International Realty affiliated agents worldwide, this year’s report delivers a comprehensive view of homebuyer motivations, real estate market sentiment, and emerging opportunities for homebuyers and home sellers.

The report explores key themes influencing high-net-worth homeowners, including the rise of multigenerational living, evolving housing supply, and the impact of major sporting events like the upcoming Winter Games on host markets. It also examines the shifting priorities around privacy and lifestyle and the growing influence of cryptocurrency in real estate transactions. These insights are designed to help you make confident decisions, whether you’re considering buying or selling a home.

Highlights from the 2026 Luxury Outlook report:

The Sotheby’s International Realty 2026 Luxury Outlook is a strategic resource for navigating today’s luxury real estate marketplace. I would be delighted to discuss how these insights can inform your real estate decisions for the year ahead or connect you with a Sotheby’s International Realty affiliated agent anywhere in the world.

Steven Hill
Senior Vice President, Sales and Associate Broker with Sotheby’s International Realty Canada located in beautiful Calgary, Alberta Canada

December 2025 Housing Market

Fri, 02 Jan 2026 16:19:00 GMT

Jan. 02, 2026 | CREB

2025 housing market shifted to more balanced conditions

Calgary, Alberta, Jan. 2, 2026– Following several years of strong price growth, 2025 marked a year of transition thanks to strong demand and limited supply. Due to record high starts, supply levels improved across all aspects of the housing market, just as demand pressure eased due to a reduction in migration levels and heightened uncertainty that persisted throughout the spring market. This helped shift the resale market from one that favoured the seller to one that was more balanced.

In 2025, sales reached 22,751 units, down 16 per cent over last year, but in-line with long-term trends. Much of the shift came from the growth in supply. 2025 saw over 40,000 new listings come onto the market, nine per cent higher than last year, causing inventories to rise and driving more balanced conditions.

“Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains reported for both detached and semi-detached homes,” said Ann-Marie Lurie, CREB®’s Chief Economist. "Adjustments in both supply and demand varied across the city, with pockets of the market continuing to experience seller’s market conditions versus some areas where the conditions favoured the buyer. This resulted in different price trends based on location, price range and property type.”

Overall, the annual average total residential benchmark price in 2025 was $577,492, two per cent lower than last year’s annual average. However, annual detached and semi-detached prices rose by a respective one and three per cent, while apartment and row homes saw prices fall by a respective three and two per cent.

Compared to other districts, the North East reported the largest decline in prices this year. While some of this is related to improved supply across all areas of the city, it is also important to note that the North East district also reported the strongest price growth over the past two years.

For the first time in three years, we are heading into the New Year with better inventory levels. Details on what is expected to happen in the market in 2026 will be released at CREB®’s annual Forecast Conference on Jan. 20, 2026.

Detached

Detached sales totaled 11,328 in 2025, down by nearly nine per cent compared to last year. Sales eased across all districts in the city, with the steepest declines occurring in the North East, East and City Centre district. However, unlike the City Centre, the North East and East districts also experienced significant gains in inventory compared to long-term trends, driving annual price declines of two per cent. Meanwhile, in the City Centre detached inventory remained well below long-term averages, which likely prevented stronger sales and contributed to the annual price growth of over three per cent. Despite the differing conditions in different areas of the city, slowing sales and rising supply citywide helped move the market into balanced conditions by the second half of the year. The annual average benchmark price was $752,767, one per cent higher than last year’s annual level.

Semi-Detached
Semi-detached homes represent the smallest segment of the market, accounting for less than 10 per cent of all sales activity. Sales in 2025 were 2,159, eight per cent lower than last year, but slightly higher than long-term trends. Trends for semi-detached homes have been relatively consistent with the detached market. However, it took longer for this segment of the market to shift to more balanced conditions, resulting in stronger annual price gains. In 2025, the average annual benchmark price was $685,850, nearly three per cent higher than last year. Prices did ease in the North district as competition for new homes weighed on resale activity, but the decline in this district was more than offset by the four per cent gain in the City Centre.

Row

2025 sales eased by 17 per cent to 3,838 units. Despite the decline, sales were still higher than long-term trends, as row homes are starting to account for a larger share of the overall activity in the city. At the same time, new listings also rose relative to sales, driving inventory gains and taking the pressure off prices. Conditions shifted to more balanced levels relatively early in the year, and by the last quarter conditions ranged from a balanced to a buyer’s market depending on the districts of the city. Overall, this contributed to the annual average benchmark price decline of two per cent. While prices were relatively stable in the City Centre, North West, West and East districts, additional supply in the resale market and competition from new homes caused prices to decline by four per cent in the North East and North districts.

Apartment Condominium

Apartment-style homes reported the largest adjustment in price in 2025. Sales declined by 28 per cent compared to the near record high levels achieved last year. While the decline was significant, sales were still over 28 per cent higher than long-term trends. The main cause of the shift in conditions was due to the supply. Over the past three years, there has been a rise in apartment-style starts. While most of the apartment starts were purpose-built rental, they are adding to the supply choice and weighing on the resale market. Resale condominiums saw the market shift in favour of buyers by the second half of the year, with elevated months of supply being reported in most districts of the city. This resulted in relatively persistent downward pressure on prices, causing the annual average benchmark price to decline by nearly three per cent. Price declines were the steepest in the North East nearing five per cent. The only area to report relative stability in the annual price was in the West district.

REGIONAL MARKET FACTS

Airdrie

Increased competition from the new home market, along with more supply options in competing resale markets, has contributed to the added supply in the resale market in Airdrie. Following four consecutive years of exceptionally low inventory levels, 2025 saw inventory rise to levels not seen since prior to the pandemic. While sales activity did remain in line with long-term trends despite an annual decline, the push up in inventories caused the months of supply to generally rise throughout the year. Overall, the annual average benchmark price eased by two per cent this year.

Cochrane

Sales in Cochrane were similar to last year and above long-term trends. While demand stayed relatively strong in the town, steady gains in supply did cause conditions to shift to a more balanced state by the end of 2025. With the shift occurring later in the year, we did not see the same downward pressure on prices. In fact, on an annual basis the benchmark price in Cochrane was $578,325, nearly three per cent higher than last year. Cochrane also tends to see a larger share of newer properties being listed and sold on the resale market, impacting the prices in the resale market.
Okotoks

Okotoks continued to struggle with supply growth. Inventories did rise by over 40 per cent, but levels were exceptionally low last year. Even with the gain in 2025, levels were still 30 per cent below long-term trends. Sales activity in the town remained consistent with the levels reported last year and were higher than long-term trends. The persistently low inventory levels generally kept market conditions relatively tight. However, total residential prices posted only a modest gain over last year, this is likely due to compositional shifts as price growth ranged from over one per cent for detached homes to nearly eight per cent for apartment condominium product.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

December 2025 CREB Communications

Mon, 08 Dec 2025 16:22:00 GMT

CREB® REALTORS® award $100,000 to seven non-profit organizations to ensure vulnerable Calgarians have safe, secure housing

Calgary, Dec. 8, 2025 – The CREB® REALTOR® Community Foundation is pleased to announce that it has awarded Transformation Grants totalling $101,020 to seven non-profit organizations that provide housing and shelter to vulnerable Calgarians.

This brings the amount awarded in 2025 through the foundation’s Community and Transformation Grants to $298,695 to 11 organizations, an increase of $139,000 over 2024.

In June, the foundation also awarded a three-year $1 million Legacy Grant to the Calgary Dream Centre for construction of its new Erlton House for women and families.

The organizations receiving the Transformation Grants are:

The Brenda Strafford Foundation
Calgary Drop-In & Rehab Centre Society
Central United Church – Central Outreach Hub Space
FearIsNotLove
Highbanks Independent Living for Parenting Youth Society
L'Arche Association of Calgary
Wood’s Homes

“These non-profit organizations are critical not only to the Calgarians who rely on them for a safe, secure place to call home. They’re critical to building the resilient communities that we all benefit from,” said Christian Twomey, Chair of the CREB® REALTOR® Community Foundation. “Each and every CREB® REALTOR® contributes to the foundation, because we understand that all Calgarians deserve a place to call home. These grants are one way that CREB® REALTOR®’s help the most vulnerable in the community find a safe and secure home.”

CREB® REALTOR® Community Foundation Transformation Grants help transform existing spaces and respond to community infrastructure needs, while the Community Grants are designed to fund major projects that keep vulnerable Calgarians housed. The Legacy Grant is intended to help Calgary non-profit organizations create significant new housing options for the clients they serve.

The Brenda Strafford Foundation

“We are grateful to the CREB® REALTOR® Community Foundation for this generous support, which will allow us to make necessary improvements to our programming space,” said Cara Bradley, Executive Director of The Brenda Strafford Foundation’s Heart Home Network. “This investment strengthens our ability to bring people together, share meals, and create a welcoming space for all. Thank you for helping us make a lasting impact for the people we serve.”

Calgary Drop-In & Rehab Centre Society

“CREB® REALTOR® Community Foundation’s generous funding will support a critical safety renovation at Bridgeland Manor, our affordable housing building for formerly homeless seniors. This handrail extension will eliminate a significant fall hazard at our front entrance, giving our residents the confidence to safely and independently access their home,” said Julia Gilbertson, grants officer at the Calgary Drop-In & Rehab Centre Society. “For seniors who have worked hard to transition from homelessness, this improvement makes a profound difference in their ability to maintain their autonomy and age in place securely. We're grateful to CREB® for this impactful gift that directly enhances the safety, independence, and quality of life for our residents.”

Central United Church – Central Outreach Hub

“This grant from the CREB® REALTOR® Community Foundation will help make our space safer, more dignified, and more functional for the over 1,000 people we serve each week,” said Brad Pert, the Program Coordinator of the Central Outreach Hub. “Improvements like better lighting, lockers, semi-private intake areas, and more accessible bathrooms and showers are based directly on what our guests have told us they need. We’re grateful for CREB®’s support in helping people move toward greater stability and housing.”

FearIsNotLove

“The Calgary Women’s Emergency Shelter is at the heart of the work we do at FearIsNotLove, offering safety and support to women and children fleeing serious threats of domestic violence and abuse. While their safety is our priority, we also strive to provide families with a comforting space to rest and heal,” said Lisa Zoppa, Manager of Resource Development at FearIsNotLove. “With the support of the CREB® REALTOR® Community Foundation’s Transformation Grant, we are creating a secure outdoor oasis at the shelter, a dedicated space for relaxation, healing, and play. We are grateful for this partnership and its impact on families seeking safety and hope at the Calgary Women’s Emergency Shelter.”

Highbanks Independent Living for Parenting Youth Society

“As a small organization with limited funding resources to update our apartments to ensure our young mothers are living in safe homes is paramount to ensuring that they can create a home for their tiny family,” said Shannon Johansen, Chief Executive Officer of Highbanks Society. “Our parenting youth work hard through education to change their lives and upgrading our aging appliances, some of them being original with 23 years of service, is a dramatic improvement to their living experience. We couldn't be more grateful for the support from CREB Realtor Community Fund and their belief in our program and services to our young mothers as we truly believe that they are ‘THE HOPE THAT LIVES HERE!’”

L'Arche Association of Calgary

"We are incredibly grateful to the CREB® REALTOR® Community Foundation for this generous transformation grant. This support comes at a pivotal moment for L’Arche Calgary as we prepare to rebuild our aging homes into fully accessible, inclusive spaces where persons with intellectual disabilities can continue to live with dignity, safety, and belonging,” said L’Arche Association Executive Director, Ani Hynes. “This gift strengthens the foundation we need to move confidently toward construction in mid-2026 and helps ensure our community can remain a place of stability, connection, and shared life for decades to come. We are deeply thankful for CREB®’s investment in our vision and for believing in what’s possible when people with and without disabilities build community together."

Wood’s Homes

“We are extremely grateful to the CREB® REALTOR® Community Foundation for their generosity and belief in our work,” said Wood’s Homes CEO, Bjorn Johansson. “Receiving this grant is deeply meaningful for Wood’s Homes as it strengthens our ability to deliver critical support to children, young people, and families who rely on us every day. This support not only fuels our mission of building good mental health so everyone can thrive in our community – it says ‘yes’ to young people who deserve safety, opportunity, and hope.”

About CREB® REALTOR® Community Foundation

CREB® REALTOR® Community Foundation is the community investment arm of CREB® (the Calgary Real Estate Board).
Made up of a membership of more than 8,700 REALTORS® and community members, CREB® REALTOR® Community Foundation exists to support the charitable and philanthropic activities of its members and to provide funding to housing- and shelter-related initiatives in Calgary and area.
Since its inception in 1987, the Foundation has contributed more than $8.4 million to a wide range of non-profit organizations in our community.
To learn more about the CREB® REALTOR® Community Foundation, visit creb.com.

November 2025 Housing Market

Mon, 01 Dec 2025 16:42:00 GMT

Conditions remain relatively balanced as we head into the winter months

Calgary, Alberta, Dec. 1, 2025 – In line with typical seasonal trends, sales, new listings and inventory levels all slowed relative to last month. The 1,553 sales were met with 2,251 new listings, causing the sales-to-new-listings levels ratio to improve to 69 per cent. This also helped support some of the inventory adjustment. However, with 5,581 units in inventory, levels are still 28 per cent higher than last year and over 15 per cent higher than typical levels reported in November.

“Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units,” said Ann-Marie Lurie, CREB®’s Chief Economist. “This is partially related to the additional supply choice coming from the new homes sector, some of which end up on the resale market, especially near the end of the year. While buyer’s market conditions are more prevalent for apartment-style homes and to a lesser extent row homes, outside of a few pockets of the market, both the detached and semi-detached markets are relatively balanced.”

The additional supply choice across resale, new and rental markets, is having the most impact on apartment and row style home prices which are reporting year-over-year price declines of seven and six per cent. In comparison detached home prices are down by two per cent compared to last November, but still higher than last year when looking at year-to-date figures. Overall, the unadjusted total combined residential benchmark* price in November was $559,000, nearly five per cent lower than last year.

*To keep the benchmark price relevant, once a year the attributes of a benchmark home are reviewed and the benchmark prices are updated. The review has been completed and the data has been updated. While all historical adjustments have occurred, old PDF monthly reports are not adjusted.

Detached

Detached sales in November were 823 units, just slightly lower than last year’s level, and relatively consistent with activity reported for November. The monthly reduction in new listings helped push down inventory levels compared to last month, but inventory remained well above the lower levels reported last year and are now relatively consistent with long-term trends. Overall, the months of supply remained around three months, reflecting a relatively balanced condition. Despite this we did see unadjusted prices trend down over last month, mostly reflecting seasonal patterns. As of November, the unadjusted detached benchmark price was $733,000, down by nearly two per cent compared to last November. However, when considering the year-to-date figures, prices are still one per cent higher than last year. Most of the downward price adjustments have occurred in the North East, North and East districts as competition from new homes and additional supply choice in other parts of the city are more heavily weighing on those districts.

Semi-Detached

Sales in November were comparable to levels reported last year and still well above long-term trends, but with new listings also higher than typical levels for this time of year, inventories rose to the highest November level seen over the past five years. While conditions have been generally tighter for this property type, over the past three months we have seen the months of supply remain above three months, resulting in more balanced conditions. While the unadjusted benchmark price of $671,700 did ease over last month, it remained stable compared to last year. Year-to-date price growth has been the strongest in this sector at nearly three per cent, with the largest gains occurring in the City Centre at four per cent, partially offsetting the one per cent pullback in the North district.

Row

November sales eased to 257, however, last year was a record high for the month and current sales remain above long-term trends. Where there continues to be more notable shifts is in supply. New listings remained comparable to last year and inventories, while reporting the typical seasonal decline, were at November levels not seen since 2018. The additional supply has caused the months of supply to remain slightly elevated, especially over the past three months. This has been placing some downward pressure on prices. In November, the unadjusted benchmark price was $424,400, down over last month and over six per cent lower than last year. While some of the monthly decline is seasonal, more persistent price declines have caused the year-to-date price to fall by nearly two per cent.

Apartment Condominium

This sector has struggled the most with excess supply. November sales dropped to levels consistent with long-term trends, but new listings remained elevated and November inventory levels hit a record high for the month. The months of supply edged near six months and has been sitting above four months since the summer. This has resulted in relatively persistent price adjustments throughout the second half of the year and as of November the unadjusted benchmark price was $309,300, seven per cent lower than last year at this time. Year-to-date the decline was just over two per cent, with the largest decline occurring in the North East district at nearly five per cent. The only district to see prices remain flat was the West district.

REGIONAL MARKET FACTS

Airdrie

As per typical seasonal behaviour, sales, new listings and inventory levels all eased over levels reported last month. Overall, both sales and new listings have remained at levels consistent with long-term trends for the month, but thanks to earlier gains inventory levels remain elevated for November. Some of the rise is due to a higher share of newer homes coming onto the resale market. The additional supply over the past several months has weighed on prices in Airdrie. While it has by no means offset the gains reported over the past four years, year-to-date benchmark prices for detached homes are down by nearly one per cent compared to last year.

Cochrane

The seasonal monthly pullback in new listings was not enough to prevent November levels from reaching a record high. While sales also remained relatively strong for November, it was not high enough to cause a more significant monthly pullback in inventories, which have not been this high in November since 2018. Some of the gains in new listings were due to a larger share of new homes being listed on the resale market. While recent gains in supply have caused some adjustments in price, prices continue to remain higher than levels reported last year. Year-to-date detached benchmark prices are nearly two per cent higher than levels reported last year.

Okotoks

Unlike other areas, sales in Okotoks improved compared to last month and were similar to levels reported last year. This in part could be related to the higher level of new listings that were available both in November and October, providing more choice to potential buyers. The Okotoks market has seen some recent gains in inventory levels, but overall supply remains well below long-term trends. Conditions have remained relatively tight in the Okotoks market and, despite some recent adjustments in prices, overall prices are still higher than last year on a year-to-date basis across each property type.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

October 2025 Housing Market

Mon, 03 Nov 2025 16:23:00 GMT

Nov. 03, 2025 | CREB

Pace of new listings growth slows, preventing further inventory gains

Calgary, Alberta, Nov. 3, 2025– Inventory levels eased over last month thanks to the combined impact of a monthly pullback in new listings and a monthly pick up in sales.

With 6,471 units in inventory and 1,885 sales the October months of supply returned to three-and-a-half months after pushing up to four months in September. While both row- and apartment-style properties continue to report elevated supply levels compared to demand, conditions remain relatively balanced for both detached and semi-detached properties.

Year-to-date sales in the city totaled 20,082, down nearly 16 per cent compared to last year, but still in line with longer-term trends. Much of the decline in sales has been driven by pullbacks for apartment- and row-style homes.

“Improved rental supply and easing rents have slowed ownership demand for apartment- and row-style homes. It is also these segments of the market that have seen October inventories reach a record high for the month,” said Ann-Marie Lurie, CREB®’s Chief Economist. “Excess supply for apartment- and row-style properties is weighing on prices in those segments more so than any other property type, influencing total residential prices.”

As of October, the total unadjusted residential benchmark price in Calgary was $568,000, down nearly one per cent compared to last month and over four per cent lower than last year’s levels. The largest price adjustments occurred for row- and apartment-style properties where prices have eased by a respective six and seven per cent compared to last October.

Detached

October sales reached 1,012 units, an improvement over last month, but still five per cent lower than last year’s levels. At the same time there were 1,593 new listings that came onto the market, causing the sales-to-new-listings ratio to rise to 64 per cent and inventories to trend down over last month to 2,913. Inventory levels remain slightly higher than long-term trends for the month, but with just under three months of supply, conditions remain relatively balanced and far better than conditions reported during the 2015 to 2019 period. Despite relatively balanced conditions, there are pockets of the market that are experiencing buyer’s market conditions, which is impacting prices. Citywide detached benchmark prices eased to $744,400 in October, one per cent lower than last year. However, price adjustments ranged from a year-over-year gain of nearly two per cent in the City Centre to a decline of over five per cent in the North East district. Despite recent adjustments, year-to-date prices remain over one per cent higher than last year.

Semi-Detached

Sales improved over last month while new listings slowed, causing the sales-to-new-listing ratio to rise to 57 per cent, which is slightly lower than typical levels for this time of year, but high enough to prevent any significant change in inventory levels compared to last month. With 186 sales and 613 units in inventory, the months of supply was over three months, higher than last year’s extremely low levels, but lower than last month. More inventory choice has weighed on prices over the past several months. However, with an October benchmark price of $683,100, prices remain nearly one per cent higher than last year and on a year-to-date basis are over three per cent higher than last year.

Row

With 275 sales in October, year-to-date row sales totaled 3,412 units, a 17 per cent decline over last year. While row sales remain well above long-term trends, new listings have been on the rise and reached record highs so far this year. As of October, there were 1,054 units in inventory, the highest ever reported for the month and nearly 32 per cent higher than long-term averages. This also caused the months of supply to remain around four months. The additional supply choice has weighed on prices. The October benchmark price was $431,200, over one per cent lower than last month and nearly six per cent lower than prices reported last year at this time. The steady slide in row prices have caused year-to-date prices to drop by one-and-a-half per cent. Price adjustments did vary across the city with the largest year-to-date declines occurring in the North East and North districts.

Apartment Condominium

The pullback in new listings relative to sales this month did help prevent further gains in inventory levels. However, with 1,891 units in inventory and 412 sales, the months of supply remained elevated at nearly five months. Apartment condominiums have been experiencing buyer’s market conditions for nearly 6 months, placing downward pressure on prices. As of October, the benchmark price was $318,200, down over one per cent compared to last month, and nearly seven per cent lower than last October. On a year-to-date basis, prices are nearly two per cent lower than last year’s levels. The largest year-to-date price declines occurred in the North East and South East districts at four per cent, as those districts are either reporting the highest months of supply on the resale market or are facing significant competition from the new home market.

REGIONAL MARKET FACTS

Airdrie

Activity slowed as we moved into October. While sales have remained consistent with longer-term trends, new listings reached a record high for October, keeping inventories elevated. With 535 units in inventory and 136 sales, the months of supply remained over four months. The persistently higher months of supply over the past four months, combined with additional supply choice in the new home market, has weighed on resale home prices. Prices in Airdrie have been trending down since April of this year and as of October the benchmark price was $520,400, nearly one per cent lower than last month and nearly five per cent lower than last year’s levels.

Cochrane

Sales in Cochrane improved this month, keeping year-to-date sales at levels that are relatively consistent with last year. At the same time, while levels remained high, new listings did trend down over last month, causing the sales-to-new-listings ratio to rise to 55 per cent and preventing any further gains in inventory levels. The months of supply eased to just over four months in October, higher than the low levels reported over the past several years, but relatively more consistent with long-term trends for the month. As of October, the benchmark price was $585,200, similar to last month and over two per cent higher than last year. Year-to-date prices in the area have risen by nearly four per cent. Some of the gain in prices could be related to a larger share of new homes ending up being sold on the resale market in Cochrane.

Okotoks

October reported 91 new listings on the market, a significant gain over last month and last year’s levels. The rise in new listings was met with slower sales activity, causing the sales-to-new-listings ratio to dip below 50 per cent, supporting a modest gain in inventory levels. While inventory levels are finally improving, they remain low relative to longer-term trends. This has likely prevented a more significant shift in prices in the Okotoks area. In October, the unadjusted benchmark price was $618,600, up over last month but consistent with last October. Year-to-date benchmark prices have improved by over one per cent.

Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.

September 2025 Housing Market

Wed, 01 Oct 2025 15:25:00 GMT

Oct. 01, 2025 | CREB

A boost in new listings drives further inventory gains and price adjustments

Calgary, Alberta, Oct. 1, 2025– The 1,720 sales in September were not high enough to offset the 3,782 new listings coming onto the market, driving further inventory gains as we move into the fall. There were 6,916 units in inventory in September, 36 per cent higher than last year and over 17 per cent higher than levels traditionally reported in September. Both row and apartment style homes have reported the largest boost in supply compared to long-term trends.

"Supply levels have been rising in the resale, new home and rental markets. The additional supply choice is coming at a time when demand is slowing, mostly due to slower population growth and persistent uncertainty. Resale markets have more competition from new homes and additional supply in the rental market, reducing the sense of urgency amongst potential purchasers. Ultimately, the additional supply choice is weighing on home prices," said Ann-Marie Lurie, CREB® Chief Economist.

Supply levels relative to demand typically drive shifts in home prices. In September, the sales to new listings ratio dipped to 45 per cent, and the months of supply pushed up to four months for the first time since early 2020. This is a higher level of supply compared to demand than is typically seen in the Calgary market and, should this persist, we could see a market that shifts more in favour of the buyer. However, conditions do vary by property type, price range and location.

Inventory gains for apartment style homes over the past several months have contributed to buyer market conditions in this segment, driving year-over-year price adjustments of over six per cent for a total benchmark price of $322,900 in September. While the detached segment has also seen a rise in the months of supply, it has not been as high as the apartment condo sector. At a benchmark price of $749,900, detached home prices are only one per cent lower than last year, with most of the adjustments driven by the North East and North districts.

Detached

Sales in September slowed to 859 units, nine per cent lower than last year and below long-term trends for September. At the same time, new listings rose to 1,905 units, causing the sales to new listings ratio to fall to 45 per cent, levels not seen since 2018. While there has been an unexpected shift in September, it is too early to tell if this trend will continue as prior to this month the detached market has remained relatively balanced.

Improved supply choice is causing prices to decline relative to the record highs reported during the spring. As of September, the unadjusted benchmark price was $749,900, down nearly one per cent from both last month and last year. While prices have eased from peak levels across all districts, the largest decline occurred in the North East and East district at over six per cent. Despite recent adjustments on a year-to-date basis, prices remain nearly two per cent higher than last year's levels, with the City Centre reporting the highest gain at over four per cent.

Semi-Detached

New listings rose to 361 units in September, while sales fell to 156 units, causing the sales to new listings ratio to drop to 43 per cent. This also caused a rise in inventory levels and the months of supply pushed up to nearly four months. This is a significant shift compared to last month, where there was less than three months of supply.

Like the detached sector, it is too early to say if this trend will continue, but so far it has had minimal impact on home prices. As of September, semi-detached price was $684,800, slightly lower than last month and nearly one per cent higher than last year. Year-to-date price growth has been the highest for semi-detached homes at over three per cent, as this segment took longer to shift from a seller's market to one that was more balanced. Most of the price growth was driven by gains reported in the City Centre.

Row

Following a pullback last month, new listings posted modest monthly gains. The 592 new listings were met with 304 sales, causing the sales to new listings ratio to fall to 51 per cent. This is not as low as the other property types and at these levels it was enough to prevent any further monthly gain in the already elevated inventory levels. September inventory levels were 1,099 units, the highest September level reported since 2018, and 30 per cent higher than longer-term trends for the month. The largest gains in inventory occurred in the North East district, which also reported the highest months of supply and price decline compared to last year.

More supply choice has impacted resale prices, with the unadjusted benchmark price being $437,100. This is down less than one per cent over last month and nearly five per cent lower than last year's prices. Year-to-date price adjustments have been much smaller at one per cent, as declines in the North East, North and South East districts offset the gains reported in other parts of the city.

Apartment Condominium

The most significant adjustment in the market occurred in the apartment condominium sector as improving rental supply, delayed adjustments in interest rates and improved selection for other property types has slowed apartment style demand from both first-time buyers and investors. September reported 401 sales and 924 new listings, dropping the sales to new listings ratio to 43 per cent and causing inventory to rise to 1,999 units.

The rise in supply caused the months of supply to push up to five months, the first time it has done that since 2021. As elevated levels of supply have persisted since June, prices have been trending down. As of September, the benchmark price was $322,900, down over one per cent compared to last month and over six per cent compared to last year. The year-to-date price adjustment has been just over one per cent. Condo prices have slid across all districts compared to last September. The largest decline occurred in the North East district at over ten per cent, while the smallest decline occurred in the City Centre at five per cent.

REGIONAL MARKET FACTS

Airdrie

New listings reached a September record high with 295 units. The gains in new listings were met with a pullback in sales causing the sales to new listings ratio to fall to 45 per cent and inventory rose to 571 units. While inventories have been generally trending up throughout this year, this is the first time that the months of supply pushed above four months since 2020. The improved options weighed on home prices, which continued to trend down this month. In September, the unadjusted benchmark price was $526,000, down one per cent compared to last month and nearly five per cent lower than last year's levels. Despite recent adjustments year-to-date prices declined by just over one per cent, not enough to offset last year's annual growth of eight per cent.

Cochrane

New listings in Cochrane also hit a September record high with 148 units. While sales are similar to last year's levels at 62 units, the boost in new listings did cause the sales to new listings ratio to drop to 42 per cent this month. This led to further inventory gains and the months of supply pushed above five months. Improved supply levels also took more pressure off home prices this month. In September, the unadjusted benchmark price was $584,300, down by nearly one per cent compared to last month, but still one per cent higher than last year's levels. Much of the supply adjustment has only recently occurred in the Cochrane market and the year-to-date benchmark price remains nearly four per cent higher than last year.

Okotoks

Okotoks was one of the few larger areas that did not see a lift in new listings in September. The 69 new listings were down compared to levels reported last year, and with 51 sales this month, the sales to new listings ratio remained elevated at 74 per cent. While inventory levels were only slightly higher than last month, the months of supply has remained relatively low at two and a half months. Despite the relatively tight conditions, prices continued to adjust in the market. This in part can be related to the competition from new properties, impacting resale prices. As of September, the total residential benchmark price was $613,900, down by over one per cent compared to last month and nearly three per cent lower than last September. Despite the adjustment, on a year-to-date basis, prices were still one and a half per cent higher than last year.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

September 2025 CREB® Communications

Thu, 25 Sep 2025 15:27:00 GMT

Sept. 25, 2025 | CREB

CREB® REALTORS® Increase Grants to Non-Profits that Provide Housing to Vulnerable Calgarians

City of Calgary, Sept. 16, 2025 – CREB® REALTOR® Community Foundation has awarded Community Grants to Society for Autism Support and Services, Inn from the Cold Society, Unison Society, and Discovery House Family Violence Prevention Society.

The foundation was able to increase the amount of annual funding this year with a total of $197,675 allocated to the Community Grant, which is $80,000 more than 2024. These grants will assist with major repairs and renovations to existing housing or shelter supply, with the goal of keeping people housed in their communities.

“These organizations are making a meaningful difference every single day, transforming lives and strengthening the communities they serve,” said Christian Twomey, Chair of the CREB® REALTOR® Community Foundation. “Every CREB® REALTOR® contributes to the foundation, and they take great pride in giving back to their city by helping charities who provide safe, stable housing to those who need it most.”

Society for Autism Support and Services (SASS)

Society for Autism Support and Services is a charity that offers specialized services to individuals with autism. The organization was founded in 1972 and has continued to grow ever since. They now offer early intervention, ECS programs, out of home living placements, life skills training and adolescent and adult vocational programs.

Grant funds will replace the bedroom windows in the facility used for the Out-of-Home Living Program. The new windows will improve the safety, privacy and energy efficiency of the aging building, thus making the bedrooms more comfortable for the children living there.

“Like many charities, Society for Autism Support and Services (SASS) faces the challenge of delivering high-quality programs while maintaining our aging facilities. This grant will help ensure that autistic youth with complex needs and their families, have access to safe housing that fosters learning and well-being. This grant will help us install new energy-efficient windows, reducing utility costs and allowing more resources to be directed toward vital programming. We look forward to partnering with the CREB® REALTOR® Community Foundation to complete the project,” said Kim Ward, Executive Director.

Inn from the Cold Society

Inn from the Cold is a charity that supports families in finding stability during times of crisis. Their three main programs supporting families experiencing the trauma and stress of homelessness, provide emergency and transitional shelter to families, and help families and expectant mothers facing homelessness find stable housing.

Inn from the Cold’s Journey House, a 10-unit affordable housing complex, needs essential repairs and upgrades to improve safety and quality of living for the residents. The grant funds will support improvements to the boiler room, HVAC, security systems and other facility upgrades.

“CREB® REALTORS® have stood beside us for many years, helping families experiencing homelessness find stability and hope. Thanks to their support, we’ve been able to improve the quality of our affordable housing and create safe, welcoming homes. We are so grateful for this partnership that continues to change lives,” said Heather Morley, CEO.

Unison Society

Unison Society is a non-profit organization that empowers individuals over the age of 50 to lead fulfilling lives. They do this through programs and services that promote a healthy lifestyle with good food, physical activity, courses and access to trusted resources.

“We are thrilled to be receiving funding from the CREB® REALTOR® Community Foundation. We will now be able to make vital infrastructure improvements to Unison’s Elder Abuse Shelter that provides a critical safe haven for seniors experiencing abuse, individuals often forced to flee their homes abruptly due to physical, emotional, or financial harm. Your support of our laundry room renovation is critical for daily living, hygiene and the dignity of seniors living in our shelter. We look forward to partnering with CREB® REALTOR® Community Foundation to improve the quality of the experience for the vulnerable seniors housed in Unison’s Elder Abuse Shelter,” said Larry Mathieson, President & CEO.

Discovery House Family Violence Prevention Society

For over 40 years, Discovery House Family Violence Prevention Society has served women and children leaving domestic violence, helping them rebuild their lives. Discovery House’s shelter was built in 2002 and the organization supports approximately 600 people a year, most of them children. The shelter has two-, three-, and four-bedroom apartments, a childcare centre, counselling rooms, community spaces, and an enclosed courtyard with a play area and garden.

The grant funds will go towards upgrading the building’s HVAC system to ensure it continues to operate efficiently. This will prevent disruptions to the families who utilize the shelter and allows Discovery House to provide a functional and safe environment.

"The support of the CREB® REALTOR® Community Foundation will help Discovery House provide families leaving domestic violence with the safety, stability, and supports they need to rebuild their lives. We are so grateful for this investment in creating brighter, safer futures for women and children in our community,” said Leslie Hill, Executive Director.

August 2025 Housing Market

Tue, 02 Sep 2025 15:28:00 GMT

Sept. 02, 2025 | CREB

Price declines mostly driven by higher density home types

Calgary, Alberta, September 2, 2025 – Improving supply choice has changed the dynamics of the Calgary market driving price declines over the past several months.

Higher price adjustments are occurring for apartment and row style properties while detached and semi-detached properties have reported modest declines. As of August, the unadjusted total residential benchmark price was $577,200, down over last month and nearly four per cent lower than levels reported last year.

“Perspective is needed when it comes to price adjustments. The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice,” said Ann-Marie Lurie, Chief Economist at CREB®. “Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years.”

August reported 1,989 sales, nearly nine per cent lower than last year. Sales have slowed compared to the high levels reported over the past four years. However, activity is still above long-term trends, reflecting relatively strong demand. What has changed is the supply situation. New listings remain elevated, keeping the sales-to-new-listings ratio below 60 per cent and pushing inventory to 6,661, the highest August amount since 2019.

More inventory choice coupled with lower sales has caused the months of supply to rise to 3.4 months in August, much higher than the sellers' market conditions reported over the previous four years, but still well below the buyer market conditions observed prior to the pandemic. While the market is much more balanced compared to last year, there is significant variation depending on property type, price range and location.

Detached

Detached home sales eased to 995 units in August, while new listings rose to 1,748 units, keeping the sales-to-new listings ratio below 60 per cent. This prevented any significant shift in inventory, as the 3,051 units were the highest levels reported in August since 2020. Higher inventory levels and easing supply have helped balance out the detached market. However, districts like the North East, North and East are experiencing buyer market conditions.

The unadjusted benchmark price in August was $755,600 down by nearly one per cent over last month and last year's levels. While prices have eased there is significant variation depending on location. Compared to last year, prices reported the largest decline in the North East and East district at five per cent, while prices in the city centre were over two per cent higher. As many of the adjustments have occurred over the past few months, year-to-date Calgary prices remain two per cent higher than last year.

Semi-Detached

August sales improved over last year’s levels, but it was not enough to offset earlier pullbacks with year-to-date sales of 1,557—eight per cent lower than last year—but higher than long-term trends. At the same time, new listings slowed compared to sales pushing the sales-to-new listings ratio up to 67 per cent and preventing any further monthly inventory gains. Inventory gains have not been as high for this product type, and the months of supply remained below three months in August. This is one of the reasons that the prices have not seen the same adjustment.

In August the unadjusted benchmark price was $687,200 down over last month, but nearly one per cent higher than last year, and nearly four per cent higher on a year-to-date basis. Price growth has varied across the city, with the largest year-over-year gains occurring in city centre. Meanwhile the largest declines have occurred in the North East, East and North districts.

Sales in August slowed, contributing to the year-to-date decline of nearly 16 per cent. While new listings did ease in August compared to last year and last month, they have generally been on the rise pushing up inventory levels. In August, there were 1,103 units in inventory, reaching the second highest level on record for August, only slightly lower than the record high in reported in 2018. Due to the relatively strong sales, the months of supply has only pushed slightly above three months, far more balanced than last year, but not as high as the 6.4 months report back in 2018.

Nonetheless, additional supply choice has weighed on prices. In August, the unadjusted benchmark price in the city was $439,600, reflecting the fourth consecutive monthly decline and nearly five per cent lower than last August. While prices eased across all districts, price declines exceeded five per cent in the North East, North, South and East districts. These districts generally reported high levels of supply in the resale sector or had significant competition from new home supply.

Apartment Condominium

Sales continue to slow in August contributing to a year-to-date pullback of nearly 30 per cent. While sales are still above long-term trends, they have not been high enough to offset the level of new listings in the market. In August alone there were 877 new listings compared to the 449 sales, keeping the sales-to-new-listings ratio relatively low at 51 per cent. The low ratio that has persisted throughout this year has contributed to the higher inventory levels seen in the market. While August inventory levels did not rise over last month, with 1,979 units available, this is the highest August inventory ever reported.

The months of supply for apartment condos have remained around four months since June. The excess supply relative to demand has been weighing on prices. As of August, the unadjusted benchmark price was $326,500, reflecting the fifth consecutive monthly decline and nearly six per cent lower than levels reported last August. Most of the supply is concentrated in the City Centre, which reported a year-over-year decline of five per cent, slightly higher than the rate of decline reported in the West district at three per cent. Meanwhile, the highest price declines occurred in the North East district at over 11 per cent.

REGIONAL MARKET FACTS

Airdrie

Easing sales in August contributed the year-to-date decline of 12 per cent for 1,248 sales so far this year. The 152 sales this month was met with 265 new listings, pushing the sales-to-new listings ratio up to 57 per cent and preventing any further monthly inventory gains. As of August, there was 535 units in inventory, above long-term trends and the highest levels reported since before the pandemic. The rise in supply has helped shift the market to more balanced conditions. However, with more supply options in both the new home, resale markets and in competing locations, there has been some downward pressure on prices in Airdrie. In August, the unadjusted total residential benchmark price was $531,100, down over last month and four per cent lower than levels reported last August.

Cochrane

The 70 sales this month were met with 139 new listings causing the sales-to-new listings ratio to fall to 50 per cent, the lowest ratio reported for August since 2015. The pullback in sales compared to new listings prevented any significant shift in inventory levels, pushed the months of supply up above four months. Despite the shift this month, prices in Cochrane remained relatively stable in August, with the unadjusted benchmark price sitting at $589,100, similar to last month and nearly two per cent higher than last year. On a year-to-date basis prices are four per cent higher than the previous year.

Okotoks

New listings in August reported a significant pullback relative to sales and the sales-to-new-listings ratio pushed up to 80 per cent. While sales have generally remained in line with long-term trends, new listings have not had the same increase that other areas have reported, preventing significant gains in inventory levels. As of August, there was 116 units in inventory, a 29 per cent gain over last year, but still 30 per cent lower than levels traditionally seen in August. Despite tighter conditions, prices have reported some monthly declines. However, year-to-date benchmark prices remained two per cent higher than last year’s levels, with gains reported across each property type.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

July 2025 Housing Market

Fri, 01 Aug 2025 15:29:00 GMT

Aug. 01, 2025 | CREB

Supply growth weighs on home prices

Calgary, Alberta, August 1, 2025–Thanks to gains mostly occurring in the newer communities, inventory levels in July were 6,917 units, reaching levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth.

The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary has trended down over the past several months and is currently four per cent below last year's peak price reported in June 2024.

"Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years," said Ann-Marie Lurie, Chief Economist at CREB®. "The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply."

The rise in supply occurred as sales continued to slow and new listings improved. In July, there were 2,099 sales, a 12 per cent decline over last year, while new listings reached 3,911 units, an over eight per cent increase over last year. In addition to the persistent economic uncertainty due to tariffs, sales and new listings were impacted by no further reductions in lending rates and added competition from the new home market. Apartment-style homes are reporting the highest months of supply with over four months, while both detached and semi-detached homes are seeing conditions remain relatively balanced at just three months of supply.

Detached

For the first time since 2020, the months of supply for detached homes rose to three months. Sales activity slowed to 1,031 units in July, while the number of new listings, despite being slower than last month, was still nearly 10 per cent higher than last year's levels and above long-term trends. The wider gap between sales and new listings led to a significant adjustment in inventory levels and, with slower sales, the months of supply rose to three months. However, conditions did vary significantly depending on location. In the North West, West and South districts, the months of supply remained well below three months, whereas the North East reported the highest months of supply at over four months.

A shift to balanced conditions has taken much of the pressure off home prices. As of July, the detached benchmark price was $761,800, down less than one per cent over last year. However, there was a significant range of price adjustments. Both the North East and East districts have reported the largest decline in price at five per cent, though prices still rose in the City Centre by nearly two per cent.

Semi-Detached

Sales activity in July continued to slow, contributing to the year-to-date decline of 11 per cent. At the same time, new listings have generally been higher this year compared to last year, supporting inventory gains. With 549 units in inventory and 187 sales, the months of supply in July rose to three months, something that has not happened since 2021.

Although supply is improving in relation to sales, prices have remained relatively stable. As of July, the benchmark price in the city was $697,500, one per cent higher than last July. Price growth did range throughout each district, with the highest gains occurring in the City Centre, with nearly three per cent growth. Meanwhile, prices declined over last year in the North East, East and North districts.

Row

Like other styles of homes, sales have eased compared to last year, with new listings and inventories rising over last July. The months of supply in July was similar to last month at over three months, with a range of under three months of supply in the City Centre, North West , South and South East, to nearly five months of supply in the North East district.

Row prices have generally been trending down over the past three months, and while they are nearly four per cent lower than last year at this time, on a year-to-date basis they have remained similar to last year. When considering activity by district, year-to-date price declines have been reported in the North East and North, while prices have risen in all other districts.

Apartment Condominium

There were 1,014 new listings in July relative to 508 sales, keeping the sales-to-new listings ratio at 50 per cent and inventory levels elevated at 2,097 units. Higher inventories and slower sales caused the months of supply to push above four months in July, the highest it has been since 2021. Added competition for new product combined with rising rental vacancy rates has impacted the resale condominium market.

The additional supply choice is having a more significant impact on apartment style prices over any other property type. In July, the benchmark price was $329,600, which is down over one per cent compared to last month and nearly five per cent lower than levels reported last year. However, when considering year-to-date figures, prices have remained stable compared to last year as gains in the West, South and North West have offset declines occurring in the North East, North, South East and East districts.

REGIONAL MARKET FACTS

Airdrie

Due to declines in both row and apartment sales, July sales slowed by 14 per cent compared to last July, contributing to the year-to-date decline of 12 per cent. While sales have slowed, activity remains higher than levels reported prior to 2021. What has changed is the significant improvement in new listings, resulting in inventory gains. As of July, inventory levels rose to 543 units, the highest July reported since the peak in 2018. The higher inventory levels kept the months of supply above three months in July, placing some downward pressure on home prices. In July, the benchmark price was $532,800, nearly four per cent lower than levels reported last year at this time. However, last year's gains were exceptionally high earlier in the year, and on a year-to-date basis prices are only slightly lower than last year.

Cochrane

Unlike other areas, Cochrane has not seen the same level of pullback in sales compared to long-term trends. While July sales were down by seven per cent, year-to-date sales are two per cent lower than last year and 23 per cent higher than long-term trends. New listings in July did reach a record high for the month, causing inventories to push to the highest level reported for the month since 2019 and causing the months of supply to rise above three months. While this likely contributed to some of the monthly decline in price, unlike other areas the July benchmark price of $590,000 was over two per cent higher than last year, and four per cent higher on a year-to-date basis.

Okotoks

This market continues to exhibit tighter market conditions than both Airdrie and Cochrane with a sales-to-new-listings ratio of 71 per cent and months of supply at just over two months. This is a significant improvement compared to the previous four years, where the months of supply in July was just over one month. In July, the benchmark price in the area was $628,500, slightly lower than last month, but higher than last year's level. Despite some monthly fluctuations, year-to-date prices are over two per cent higher than last year.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

June 2025 Housing Market

Wed, 02 Jul 2025 15:31:00 GMT

July 02, 2025 | CREB

Gains in resale supply mostly impact apartment and row style home prices

Calgary, Alberta, July 2, 2025 –Inventory levels in June continued to rise, both over last month’s and last year’s levels. By the end of the month, inventory reached 6,941 units, returning to levels reported in 2021, or prior to the surge in population growth.

While sales have remained consistent with long-term trends despite a decline from recent months, higher levels of new listings compared to sales have contributed to the inventory gain. All property types have reported gains in inventory, but both row and apartment style homes reported inventory levels over 30 per cent higher than long-term trends, while supply for detached and semi-detached units are only slightly higher than typical levels.

“Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options,” said Ann-Marie Lurie, Chief Economist at CREB®. “The additional choice combined with no further declines in lending rates, persistent uncertainty and concerns of price adjustments is keeping many potential purchasers on the sidelines. This is weighing on home prices, especially for apartment and row style homes.”

The unadjusted benchmark price was $586,200 in June, lower than last month and over three per cent lower than last year. Much of the citywide decline was driven by apartment and row style homes, which are over three per cent lower than last year. Meanwhile, detached prices have remained relatively stable and semi-detached homes are still slightly higher than last year.

The steeper price declines for apartment and row style homes are reflective of those segments shifting toward a market that favours the buyer with nearly four months of supply. Meanwhile conditions are relatively balanced for detached and semi-detached homes. Overall conditions in Calgary have changed, but not enough to erase the significant growth in prices that have occurred over the past four years.

Detached

Sales in June were 1,194 units, six per cent lower than both last year and last month's activity. Sales activity did vary depending on location and price range, with declines in resale sales mostly for higher priced homes that likely face more competition from new homes. On a location basis, the steepest declines in sales occurred in the City Centre and the North East at over 20 per cent, while year-over-year gains were reported in the West, and South East districts.

While sales did vary, inventories and new listings improved across most price ranges and districts in the city. However, it is only the North East district that is experiencing conditions that favour the buyer, causing prices to decline by four per cent compared to last June. As of June, the unadjusted benchmark price in Calgary was $764,300, less than one per cent lower than both last month and last year’s price.

Semi-Detached

Sales activity continued to slow this month, contributing to the year-to-date decline of nearly 12 per cent. At the same time new listings have generally been rising compared to last year, supporting inventory gains and a shift to balanced conditions. As of June, the months of supply was 2.6 months, a significant improvement over the tight conditions reported last year.

Additional supply choice has slowed the pace of price growth for semi-detached homes. As of June, the benchmark price in the city was $696,400, similar to last month, and over one per cent higher than last June. Price movements did range by district, as homes in the City Centre are over three per cent higher than last year and at record high levels, while prices in the North, North East, and East districts are all over two per cent lower than last year and three per cent lower than last year’s peak price.

Row

New listings continue to rise relative to the number of sales in the market, as the sales-to-new listings ratio in June dropped to 50 percent. This contributed to further inventory gains with 1,167 units available at the end of the month. While sales are still higher than long-term trends, the recent gains in inventory levels have caused the months of supply to push above three months. Within the city, conditions range with nearly six months of supply in the North East and two and a half months of supply in the North West.

Higher supply levels relative to demand are weighing on prices which, at a June benchmark price of $450,300, are down over last month and three per cent lower than last year’s levels. However, as the level of oversupply does range across the districts, so too do the price movements. The City Centre has seen the most stability in prices this month and is only one per cent below last year’s peak. Meanwhile, the North East is reporting year-over-year price declines of nearly six per cent.

Apartment Condominium

June new listings and sales both eased over last month’s and last year’s levels. However, with 1,024 new listings and 532 sales, inventories continued to rise and the months of supply pushed up to nearly four months. Slower international migration numbers are weighing on housing demand just as supply levels are rising, which is having a larger impact on apartment style homes.

The rising supply choice, both in new and resale markets, has caused resale prices to trend down again this month, leaving June’s benchmark price of $333,500 over three per cent lower than last year’s levels. While prices have eased across all districts in the city, the largest year-over-year declines are occurring in the North East, North and South East districts.

REGIONAL MARKET FACTS

Airdrie

Thanks to a sharp decline in detached activity, sales in June fell to 164 units. The pullback in sales was met with 324 new listings, causing the sales-to-new listings ratio to drop to 51 per cent, the lowest ratio reported in June since 2018. The wider spread between sales and new listings drove further inventory gains and for the first time since 2020 the months of supply was above three months. The additional supply choice has weighed on resale prices, which have trended down for the second consecutive month. In June the benchmark price was $538,300, nearly three per cent lower than levels seen last year at this time.

Cochrane

Gains for detached and semi-detached sales were offset by pullbacks for row and apartment units, as June sales remained relatively unchanged over last year. The 101 sales in June were met with 171 new listings and the sales-to-new listings ratio rose to 59 per cent. This slowed the pace of inventory growth, keeping the months of supply just below three months. While conditions are more balanced than they have been, prices in the area continue to rise albeit at a slower pace. As of June, the unadjusted benchmark price was $593,700, nearly one per cent higher than last month and four per cent higher than last June.

Okotoks

While levels are better than last year, both sales and new listings trended down in June, causing the sales-to-new listings ratio to rise to 87 per cent. This prevented any further monthly inventory gains and ensured that the months of supply remained below two months in June. While conditions remain tight in Okotoks, more supply in the broader region has likely prevented stronger price growth in the Town of Okotoks. As of June, the unadjusted benchmark price was $632,800, similar to last month and nearly three per cent higher than last year.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Calgary Spring 2025 Market Update

Mon, 23 Jun 2025 15:32:00 GMT

June 23, 2025 | CREB

CREB® releases spring 2025 Calgary and region housing market update

Calgary, Alberta, June 23, 2025 —The Calgary Real Estate Board (CREB®) has released its spring 2025 housing market update, an overview of the state of the real estate landscape in Calgary and surrounding areas.

The report updates the forecast for 2025 that CREB® released in January, highlighting trends in sales, pricing, the economic forces that are currently affecting the market, and how they may shape activity for the rest of the year.

Sales activity so far this year has eased more than expected as economic uncertainty has weighed on consumer confidence. However, this easing comes from a relatively high starting point and has brought sales to a level that is more consistent with long-term trends and higher than the lows reported during the economic slowdown of 2015 -2019.

Meanwhile, record high new home starts over the past few years are contributing to supply gains. Most of this supply is higher density in nature and targeted to the rental market, but is still causing inventory to rise in the resale market as renters and buyers have more options. This has contributed to the doubling of inventory over 2024, which is bringing resale supply back in line with normal levels.

“Uncertainty has weighed on housing sales at a time when supply levels are rising, creating much concern over a market correction. However, context is needed as we are moving from a market that favoured sellers for most of the past three years, to one that is more balanced and, in some cases, favouring buyers,” says Ann-Marie Lurie, CREB®’s Chief Economist and author of the report. “More supply choice in resale, new homes and rental markets is taking pressure off home prices, but not in a uniform manner across the city, and not enough to offset the multiple years of double-digit growth.”

Additional higher-density supply relative to demand is expected to weigh on prices for apartment and row style homes, with annual declines of two per cent expected for apartment style properties and one per cent for row homes in 2025. Meanwhile, detached home prices are expected to remain relatively stable as price growth in locations with limited supply are expected to offset the declines occurring in pockets of the market that facing rising competition from new homes.

While uncertainty risk remains over the short term, supportive population growth in Calgary and resiliency in the city’s job market are helping prevent a more severe outcome in our market. Moving forward, clarity surrounding energy/environmental policy will be an important factor influencing the housing market beyond 2025.

For the full report, please download CREB®’s Spring 2025 Calgary & Region Update Report here.

May 2025 Housing Market Update

Mon, 02 Jun 2025 18:02:09 GMT

Price adjustments mostly driven by apartment and row style homes

Thanks to steep pullbacks in the apartment condominium sector, total residential sales in Calgary eased by 17 per cent compared to May of last year. While the drop does seem significant, the 2,568 sales this month remain 11 per cent higher than long-term trends for May and improved over last month.

New listings continued to rise this month compared to sales, resulting in further gains in inventory levels. However, the monthly gain in both inventory and sales prevented any significant change in the months of supply compared to April. With 2.6 months of supply, conditions are still relatively balanced.

“Compared to last year, easing sales and rising inventories are consistent trends across many cities, as uncertainty continues to weigh on housing demand. However, prior to the economic uncertainty, Calgary was dealing with seller market conditions, and the recent pullbacks in sales and inventory have helped shift us toward balanced conditions taking the pressure off prices,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is a different situation from some of the other larger cities, where their housing markets were struggling prior to the addition of economic uncertainty.”

Last year there was limited inventory across most property types and price ranges. Recent inventory gains are creating pockets of the market that are struggling with too much supply while in other areas supply levels are still low relative to the demand, resulting in divergent trends in home prices.

Both detached and semi-detached home prices have remained relatively stable this month and are still higher than last year’s levels. Meanwhile, row and apartment style homes have reported modest monthly price declines and May prices remain below last year’s levels, as improved new home and rental supply is weighing on resale prices. Overall, the total residential unadjusted benchmark price in Calgary was $589,900, slightly lower than last month and over two per cent below May 2024 levels.

Detached

New listings in May rose to 2,419 units, with most of the gains driven by homes priced over $600,000. At the same time, sales activity has slowed across most price ranges, supporting a shift toward more balanced conditions and relative stability in prices. However, districts that are facing more competition from new home product or are seeing a larger pullback in demand are starting to show some signs of elevated supply.

The North East district has seen the largest pullback in resale sales activity combined with some of the highest gains in new listings. This has driven the sales-to-new listings ratio down to 41 per cent and the months of supply was nearly four months in May. This is causing prices to ease in the North East, offsetting some of the gains reported in the City Centre, West, and North West districts. City-wide the unadjusted benchmark price in May was $769,400, similar to last month, one percent higher than last May, and still above last year’s seasonal peak price.

Semi-Detached

The 428 new listings in May were met with 256 sales, causing the sales-to-new-listings ratio to rise to 60 per cent this month. This slowed the pace of inventory growth and the months of supply remained just above two months. Semi-detached homes continue to remain less than 10 per cent of all sales and inventory levels in the city.

This in part is due to construction patterns shifting toward more row style properties over semi-detached, and is one of the reasons we do not see the same inventory build as row and apartment style homes.

Like the detached market there is significant variation within the city districts. The North East has the highest months of supply at nearly three months and is reporting some price declines, while the tightest conditions are in the North West, where prices continue to rise. Overall, generally tighter conditions are still supporting price gains for semi-detached properties. In April the unadjusted benchmark price was $697,300, a monthly gain of less than one per cent, nearly three per cent higher than last year’s levels and above last year’s seasonal peak.

Row

Row home sales have eased over last year’s near record high pace but stayed well above long-term trends. However, the gain in new listings has continued to cause further inventory gains. For the second month in a row, inventory levels were over 1,000 units; we have not seen this much inventory for row units since 2021.

While inventory levels have improved across all districts, we are starting to see higher months of supply in the North East district at 3.5 months, resulting in some downward pressure on prices. The North, North West and South areas have also reported higher year-over-year pullbacks in resale prices, as improved supply choice for new properties are impacting resale activity. Overall, the benchmark price in May was $453,600, down over last month, nearly two per cent below last May, and lower than last year’s seasonal high.
Apartment Condominium

Sales this month totaled 579 units, a significant decline over last May’s record high of 907 units. While new listings were lower than levels reported last year, they remained high compared to sales, causing the sales-to-new listings ratio to drop to 47% this month. This contributed to further inventory gains and drove the months of supply up to 3.6 months.

High levels of apartment rental units under construction are adding to the rental supply and contributing to rent adjustments. This is likely slowing condo ownership demand coming from existing renters and potential investors, contributing to some of the shifts witnessed in the apartment condominium sector.

More supply choice is also weighing on condominium prices. In May the benchmark price eased to $335,300, down from last month and over one per cent lower than last year. The steepest declines are occurring in the North East and South East districts, where competition from the new home market is weighing on resale pricing. While prices have eased and are below peak levels, recent declines have not offset the double-digit gains reported over the past two years.

REGIONAL MARKET FACTS
Airdrie

While improving over last month, May sales eased compared to last year, contributing to the year-to-date decline of 10 per cent. However, the 772 sales so far this year are consistent with long-term trends in Airdrie. At the same time new listings continue to rise causing the sales-to-new listings ratio to fall to 58 per cent, still well within balanced conditions, but a significant change from the over 90 per cent ratio reported last year. Recent shifts in sales and new listings have supported gains in inventory levels.

In May there were 468 units in inventory, reflecting the highest May reported since prior to the pandemic. The shift in supply is in part related to the surge in new construction providing more options for potential consumers. Additional supply choice is impacting price growth. The total residential benchmark price was $540,600 in May, down nearly one per cent over last month and nearly two per cent below last year’s levels.

Cochrane

Sales in Cochrane were fairly resilient until this month, where sales were 17 per cent slower than last year. The decline was enough to cause year-to-date sales to ease to levels just below those reported last year. At the same time, this month new listings surged, driving the sales-to-new listings ratio down to 55 per cent and supporting further inventory gains. With 293 units available in May, levels are more consistent with long-term trends. The months of supply neared three months in May and while this did slow the pace of price growth, the total residential benchmark price of $589,400 is still nearly four per cent higher than last May.

Okotoks

A boost in new listings this month supported a surge in sales activity. However, with a sales-to-new-listings ratio of 74%, inventory levels did not change much over last month and the months of supply once again dropped below two months. Okotoks has struggled to add supply at the pace reported in Calgary, Cochrane and Airdrie and sales growth has been dampened by limited supply choice.

While there have been some improvements in inventory levels, as of May levels remained nearly 28 per cent below long-term trends for the city. The limited supply choice given the relatively strong demand has continue to support some price growth in the town. As of May the unadjusted benchmark price was $633,900, up over last month and over two per cent higher than last year.

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April 2025 Housing Market Update

Thu, 01 May 2025 18:30:00 GMT

Balanced conditions take pressure off prices

A boost in new listings this month relative to sales caused April inventories to rise to 5,876 units. Although this is more than double the number reported last year, last year’s supply was exceptionally low, and current inventory levels are consistent with what we typically see in April. April sales reached 2,236 units—22 per cent below last year’s levels but in line with long-term trends.

“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Ann-Marie Lurie, Chief Economist at CREB®. “This, in part, is related to our market's situation before the recent shocks. Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”

The rise in inventory levels helped the market shift to balanced conditions with nearly three months of supply. However, conditions vary depending on price range and property type. Lower-priced detached and semi-detached properties continue to struggle with insufficient supply, while row and apartment-style homes are seeing more broad-based shifts to balanced conditions.

The additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years. Benchmark prices for each property type have remained relatively stable compared to last month. However, compared to last year, detached and semi-detached prices are over two per cent higher than last year's levels, while apartment and row-style home prices have remained relatively unchanged.

Detached

Detached sales were 1,102 units in April, a year-over-year decline of 16 per cent. While sales eased across most areas of the city, the South East district has seen sales rise over last year's levels. April saw 1,907 new listings come onto the market, and the sales-to-new-listings ratio remained balanced at 58 per cent. Inventories rose to 2,511 units, and the months of supply rose to 2.3 months. While this is a significant gain over the less than one month of supply reported last year at this time, conditions remain relatively tight, especially in the lower price ranges.

In April, the unadjusted benchmark price reached $769,300, similar to last month but over two per cent higher than last April. The added supply choice, combined with uncertainty, has slowed the pace of price growth. However, with a year-over-year gain of nearly five per cent, the City Centre has exhibited stronger price growth than any other district.

Semi-Detached

Easing sales in April contributed to the year-to-date decline of nearly 16 per cent. The 190 sales in April were met with 350 new listings, and the sales-to-new-listings ratio fell to 54 per cent. This also caused further gains in inventory levels, which reached 484 units. The rise in inventory did help push the market toward balanced conditions with 2.6 months of supply, a significant improvement over the less than one month reported at this time last year.

The shift toward more balanced conditions has slowed the pace of price growth. In April, the unadjusted benchmark price was $691,700, similar to last month and over three per cent higher than last year. The City Centre reported the largest gain, at over five per cent, while prices in the North remained stable compared to last year.

Row

April sales slowed for row homes, contributing to the year-to-date decline of 16 per cent. Meanwhile, new listings continued to rise compared to last year, driving the sales-to-new-listings down to 51 per cent. In April, inventories reached 1,005 units, the highest level reported since 2021, and the months of supply rose to nearly three months. Improved supply has taken some of the pressure off prices,

In April, the unadjusted row price was $457,400, a slight gain over last month, but relatively unchanged compared to April of last year and still below last year's peak price reported in June. The pullbacks reported in the North and North East districts offset year-over-year gains in most districts.

Apartment Condominium

April sales eased by nearly 30 per cent over last year's record high but were far stronger than long-term trends. While sales have remained relatively strong, new listings in April reached a record high for the month, supporting further gains in inventory levels. With three months of supply in the city, conditions are considered relatively balanced. However, activity does range significantly based on location, impacting price movements.

The North East district reported the highest months of supply at seven months, resulting in a year-over-year price decline of two per cent and a spread of over seven per cent from last year's high. Overall, the April benchmark price in the city was $336,000, similar to last year but still three per cent lower than last year's record high.

REGIONAL MARKET FACTS

Airdrie

For the third month in a row, sales activity eased compared to last year's levels. Despite the declines, sales remain above long-term trends. At the same time, new listings continue to rise, but with 185 sales and 290 new listings in April, the sales-to-new listings ratio reached 64 per cent, an improvement over recent months. Inventory levels continued to trend up this month. However, after three consecutive years of exceptionally low April levels, inventory is now consistent with long-term trends. With 2.3 months of supply, conditions are moving to a more balanced state, taking the pressure off home prices. In April, the total residential price was $544,700, relatively unchanged compared to both last month and last year's levels.

Cochrane

For the fourth month in a row, sales activity in the area has remained consistent with last year's levels, resulting in 335 sales so far this year, a nearly five per cent gain over last year and consistent with long-term trends. New listings have also been on the rise, but the sales-to-new-listings ratio has remained at 60 per cent, preventing the doubling of inventory in this market. While inventory levels have improved compared to last year, the 246 units available in April are just shy of long-term trends. Like other areas, improvements in supply have slowed the pace of price growth, but in Cochrane, prices are still edging up. In April, the total residential benchmark price was $592,000, trending up over last month and nearly six per cent higher than prices reported in the previous year and at a record high.

Okotoks

Sales in Okotoks continue to ease compared to last year, contributing to the year-to-date decline of 16 per cent. Over the past few years, sales have been restricted by a lack of supply. However, this year we have started to see a shift. New listings continue to improve in April compared to sales, causing the sales-to-new-listings ratio to ease to 53 per cent, supporting inventory gains. However, with 127 units in inventory in April, levels remain below long-term trends for the month. The modest gains in inventory have slowed the pace of price growth in the area. As of April, the unadjusted benchmark price was $627,100, down slightly from last month, but nearly two per cent higher than last April.

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March 2025 Housing Market Update

Wed, 02 Apr 2025 01:50:00 GMT

April 01, 2025 | CREB

Uncertainty weighing on housing market

Calgary, Alberta, April 1, 2025 – Ongoing economic uncertainty, driven by tariff threats, has weighed on consumer confidence and impacted housing activity in March. Sales declined by 19 per cent year-over-year, totaling 2,159 units. Sales slowed across all property types, with the steepest declines seen in higher-density segments.

“It is not a surprise to see a pullback in sales given the uncertainty,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, it is important to note that sales still remain stronger than anything reported throughout 2015 to 2020, where our economy faced significant economic challenges and job loss. Nonetheless, easing demand has been met with gains in new listings and rising inventories, helping our market shift back toward balanced conditions, following four consecutive years where the market favoured the seller.”

March reported over 4,000 new listings, causing the sales-to-new-listing ratio to drop to 54 per cent, low enough to support further inventory gains. Total residential inventory levels reached 5,154 units, and the months of supply pushed up to 2.4 months. While this is a significant change from last year, with limited supply options across all property types and price ranges, conditions reflect a better balance between a seller and a buyer today. However, the market significantly varies depending on location, price point, and property type.

Improving supply has taken the pressure off home prices following the steep gains reported over the previous four years. In March, the unadjusted residential benchmark price reached $592,500, relatively stable compared to both last month and prices reported last March. Both detached and semi-detached prices remain consistent with peak prices and continue to rise, while apartment and row-style homes continue to report prices slightly lower than last year's peak.

Detached
Detached sales totalled 1,035 units in March, a year-over-year decline of 10 per cent. The decline in sales was met with improving new listings, supporting inventory gains over last year's extremely low levels. The improving supply compared to sales has caused the months of supply to rise to just over two months, a significant improvement over the less than one month reported last spring. However, the months of supply continue to remain tight with less than two months of supply for homes priced below $700,000. We are seeing a shift toward more balanced conditions for homes priced above $800,000.

The unadjusted detached benchmark price reached $769,800 in March, a gain over last month and over four per cent higher than last year's levels. Limited supply options continue to support price gains for detached homes, although the pace of growth has slowed from the double-digit gains reported last year. Some of the largest gains occurred in the City Centre.

Semi-Detached
March sales slowed over last year's levels, contributing to the first quarter decline of 11 per cent. The decline in sales has also been met with a gain in new listings. While conditions still remained relatively tight over the first two months of the year, the boost in new listings in March relative to sales did support further gains in inventory levels, causing the months of supply to push up to 2.2 months, the highest monthly level reported since the end of 2022.

The shift to more balanced conditions is slowing the pace of price growth compared to last year. However, with an unadjusted benchmark price of $691,900 in March, prices are still over five per cent higher than last year and above the unadjusted peak reached in July last year. Year-over-year gains ranged across the city, with the largest gains occurring in the City Centre and West districts.

Row
March reported a surge in new listings with 697 units. The growth in new listings was met with 400 sales, causing the sales-to-new-listings ratio to ease, and inventories to rise from the lower levels reported last year. There were 826 units in inventory in March, pushing above long-term trends, but remaining shy of some of the highs reported prior to the pandemic. Supply levels improved across all price ranges, with much of the gains occurring in the North East, North and South East districts. Like other property types, improving inventory relative to sales has shifted the market toward more balanced conditions, especially for row homes priced above $500,000. This has also slowed the upward pressure on home prices. In March, the unadjusted benchmark price was $454,000, two per cent higher than last March, but nearly four per cent below peak levels reported in June of last year.

Apartment Condominium
After the first quarter, condo sales reported the largest decline over last year compared to other property types. However, we achieved record highs last year, and the 1,383 sales remain well above long-term trends for the first quarter. Relatively strong demand has also been met with significant gains in new listings, causing the sales-to-new-listings ratio to fall below 50 per cent and driving inventory gains. As of March, there were 1,710 units in inventory, causing the months of supply to push up to just over three months. While the months of supply have risen compared to the exceptionally low levels seen over the previous three years, levels remain well below the over six-month average seen throughout 2015 – 2020.

Nonetheless, more supply has slowed the pace of price growth. The unadjusted benchmark price in March was $336,100, similar to last month and nearly three per cent higher than last March. Despite the year-over-year gain, prices remain below the peak reported last August. Prices are below peak across all districts, but the largest declines have occurred in the North and North East areas.

REGIONAL MARKET FACTS

Airdrie
With 160 sales in March, first quarter sales were 395 units, 11 per cent lower than levels reported at this time last year. Easing sales were also met with a gain in new listings, causing the sales-to-new-listings ratio to fall to 57 per cent in March and supporting further gains in inventory levels. Last year at this time, there was limited supply available in the market compared to the sales activity. While the 398 units in inventory are much higher than the 164 units reported last year, with nearly two and a half months of supply, conditions are still moving toward more balanced conditions. Shifting away from the sellers’ market conditions has taken some of the pressure off home prices. In March, the unadjusted detached benchmark price was $651,300, up over last month and over two per cent higher than prices reported last year. Recent gains have narrowed the gap from the peak price of $657,400 reported in June 2024.

Cochrane
Sales in Cochrane remained consistent with last year's levels in March. After the first quarter, activity remained slightly higher than levels reported last year and well above long-term averages. New listings also improved, but thanks to the level of sales, the sales-to-new-listings ratio remained elevated at 67 per cent, slowing the growth in inventory levels compared to some areas. The 213 units available in inventory in March are a rise over last year's low levels, but are consistent with long-term trends for the month. Improvements in inventory and stable sales did cause the months of supply to trend toward more balanced conditions, especially compared with the previous four years. This shift has slowed the pace of price growth in the town. In March, detached benchmark prices reached $686,800, a gain over last month and over five per cent higher than last year. While price growth has slowed over last year, the current March price does reflect a new unadjusted record high for the town.

Okotoks
After the first three months, sales in Okotoks totaled 129 units, down from the 155 units reported in the first quarter of last year. New listings have started improving, but the sales-to-new-listings ratio remained above 60 per cent, and inventory levels remain exceptionally low. With 96 units in inventory and 53 sales in March, the months of supply remained below two months, driving further monthly and year-over-year price gains. While price growth has eased from last year, in March the unadjusted detached benchmark price reached $715,500, a new unadjusted record high and over five per cent higher than levels reported last year at this time

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FEBRUARY 2025 HOUSING MARKET UPDATE

Mon, 03 Mar 2025 23:31:00 GMT

March 3, 2025

Sales remain above long-term trends despite declines

Inventory levels saw substantial year-over-year growth for the second month in a row, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000.

The increase was driven by substantial growth in the more affordable apartment and row/townhouse sectors. The overall months of supply was 2.4 in February, similar to last month but more than double this time last year. Apartment-style units remained the most well-supplied at 3.1 months.

There were 1,721 sales in February, which was above historical averages for the month but 19 per cent lower than levels seen last year and significantly lower than the record levels seen in the post-pandemic period. New Listings in February reached 2,830, roughly in line with historical averages for the month. The sales-to-new listings ratio for the month was 61 per cent, higher than historical averages but below levels seen in each of the last three years.

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”

The total residential unadjusted benchmark price in February was $587,600, relatively stable compared to late-2024 and roughly one per cent higher year-over-year. Price changes varied across the city, with the City Centre and North districts seeing declines, while the East district saw the largest price growth at over three per cent.

Detached

Sales in February slowed to 765 units, nearly 20 per cent lower than last year. New Listings increased by nearly six per cent year-over-year to 1,265 units. The decline in sales, coupled with the gain in new listings, drove inventory levels higher, reaching 1,698 and a 61 per cent increase in levels compared to 2024.

Months of supply improved across all districts compared to the levels seen last year, although the recovery is uneven across the city. The City Centre and North East districts continue to trend towards more balanced conditions, while the South and North West districts remain supply-constrained at approximately 1.6 months.

The unadjusted benchmark price rose to $760,500, roughly five per cent higher than last February. Prices rose across all districts, with the largest increase occurring in the City Centre district at nearly eight per cent growth.

Semi-Detached

There were 240 new listings in February, a gain of seven per cent from 2024. Sales fell by nearly 14 per cent compared to 2024, slowing to 165 units. This gap between sales and new listings drove inventories up by 46 per cent, though they remain below long-term averages for the sector in February. There was a large variation in months of supply across the city, with a low of just one month in the North West district compared to a high of eight months in the East district.

The unadjusted benchmark price pushed above levels seen in the late summer and early fall, rising by nearly seven per cent year-over-year to $683,500. This increase was supported by price grains across all districts, with the largest growth occurring in the City Centre and South districts of approximately eight per cent.

Row

As with other property types, year-over-year sales fell by over nine per cent while new listings increased by almost four per cent. Despite the sales decline, both sales and new listings remain above long-term averages for the month. This drop in sales pushed inventories to 655 units, more than double the levels seen last year, though still lower than the historical average levels for February. Months of supply improved across the city; the South and East districts have the tightest conditions at under 1.5 months, while the North East district has almost three months.

Unadjusted benchmark prices remain below levels seen in the fall but are up almost three per cent year-over-year at $446,880. Prices increased across all districts, with marginal increases in the South East and North districts, while the East district experienced a significant 12 per cent increase compared to 2024.

Apartment Condominium

Sales reached 473 units in February, 26 per cent lower than last year but still well above long-term averages for the apartment sector in February. New listings were relatively flat year-over-year, but at 852 units, it was the highest amount on record for the month. Driven by the record new listings, inventory increased by 90 per cent year-over-year and also pushed to near-record levels. Months of supply reached 3.1 months in February, a substantial 155 per cent increase over 2024 but still well below record levels seen in the period between the 2014 oil crash and the pandemic.

The unadjusted benchmark price for February was $334,200, comparable to levels seen in the fall and almost four per cent above the prices seen this time last year. The largest price growth occurred in the West district at over eight per cent.

REGIONAL MARKET FACTS
Airdrie

The overall Airdrie market fell roughly in line with its long-term averages in February, with sales declining while new listings and inventories rose to levels typical of the month. Sales declined by nearly nine per cent, reaching 123 units, while new listings increased by nearly 23 per cent to 225 units. This drop in sales, combined with an increase in new listings, pushed inventories to over double the amount seen last year, rising to 345 homes. As a result, months of supply pushed up to nearly three months, also in line with long-term averages and the highest seen in the market since before the pandemic.

The unadjusted benchmark price for February was essentially flat compared to last month and remained below levels seen in the fall at $537,600, but were 1.6 per cent higher than seen last February.

Cochrane

Sales in February reached 75 units, while new listings reached 126 units, both increases over this time last year and above long-term averages for the market. Inventory increased by over 48 per cent year-over-year to 196 units, the highest level seen in any month since the spring of 2021 but still below long-term averages for February in the Cochrane market. This increase in inventory allowed the months of supply to recover to 2.6 months, the highest since the pandemic but still well below historical levels for the month. The relatively tight conditions supported prices recovering near the record-high levels seen in the summer, as the unadjusted benchmark price increased by over five per cent year-over-year to $577,100.

Okotoks

February saw sales decline by four per cent year-over-year to 45 units, though they remained in line with long-term averages for the month. New listings increased by seven per cent compared to 2024, and, at 60 units, remained well below levels typically seen in February. Inventory recovered to 69 units, 19 per cent above 2024, but as with new listings, they remained significantly lower than historical levels for the month. These tighter inventory levels also kept the months of supply well below what would typically be seen in February at just 1.5 months. Despite the tight conditions, the unadjusted benchmark price for the month was relatively flat compared to January and under one per cent higher than in 2024.

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JANUARY 2025 HOUSING MARKET UPDATE

Mon, 03 Feb 2025 16:56:00 GMT

Supply levels improve in January

Calgary, Alberta, February 3, 2025 – Following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January. Inventories rose across all property types, with some of the largest gains driven by apartment-style condominiums.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”

Citywide, the months of supply reached 2.5 months in January, an improvement over the one month of supply reported last year, but it is still considered low for a winter month. The month of supply ranged from under two months for semi-detached properties to 3.5 months for apartment-style units.

Rising supply resulted from a boost in new listings compared to sales. New listings rose to 2,896 units in January, compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year. However, even with a pullback in sales, levels remained nearly 30 per cent higher than levels typically recorded in January.

The total residential benchmark price in January was $583,000, which is relatively stable compared to levels reported at the end of last year and nearly three per cent higher than last January. Price growth ranged across districts within the city as well as property types.

Detached
Driven by gains from homes priced above $600,000, new listings reached 1,228 units in January, which is 29 per cent higher than last year. At the same time, sales activity slowed to 674 units, which brought levels in line with long-term trends. The improvement in new listings relative to sales did help support inventory gains. However, the 1,448 units in inventory are still nearly 27 per cent lower than levels we traditionally see in January, and the months of supply remained relatively low at just over two months.

While conditions are not as tight as last year, there is some variation within the city districts as more balanced conditions are taking shape in the City Centre and North East districts. In January, the unadjusted benchmark price was $750,800, slightly higher than last month and seven per cent higher than last January. On a seasonally adjusted basis, prices have remained relatively stable since the second half of last year.

Semi-Detached
Like other property types, gains in new listings relative to sales helped support some gains in inventory levels. While the semi-detached sector represents a relatively small share of activity in our market, sales in January did improve over last year, keeping the months of supply just below two months. Within the city, there is some significant variation, as the City Centre, North East, and West districts are all reporting near or above three months of supply, while all other districts have less than two months of supply.

The unadjusted benchmark price in January was $673,600, slightly lower than last month but over eight per cent higher than levels reported last January. The districts with higher months of supply also reported some modest monthly price declines, offsetting stable to modest gains in the North, North West, South, South East, and East districts.

Row
In 2024, there were 4,647 row home sales, a gain of over two per cent compared to last year and the second-highest total on record. The growth in sales was possible thanks to the 18 per cent gain in new listings, most of which occurred for homes priced above $400,000—the gains in new listings relative to sales supported inventory growth in 2024.

By the year's end, supply improvements helped take the pressure off home prices. However, the annual benchmark price rose by 14 per cent as conditions favoured the seller throughout the year. Prices rose across all districts in the city, with the gains ranging from a low of 12 per cent in the City Centre to over 20 per cent in the most affordable districts in the North East and East.

Apartment Condominium
January reported a boost in new listings compared to sales activity. This caused inventory levels to rise to 589 units, more than double the near-record low levels reported last January. The recent rise in new listings has helped bring inventories to levels that are more consistent with long-term trends. At the same time, the months of supply also improved, pushing above two months, a trend that started to play out over the second half of last year.

Improving supply relative to sales has taken some of the pressure off home prices, but not consistently across the city. Citywide, the unadjusted benchmark price was $444.900, slightly lower than last month and nearly five per cent higher than last year. While prices are higher than last year across all districts, the largest monthly adjustment occurred in the North East district.

REGIONAL MARKET FACTS

Airdrie
Sales in January remained in line with levels reported last month and last year, which were well above long-term trends. However, thanks to a boost in new listings, inventory levels improved, and the months of supply remained above two months for the fifth consecutive month. While 2.6 months of supply is below historical trends for Airdrie, it is a significant improvement over the under two months that has persisted since 2021. More supply in the resale and new home markets has taken some of the pressure off home prices. The unadjusted benchmark price in January was $537,300, down over last month but nearly four per cent higher than last year.

Cochrane
Like other areas, Cochrane is seeing improved levels of new listings and inventories in their market. There were 104 new listings in January compared to 71 sales, and inventories pushed up to 156 units. January inventory levels are better than levels reported over the past three years but still fall short of long-term trends for the month. Like Airdrie, it has been the fifth consecutive month with the months of supply above two months, easing the upward pressure on home prices. The unadjusted benchmark price in January was $565,900, down over last month but nearly five per cent higher than last January.

Okotoks
Unlike Cochrane and Airdrie, new listings in Okotoks remained relatively low compared to last year. While the pullback in sales did help support some improvements in inventory levels, the 68 units available in January are still half the levels that were available in January prior to the pandemic. Limited supply has driven much of the price gains in this market since 2021. As of January, the unadjusted benchmark price was $614,900, a slight gain over last month and nearly five per cent higher than last year.

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DECEMBER 2024 HOUSING MARKET UPDATE

Thu, 02 Jan 2025 20:18:23 GMT

2024 marks another strong year for sales and price growth

The year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”

As of December, there were 2,989 units available in inventory, still below long-term trends for the month but a significant improvement over the lower levels reported last December and levels reported early this year. Improved rental choice and significant gains in new home activity helped boost new listings in the resale market, driving higher inventories in the year's second half.

While conditions vary depending on price range and property type, more housing options have helped to take some of the pressure off home prices, which stabilized in the second half of the year following steep gains in the spring. Overall, on an annual basis, total residential benchmark prices improved by over seven per cent.

As we move into 2025, supply will continue to be a dominant theme. However, how they impact prices will ultimately depend on the type of supply being added and how demand holds up in the face of a changing economic climate. On January 21, CREB® will release its forecast report, highlighting the expectations and risks facing the market in the coming year.

Detached

Easing lending rates have likely supported some recent year-over-year gains in detached home sales over the past three months. Improving sales were driven by gains for homes over $600,000, which also reported improvements in new listings. Inventory levels did improve within city limits for detached homes; however, conditions varied across districts. The City Centre, North East and North District all reported relatively balanced conditions over the last quarter of the year, while all other districts continued to struggle with seller market conditions.

The relatively tight market conditions throughout the year caused prices to rise by nearly eleven per cent in 2024, a faster pace than what was reported in 2023. Much of that growth occurred during spring when supply levels were exceptionally low. Prices grew across all districts, with the strongest growth occurring in the most affordable districts of the North East and East.

Semi-Detached

Limited supply choice for lower-priced detached homes drove many purchasers toward the semi-detached sector. In 2024, there were 2,355 sales, with an annual gain of five per cent. Thanks to gains in new listings relative to sales, inventory levels started to improve, supporting a shift toward more balanced conditions by the fourth quarter. However, much of this shift occurred in the higher-priced City Centre district, where the months of supply averaged three months in the last quarter.

The annual average benchmark price increased by nearly 11 per cent to $669,042 in 2024. Like detached homes, exceptionally tight conditions throughout the spring caused the pace of price growth to rise over the seven per cent annual gain reported in 2023. Prices improved across all districts, ranging from an annual gain of under 10 per cent in the City Centre and West to gains exceeding 15 per cent in the North East and East districts.

Row

In 2024, there were 4,647 row home sales, a gain of over two per cent compared to last year and the second-highest total on record. The growth in sales was possible thanks to the 18 per cent gain in new listings, most of which occurred for homes priced above $400,000—the gains in new listings relative to sales supported inventory growth in 2024.

By the year's end, supply improvements helped take the pressure off home prices. However, the annual benchmark price rose by 14 per cent as conditions favoured the seller throughout the year. Prices rose across all districts in the city, with the gains ranging from a low of 12 per cent in the city centre to over 20 per cent in the most affordable districts in the North East and East.

Apartment Condominium

Easing sales in the second half of the year offset earlier gains, causing apartment sales to slow by four per cent compared to last year. However, last year was a record high for sales, and the 7,568 transactions this year reflect the second-highest year on record. At the same time, new listings have been on the rise, supporting inventory gains and a shift toward more balanced conditions by the end of the year.

As more supply became available, we did see some price adjustments in the last quarter of the year. However, the quarterly decline did not offset the strong gains that occurred earlier in the year, and the annual benchmark price rose by 15 per cent. Price growth ranged from a low of 11 per cent in the city centre to over twenty per cent in the North East, East and South districts.

REGIONAL MARKET FACTS
Airdrie

Despite some recent pullbacks, sales activity reached 1,951 units in 2024, a gain of over four per cent compared to last year. The gain, in part, was possible thanks to a boost in new listings that helped add some much-needed supply to the Airdrie market. Much of the inventory gain occurred in the later portion of the year, causing the months of supply to push above two months in September and improve throughout the last quarter of the year.

The shift toward more balanced conditions took some pressure off prices over the last quarter of the year. However, on an annual basis, the benchmark price rose by nearly eight per cent, a faster pace than the previous year. Prices rose across all property types, with faster growth occurring for the relatively more affordable higher-density homes.

Cochrane

Market conditions in Cochrane favoured the seller throughout most of the year as strong sales relative to new listings prevented any significant shift in inventory levels. However, by the last quarter of the year, we started to see more new listings relative to sales, causing the sales-to-new listings ratio to ease to levels more consistent with balanced conditions. This helped support some inventory gains; however, over the last quarter of the year, inventory levels were still well below long-term trends for the area.

The inventory gains relative to sales in the later part of the year did push the months of supply above two months. This helped take some of the pressure off home prices but not enough to offset earlier gains. Overall, the annual benchmark price rose by nearly nine per cent averaging $565,808 in 2024.

Okotoks

New listings rose by 16 per cent in 2024, supporting sales growth of nearly eight per cent. The gains in new listings also helped support some gains in inventory levels this year. However, throughout most of the year, inventory levels were half the levels traditionally seen in the market and have not been high enough to change the seller market conditions that have persisted in Okotoks since 2021.

The tight market conditions drove further price growth this year and at a faster pace than last year. Benchmark prices in Okotoks averaged $615,708 in 2024, nearly eight per cent higher than last year. Several years of price growth caused a rise in activity for semi-detached and row-style units, driving tighter conditions in those sectors and priced growth that exceeded 11 per cent on an annual basis.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

NOVEMBER 2024 HOUSING MARKET UPDATE

Mon, 02 Dec 2024 21:22:00 GMT

December 2, 2024

Supply on the rise, but not across all price ranges

As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.

The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.

“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”

The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.

Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.

Detached

Rising sales for homes above $600,000 offset the declines in the lower price ranges caused by limited supply choice. While inventory levels did improve, 85 per cent of the supply was priced above $600,000. Improving supply caused the months of supply to push above two months in November, with higher months of supply reported for homes priced above $700,000 and less than two months of supply for homes priced below that level. This variation within the market is likely to result in different price pressures.

The unadjusted detached benchmark price was $750,100, slightly lower than last month but over seven per cent higher than prices reported last year at this time. Year-over-year gains have ranged across the city, with slower growth reported in areas with the most competition from newer homes.

Semi-Detached

There were 173 sales in November, an improvement over last year and contributing to the year-to-date growth of nearly five per cent. This was possible thanks to gains in new listings and higher supply levels. With two months of supply, conditions are not as tight as earlier in the year but still favour the seller, especially for properties priced below $700,000.

As of November, the unadjusted benchmark price was $675,100, nearly eight per cent higher than last November. The pace of price growth has eased over the past several months, primarily due to seasonal factors. Benchmark prices ranged from $926,800 in the City Centre district to $409,300 in the East district of the city.
Row

Row home sales improved in November compared to last year, contributing to nearly three per cent of year-to-date gains. Sales have remained exceptionally strong over the past three years as purchasers seek more affordable options. At the same time, new listings have also improved relative to sales, supporting year-over-year gains in inventory levels. Despite inventory improvements, conditions remained relatively tight with nearly two months of supply.

Following steep gains earlier in the year, the pace of price growth has eased. As of November, the unadjusted benchmark price was $454,200, nearly seven per cent higher than last year. Year-to-date average benchmark prices have improved by nearly 15 per cent. Row prices in the City Centre were the highest at $620,000, while the North East and East districts were the only areas to report benchmark prices below $400,000.
Apartment Condominium

Sales in November slowed over last year's record high. However, the 429 sales were still 47 per cent higher than long-term trends. New listings for apartment-style units have been on the rise. With 1,482 units available in November, more supply is available now than during the spring, and it is the only sector to see levels rise above long-term trends for the month.

The additional supply caused the months of supply to push above three months and is taking some of the pressure off home prices. As of November, the unadjusted benchmark price was $337,800, down over last month, but still nine per cent higher than last year. Supply has improved for units priced above $200,000, but most gains have been in the $300,000 to $500,000 range.

REGIONAL MARKET FACTS

Airdrie

With 344 units available, Supply in Airdrie is returning to levels more consistent with activity reported prior to 2020. Supply levels have improved across all property types, with detached and row-style properties accounting for 84 per cent of the supply. While sales have remained strong relative to long-term trends, recent gains in new listings helped support improvements in supply levels.

Improved supply choice is taking some of the pressure off home prices. In November, the total residential benchmark price was $543,300, four per cent higher than last November. Apartment-style properties reported the largest year-over-year change at nearly 16 per cent.

Cochrane

New listings in the town reached a record high for November. The rise in new listings was met with a surge in sales, as November sales were amongst the highest levels reported in November. Much of the growth in sales was driven by detached activity. Strong sales activity prevented a significant shift in inventory levels, which remain 18 per cent below the month's long-term trends.

The pace of price growth has eased over the past few months, which is not uncommon for this time of year. As of November, the unadjusted benchmark price was $568,600, nearly four per cent higher than levels reported last year at this time. While prices grew across all property types, the largest price gains were reported for apartment-style homes.

Okotoks

Unlike other centres, Okotoks reported a pullback in new listings to 47 units this month. At the same time, there were 52 sales, preventing any significant change to the low inventory situation in the area. Okotoks has struggled with supply since the end of 2020, keeping the months of supply low below two months throughout most of that time.

In November, the unadjusted benchmark price was $624,000, six per cent higher than last year's levels. Prices have improved across all property types, with the largest gains occurring for row-style properties. Detached prices have also been on the rise and, in November, pushed up to $707,300.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

OCTOBER 2024 HOUSING MARKET UPDATE

Fri, 01 Nov 2024 21:03:00 GMT

Supply levels improving for higher-priced homes

November 1, 2024

Sales and Price Range Dynamics | Sales of homes priced above $600,000 rose, which balanced out the declines at the lower end of the market. Overall, October sales were similar to last year, showing a rise from September and a level 24% above long-term trends for the month.

Supply and Demand Balance | The demand for housing remained strong, particularly in the lower to mid-price ranges, where inventory remains limited. Supply levels improved compared to last year but were primarily driven by higher-priced homes, leading to more balanced conditions in the upper end of the market.

Inventory Trends | Inventory levels in the city increased, reaching 4,966 units in October, up from 3,205 last year. This inventory growth has shifted composition, with nearly half of the homes priced above $600,000, helping ease tight market conditions.

Pricing Trends and Seasonal Effects | The benchmark price for residential properties was $592,500 in October, up over 4% from last year, with a year-to-date average increase of over 8%. Unadjusted prices saw a slight seasonal dip compared to September, though seasonally adjusted prices remained stable.

Housing Market Facts

Detached | Home sales rose to 1,071 in October, a gain over last month and nearly 10 per cent higher than last year. While new listings were higher than last year, they slowed over last month, causing the sales to new listings ratio to rise to 69 per cent and preventing any further monthly gain in inventory levels. With 2,199 units available, the months of supply remained near two months, a gain over the under two months reported last year at this time, but slightly lower than last month.

The unadjusted detached benchmark price was $753,900 in October, slightly lower than last month but still eight per cent higher than levels reported last October. Additional supply choices in the higher price ranges have taken some of the pressure off home prices. However, the recent monthly pullbacks are more related to seasonal conditions, as seasonally adjusted prices have remained relatively stable over the past three months.

Semi-Detached | Sales in October rose over last month and were over six per cent higher than levels reported last year at this time, contributing to the year-to-date growth of over three per cent. New listings for semi-detached homes have also been on the rise, supporting some steady gains in inventory levels. The shift in supply compared to demand has helped push the market toward more balanced conditions, especially for higher-priced properties. However, with only two months of supply, the overall conditions still favour the seller.

The unadjusted benchmark price was $677,000 in October, similar to last month and over eight per cent higher than last year. Year-to-date prices have averaged an over 11 per cent gain.

View the FULL REPORT HERE

Top-Tier Real Estate: 2024 Fall State of Luxury Report*

Wed, 23 Oct 2024 21:06:00 GMT

Canada’s housing market continues to balance the effects of population growth and declining mortgage rates against a slowing economy, rising geopolitical tensions, and wavering consumer confidence, resulting in a luxury market that remains steady, but reflected limited growth in the third quarter of 2024. According to Sotheby’s International Realty Canada’s Top-Tier Real Estate: Fall 2024 State of Luxury Report, the luxury condominium market in two of Canada’s major urban centres, Toronto and Vancouver, have shifted into buyers’ territory with prices stabilizing as supply outstrips demand. While demand for luxury single family homes has remained resilient, overall market dynamics have evolved to better favour homebuyers in these two key markets, creating advantageous conditions for purchasing luxury homes in cities typically renowned for hyper-competition.

“In recent years, the demand for upward housing mobility across the conventional and luxury housing markets of Canada’s largest cities has risen to all-time highs. However, these aspirations have been out of reach for many Canadians due to skyrocketing housing prices and intense competition for available property inventory. This fall, homebuyers and investors are set to encounter some of the most favourable conditions in years for purchasing or upgrading their homes as top-tier property listings supply increases, interest rates decline, and housing prices stabilize or even decrease in certain communities. This trend is especially evident in the once fiercely competitive markets of Vancouver and Toronto, as well as across the luxury condominium sector,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “Although we expect the luxury market to remain largely stable in the coming months, over the longer term, there is no doubt that population growth will intensify competition for housing. Further, rising building costs and ongoing bureaucratic and policy barriers will only discourage construction. This means that there is an opportunity to take advantage of the favourable homebuying conditions we are seeing today.”

According to Don Kottick, it has taken the better part of a year for Canada’s luxury real estate to absorb the effects of multiple interest rate cuts by the Bank of Canada, as homebuyers in this segment are typically insulated from rate changes as they utilize cash reserves and strong financial positions. However, the cumulative effect of interest rate cuts has permeated market sentiment, instilling confidence and spurring transactions among those who wish to capitalize on elevated inventory levels and variable interest rates, or preparation for strategic real estate transactions in the months ahead. Should additional rate reductions take place before year-end, pre-transactional activity is likely to translate into a substantial boost in sales.

MARKET HIGHLIGHTS

Toronto
In the country’s largest luxury real estate market, the Greater Toronto Area (GTA), overall residential real estate sales over $4 million (condominiums, attached and single family homes) remained consistent year-over-year between July 1–August 31, with a nominal uptick of 3%. Although single family home sales over $4 million saw a modest 4% annual improvement, $4 million-plus condominium sales fell 25% from last summer’s levels. GTA residential sales over $1 million were down 11% year-over-year over the summer months. Preliminary fall activity indicates similar trends ahead, as $4 million-plus residential sales in the GTA saw an annual increase of 9% between September 1–30. During this period, single family home sales over $4 million were up 9% year-over-year, while one condominium sold over $4 million, on par with September 2023. GTA residential sales over $1 million remained in balance with a 2% year-over-year uptick this September.

Vancouver
Sales activity softened across Vancouver’s luxury real estate market in the third quarter, as high housing prices and uncertainty surrounding the upcoming provincial election dampened consumer confidence. From July 1–August 31, luxury residential sales over $4 million fell 13% short of summer 2023 levels, with $4 million-plus single family home sales down 16% year-over-year, while seven $4 million-plus condominiums sold compared to six sold last summer. Overall, residential sales over $1 million were down 15% year-over-year during this time. Uneasy consumer sentiment was reflected in September activity, as residential sales over $4 million fell 52% from September 2023 levels. Single family home sales over $4 million were down 48% year-over-year, and there were no sales of condominiums over $4 million compared to two sales in the previous September. $1 million-plus residential sales saw an annual decline of 31% overall.

Montreal
In contrast, top-tier property sales in Montreal improved through the summer months across all residential housing types, condominiums, attached and single family homes, and sales collectively surged to close the third quarter of 2024 with strong gains across the $1 million-plus market. Although there were five sales over $4 million between July 1–August 31, down from nine properties sold over the previous summer, sales over $1 million were up 15% year-over-year. September sales data reflects a market poised for improved activity, as $1 million-plus residential sales soared 83% year-over-year, while two properties sold over $4 million, compared to three transactions in September 2023.

Calgary
Calgary’s luxury market performance continued to surpass major cities across Canada in the third quarter of 2024, as gains in population from immigration and in-migration boosted demand across all residential housing types. Between July 1–August 31, $1 million-plus sales climbed 31% year-over-year, with one property sold over $4 million, on par with seasonal levels recorded each year between 2021–2023. September luxury sales activity foreshadows an active and healthy market ahead. With $1 million-plus sales up by 15% year-over-year, and with two properties sold over $4 million between September 1–30 compared to a quiet $4 million-plus market in September 2023, Calgary is poised for healthy activity in the months ahead.

SEPTEMBER 2024 HOUSING MARKET UPDATE

Tue, 01 Oct 2024 21:02:00 GMT

New listing growth driven by higher-priced homes

October 1, 2024

Sales Decline in Lower Price Ranges | Despite rising sales in higher price ranges, overall sales in September dropped 17% compared to last year, although they remained 16% higher than typical September levels.

Higher Listings in Upper Price Ranges | There was an increase in new listings, mainly in higher-priced homes. Limited availability in lower-priced homes constrained stronger market sales despite strong demand across price ranges.

Inventory Growth and Market Balance | New listings in September reached a high since 2008, pushing inventory levels to 5,064 units. This helped shift the market towards more balanced conditions, though it still favored sellers.

Price Growth Moderating | Although home prices have cooled in recent months, the benchmark price in September was $596,900, up over 5% from last year. Price gains varied by property type, with apartments showing the largest year-over-year increase of nearly 14%.

Housing Market Facts

Detached | The nine per cent growth in sales over $700,000 was not enough to offset the steep pullbacks reported for homes priced below $600,000, causing September sales to total 942 units, a 17 per cent decline over last year. Improved sales for higher-priced homes were possible thanks to rising new listings, as that segment of the market is starting to demonstrate more balanced conditions for homes priced above $700,000.

As of September, the unadjusted detached benchmark price was $757,100, a slight decline over last month, but nearly nine per cent higher than levels reported last year. It is not unusual to see some monthly adjustments in the fall, especially following stronger gains in the spring. With tighter conditions being experienced for lower-priced products, price growth has also ranged within the detached sector. The North East and East districts continue to report the largest year-over-year price gains.

Semi-Detached | September reported 299 new listings and 182 sales, causing the sales-to-new listings ratio to trend up over last month to nearly 61 per cent. Despite the gain over the past several months, the improvements in new listings relative to sales have supported rising inventory levels. However, with less than 400 units available, inventory levels remain nearly 33 per cent below long-term trends for September.

Like the other property types, recent gains in new listings are causing the months of supply to improve over last year's levels. However, with just over two months of supply in September, conditions continue to favour the seller. Following strong gains in the spring, in September, the unadjusted benchmark price eased slightly over last month, but at a price of $678,400, levels are over nine per cent higher than last year at this time.

View the CREB® | New listing growth driven by higher-priced homes

AUGUST 2024 HOUSING MARKET UPDATE

Tue, 03 Sep 2024 17:05:01 GMT

Calgary housing market sees shifts

Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring. Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB®. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

Inventory levels in August reached 4,487 units, 37 per cent higher than last August but nearly 25 per cent lower than long-term trends for the month. Higher-priced properties mostly drove the supply gains, as the most affordable homes in each property type continued to report supply declines.

The supply gains were made possible by both an increase in new listings in August and a pullback in sales activity. There were 2,186 sales in August, representing a 20 per cent decline from last year's record high but still 17 per cent higher than long-term averages for the month. The sales declines were driven by homes priced below $600,000.

Following stronger-than-expected gains earlier in the year, the pace of price growth is starting to slow. In August, the total unadjusted residential benchmark price was $601,800, six per cent higher than last year and just slightly lower than last month. Year-to-date, the average benchmark price rose by nine per cent.

Detached

Detached home sales fell by 14 per cent compared to last year, as gains in homes priced above $600,000 were not enough to offset declines in the lower price ranges, which continue to struggle with low supply levels. In August, there were 2,011 detached homes available in inventory, with over 85 per cent priced above $600,000.

The improving higher-end supply compared to sales helped push the months of supply up to nearly two months. While market conditions are still tight, this is a significant improvement from the under-one-month supply experienced in the spring. Shifting conditions are relieving some pressure on home prices. In August, the unadjusted detached benchmark price was $762,600, slightly lower than last month but still over nine per cent higher than last year.

Semi-Detached

With 297 new listings and 172 sales, the sales-to-new-listings ratio in August dropped to 58 per cent, which is more consistent with pre-pandemic levels. This shift supported a rise in inventory levels, and the months of supply rose to nearly two months.

While conditions remain relatively tight, the boost in new listings has helped ease some of the pressure on prices. In August, the unadjusted benchmark price was $681,200, a decline from last month but nearly 10 per cent higher than last year.

Row

New listings row for homes priced above $400,000, contributing to year-to-date growth of nearly 16 per cent. At the same time, slower sales over the past three months have contributed to inventory gains. In August, there were 660 units available, a 75 per cent increase over the exceptionally low levels reported last year. While inventories are still low by historical standards, as with other property types, this shift is helping ease pressure on home prices.

The unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than last August. Monthly adjustments were not consistent across districts, with adjustments in the City Centre, North West, North, and West districts mostly driving monthly declines. Despite the monthly adjustments, year-over-year prices remain higher than last year across all districts and range from a low of 10 per cent in the City Centre to a high of 26 per cent in the East district.

Apartment Condominium

New listings in August reached 1,001 units, a record high for the month. The gains in new listings were met with a pullback in sales, causing the sales-to-new-listings ratio to drop to 60 per cent and inventories to rise to 1,476 units. Unlike other property types, overall condominium inventory levels were relatively consistent with longer-term trends for the month.

Rising inventory and easing sales caused the months of supply to increase to nearly two and a half months, not as high as levels seen before the pandemic but an improvement over the extremely tight conditions seen over the past 18 months. In August, the unadjusted benchmark price was $346,500, similar to last month and nearly 16 per cent higher than last year’s prices.

REGIONAL MARKET FACTS

Airdrie

New listings in Airdrie continued to rise this month compared to last year. However, with 242 new listings and 172 sales, the sales-to-new-listings ratio remained relatively high at 71 per cent. This prevented a stronger gain in inventory levels and kept the months of supply below two months. The tightest conditions in the market continue to be in the lower price ranges of each property type.

While conditions continue to favour the seller, they are not as tight as during the spring months, taking some pressure off home prices. In August, the unadjusted benchmark price was $553,300, similar to last month and nearly eight per cent higher than last year.

Cochrane

August reported 81 sales and 109 new listings, keeping the sales-to-new-listings ratio elevated at 74 per cent, enough to prevent any gain in inventory levels. With 144 units available, inventory levels are nearly 42 per cent below long-term trends for the month.

Persistently tight conditions continue to drive further price growth in the town. In August, the unadjusted benchmark price was $578,600, slightly higher than last month and over eight per cent higher than last year’s levels. Prices have risen across all property types, with the largest gains occurring for apartment-style properties.

Okotoks

A boost in detached sales supported the rise in August sales compared to last year. The 67 sales in August were met with 84 new listings, pushing the sales-to-new-listings ratio near 80 per cent. This prevented any significant shift in inventory levels, which remain nearly 47 per cent lower than long-term trends.

With just over one month of supply, conditions remain relatively tight. The unadjusted benchmark price in August was $622,700, similar to last month and over seven per cent higher than last August.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

JULY 2024 HOUSING MARKET UPDATE

Thu, 01 Aug 2024 17:07:00 GMT

Supply levels improve, taking some pressure off prices

With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory. Inventories rose to 4,158 units, still 33 per cent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years.

Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

July sales eased by 10 per cent over last year's record high but were still higher than long-term trends for the month. Like last month, the pullback in sales has been driven by homes priced below $600,000.

Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year.

Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year's levels.

Detached

Detached home sales in July fell by eight per cent, as the 15 per cent rise for homes priced above $600,000 was not enough to offset the 50 per cent decline occurring in the lower price ranges.

The decline in the lower price ranges reflects limited availability as inventories and new listings continue to fall for lower-priced homes. Year-to-date detached sales have eased by just over one per cent compared to last year.

With 1,098 sales and 1,721 new listings this month, inventories rose to 1,950 units. Inventories are still low based on historical levels, but the gain did help push the months of supply up to nearly two months and supports some stability in prices. The unadjusted benchmark price in July was $767,800, similar to last month but 11 per cent higher than last July.

Semi-Detached

Relative affordability continues to attract purchasers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year.

The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76 per cent sales-to-new listings ratio and months of supply of 1.5 months.

While the pace of monthly price growth has slowed, at an unadjusted benchmark price of $687,900, prices are nearly 12 per cent higher than last year. The highest price growth continues to occur in the city's most affordable North East and East districts.

Row

Gains in row new listings relative to a pullback in sales caused the sales-to-new listings ratio to fall to 73 per cent this month. This supported gains in inventory levels, and the months of supply rose to 1.3 months.

While conditions continue favouring the seller, the shift prevented further monthly price gains this month. Nonetheless, at a benchmark price of $464,200, levels are still nearly 15 per cent higher than last year. Year-over-year price gains have ranged from a low of 13 per cent in the City Centre and North districts to over 20 per cent in the North East and East districts.

Apartment Condominium

Sales in July slowed to 659 units, as a significant drop in sales occurred for properties priced below $300,000. Like the other property types, limited supply choices for the lower-priced units prevented stronger sales activity.

New listings in July were 1,043 units, high enough to cause the sales-to-new listings ratio to fall to 63 per cent. This supported inventory gains and months of supply of over two months. Improved supply relative to sales helped slow the pace of monthly price growth.

However, the unadjusted benchmark price of $346,300 is still 17 per cent higher than levels reported last year at this time.

REGIONAL MARKET FACTS

Airdrie

New listings in July rose to 287 units, the highest level ever reported for July. At the same time, sales slowed to 186 units, supporting some gains in inventory levels. While inventories have improved, the 298 units are still 26 per cent lower than typical levels seen in July.

Inventory gains have occurred across most price ranges in Airdrie but conditions continue to remain relatively tight, especially in the lower price ranges of each property type. Overall, the unadjusted benchmark price in July was $553,900, similar to last month but eight per cent higher than last year's levels.

Cochrane

July sales improved over last year’s levels, contributing to the year-to-date gain of nearly eight per cent. While new listings also improved compared to last year in July, it was not enough to cause any significant shift from the low inventory levels.

With a sales-to-new-listings ratio of 83 per cent and months of supply of 1.5 months, the market remained relatively tight, and prices continued to rise. In July, the unadjusted benchmark price reached $576,600, nearly one per cent higher than last month and nine per cent higher than last year’s levels.

Okotoks

A pullback in sales relative to new listings helped support gains in higher inventory levels in Okotoks. While inventory levels are 25 per cent higher than last year, the 85 units still reflect exceptionally low inventory levels and are half the levels typically seen in July.

With a sales-to-new listings ratio of 78 per cent and months of supply of 1.3 months, conditions continue to favour the seller. While there have been some monthly price fluctuations, the unadjusted benchmark price in July reached $622,200, over six per cent higher than last July.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Q2 2024 Calgary and region housing market report

Mon, 22 Jul 2024 20:46:40 GMT

CREB® releases Q2 2024 Calgary and region housing market report

The Calgary Real Estate Board (CREB®) has released its Q2 2024 housing market report, providing an overview of the real estate landscape in Calgary and surrounding areas. The report showcases trends in sales and pricing, offering valuable insights for industry professionals and prospective homebuyers and sellers.

The latest data reveals that new listings have risen for the fourth consecutive quarter compared to the previous year. Much of the gains have occurred in the upper price ranges of each property type, as rising prices and persistently high lending rates are encouraging more sellers to list their properties. The increase in new listings compared to sales caused the sales-to-new listings ratio to fall below 80 per cent for the first time since Q1 2023. While this shift has supported some inventory gains, it is important to note that the market continues to favour sellers with a Q2 sales-to-new-listings ratio of 75 per cent and a months-of-supply of one month.

In the second quarter, sales slowed by three per cent compared to the same period last year. The decline was driven by lower-priced properties, where supply levels are the lowest. Despite this slowdown, sales levels remained 29 per cent above long-term trends. After the first half of the year, sales were nearly six per cent higher than last year's levels.

“The unexpected surge in migration over the past two years has contributed to the demand growth and supply challenges experienced in the Calgary market,” said Ann-Marie Lurie, Chief Economist at CREB®. “While we still have to work through the pent-up demand, slowing migration levels and supply gains in the resale and new home markets should start to support more balanced conditions, taking some of the pressure off home prices.”

So far this year, home prices have risen by 10 per cent, with the most significant gain occurring in row properties at 19 per cent and the lowest growth of 13 per cent in detached and semi-detached homes. Moving forward, increased supply generated through the new home sector will help support a better-supplied rental and ownership market, reducing pressure on home prices. Slowing price growth is anticipated throughout the second half of the year as supply levels improve. However, conditions will vary based on property type and price range. Much of the supply growth is expected to impact higher-priced properties, slowing their growth. Meanwhile, persistently tight conditions for the most affordable properties will continue to drive further price increases.

For the full report, please download CREB®’s Q2 2024 Calgary & Region Quarterly Update Report here.

June 2024 HOUSING MARKET UPDATE

Mon, 01 Jul 2024 20:51:00 GMT

June sales decline amid supply challenges and rising prices

Sales in June reached 2,738, marking a 13 per cent decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17 per cent higher than long-term trends.

“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, Chief Economist at CREB®. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.”

This month, new listings also eased relative to sales, causing the sales-to-new-listings ratio to remain elevated at 72 per cent. Inventory levels did improve over last year’s low levels, primarily due to gains in the higher price ranges. However, with 3,789 units available, levels remain 40 per cent lower than long-term trends.

The modest change in inventory levels helped increase the months of supply. However, at 1.4 months, conditions continue to favor sellers. Persistently tight conditions drove further price gains this month. In June, the unadjusted benchmark price rose to $608,000, a gain over last month and nearly nine per cent higher than last year. Prices rose across all districts, with the most significant year-over-year gains occurring in the North East and East districts.

Detached

Gains in higher-priced detached home sales were not enough to offset the pullbacks for homes priced below $700,000, leading to a 16 per cent year-over-year sales drop. Despite the recent pullback, detached home sales for the first half of the year remain in line with levels reported last year. Meanwhile, following several months of gains, new listings eased this month. By the end of June, there were 1,775 detached homes in inventory, an improvement over last year but 45 per cent below long-term trends for the month.

While conditions remain tight in the detached market, we are starting to see better supply and demand balances in the upper end of the market. The months of supply have ranged from a low of one month in the most affordable East district to just over two months in the City Centre. Nonetheless, with less than one and a half months of supply, we continue to see upward pressure on home prices. In June, the unadjusted benchmark price reached $767,600, nearly one per cent higher than last month and 12 per cent higher than prices reported last June.

Semi-Detached

Following a significant gain last month, new listings pulled back in June relative to sales, causing the sales-to-new-listings ratio to rise to 76 per cent. While this did not prevent some gains in inventory levels, inventory levels remained nearly half of those traditionally seen in June.

With just over one month of supply, we continue to see upward pressure on home prices. In June, the unadjusted benchmark price reached $686,100, a one per cent gain over last month and over 12 per cent higher than levels reported last year. Prices rose across all districts in the city, with the steepest gains occurring in the most affordable areas of the North East and East districts.

Row

Like other property types, row home sales slowed in June relative to the high levels achieved over the past two years. A higher pullback in sales compared to new listings caused the sales-to-new-listings ratio to fall to 75 per cent, the lowest June level reported since 2021.

However, conditions remain exceptionally tight with one month of supply, especially for properties priced below $600,000. The unadjusted benchmark price trended up in June, reaching $464,600, nearly 17 per cent higher than levels reported last year at this time. While price adjustments have varied depending on location, we continue to see the highest price growth occurring in the most affordable districts.

Apartment Condominium

There were 791 sales in June, a nearly eight per cent decline over last year. The decline in sales was primarily due to the significant pullback for units priced below $300,000. Limited supply choice for lower priced products is preventing stronger sales activity. Despite the monthly pullback, year-to-date apartment sales are up by 13 per cent, and are at record-high levels.

New listings continue to rise relative to sales, causing the sales-to-new-listings ratio to fall and driving further inventory gains. However, much of the supply growth has occurred for higher-priced properties, resulting in tight conditions at the lower end of the market and more balanced conditions for higher-priced units. Overall prices continued to trend up this month, reaching $344,700, over 17 per cent higher than last year.

REGIONAL MARKET FACTS

Airdrie

June sales remained relatively stable compared to last year at levels that remain well above long-term averages. At the same time, we saw a boost in new listings this month compared to last year. However, with 269 new listings and 209 sales, the sales-to-new-listings ratio remained elevated at 78 per cent, keeping inventories relatively low based on historical standards.

Like Calgary, Airdrie is experiencing the tightest conditions for the most affordable sectors of the market, and prices continue to rise. In June, the unadjusted benchmark price rose to $554,500, nearly one per cent higher than last month and nine per cent higher than last year’s levels. Price growth has been the highest for apartment-style properties.

Cochrane

June sales improved over last year’s levels, contributing to the year-to-date gain of seven per cent. This was possible thanks to the boost in new listings in June. However, the gains in new listings did little to impact the inventory levels, which remained consistent with levels reported last year and are 44 per cent lower than levels we typically see in June.

With nearly one and a half months of supply, conditions continue to favour the seller, driving further price gains this month. In June, the unadjusted benchmark price was $571,100, an increase over last month and nearly nine per cent higher than last year’s levels. Like Airdrie, the price growth was strongest for apartment-style units, which are also the most affordable products available in the town.

Okotoks

Sales in June slowed compared to last year, mostly due to a pullback in the detached sector. Sales activity has been somewhat restricted due to the limited supply options. As of June, there were 81 units in inventory, 56 per cent lower than levels we typically see in the month, and detached supply is nearly 63 per cent lower.

Persistently tight market conditions have kept prices elevated compared to last year. While there has been some monthly fluctuation, year-to-date prices are nearly nine per cent higher than last year’s levels.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

May Housing Market Update

Mon, 03 Jun 2024 20:10:00 GMT

Calgary home sales remain robust despite supply shortages in lower price ranges

June 3, 2024

Resilient Sales with a Slight Dip | May saw 3,092 resale home sales, which is nearly 1% below last year's record but 34% higher than long-term trends for May. The slight dip in sales is mainly due to fewer lower-priced detached and semi-detached homes available.

Shift Towards Higher-Priced Homes | While new listings increased by almost 19% to 4,333 units, much of this growth was in higher price ranges. This led to a decline in sales of lower-priced homes due to limited supply options.

Modest Inventory Gains and Seller's Market | The increase in new listings relative to sales caused the sales-to-new listings ratio to drop to 71%, leading to a slight year-over-year inventory gain. However, overall inventory levels are still about half of what is typical for May, and the market continues to favor sellers with just one month of supply.

Price Growth Across the City | Seller market conditions have driven price growth across all city districts. The unadjusted total residential benchmark price in May reached $605,300, which is nearly 1% higher than last month and 10% higher than May of the previous year.

Housing Market Facts

Detached | The gain in detached sales for homes priced over $700,000 was not enough to offset pullbacks across the lower price ranges, as year-over-year sales declined by seven per cent. At the same time, new listings rose enough to cause the sales-to-new-listings ratio to drop to 68 per cent, supporting inventory growth. However, inventory levels for homes priced below $600,000 continued to fall, accounting for only 13 per cent of the detached market.

With just over one month of supply, the detached market continues to favour the seller, and prices continue to rise. As of May, the unadjusted benchmark price reached $761,800, over one per cent higher than last month and 13 per cent higher than prices reported last year. Prices improved across all districts, with the most significant year-over-year gains occurring in the most affordable districts.

Semi-Detached | The year-over-year decline in sales did not offset earlier gains, as year-to-date sales rose by nearly 11 per cent. Like the detached sector, we have also seen improved levels of new listings come onto the market, causing the sales-to-new listings ratio to drop to 72 per cent and driving some gains in inventory levels.

Nonetheless, the market continues to favour the seller with one month of supply. The persistently tight market conditions continue to drive up prices. The benchmark price reached $678,000 in May, over one per cent higher than last month and 13 per cent higher than last May.

Read The Full Report HERE

April Housing Market Update

Fri, 10 May 2024 20:59:00 GMT

Price growth persists in Calgary as seller's market prevails

May 1, 2024

Sales Growth and Market Trends | Despite a slight easing in the pace of growth compared to earlier in the year, sales in April increased by seven per cent compared to last year. This growth is significant as it remains 37 per cent higher than long-term trends for the month. The data also indicates that much of the growth in sales is focused on relatively more affordable, higher-density products.

New Listings and Inventory Dynamics | April saw an 11 per cent gain in new listings compared to last year, but this increase was only three per cent higher than long-term trends. The rise in new listings helped prevent further deterioration of the inventory situation, but inventory levels are still 16 per cent below last year and significantly lower than traditional levels for April. Notably, the decline in supply has been driven by lower-priced homes, while there's been supply growth in higher-priced properties.

Market Conditions and Seller Advantage | With a sales-to-new-listings ratio of 83 per cent and a months of supply of less than one month, market conditions strongly favour sellers. This indicates high demand relative to supply, which is driving further price gains in the market.

Price Trends and Affordability Impact | The unadjusted total residential benchmark price reached $603,700 in April, marking a one per cent gain over the previous month and nearly a 10 per cent increase compared to last year. Price gains were observed across all property types and districts, with the most robust growth occurring in the more affordable districts of the city. This suggests that persistently high-interest rates are influencing demand toward more affordable products in the market, while listing growth is focused on higher-priced properties.

Housing Market Facts

Detached | Detached home sales rose by one per cent in April compared to last year. Sales gains in the higher price ranges offset the steep decline for homes priced below $600,000, which is related to the lack of listings in the lower price ranges. While detached new listings did report a year-over-year gain of 10 per cent, detached homes priced below $600,000 saw new listings decline by 34 per cent.

Adjustments in sales and inventory levels caused the months of supply to fall further this month. The less than one-month supply reflects a market favouring the seller, driving further price growth. In April, the unadjusted benchmark price reached $749,000, over one per cent higher than last month and 13 per cent higher than April 2023 levels. Year-over-year gains were the highest in the city's most affordable districts.

Semi-Detached | Sales activity continued to rise in April, contributing to the nearly 18 per cent year-to-date growth in sales. The growth in sales was partly due to gains in new listings. However, the growth in new listings did little to change the low inventory situation, as the months of supply remained below one month for the second month in a row.

The persistently tight market conditions have caused further price gains. In April, the unadjusted benchmark price reached $668,400, nearly two per cent higher than last month and 13 per cent higher than levels reported last year. Year-over-year price gains ranged from a high of 23 per cent in the East district to a low of 10 per cent in the City Centre.

Read The Full Report HERE

2024 TOP TIER REAL ESTATE SPRING REPORT

Wed, 24 Apr 2024 19:13:00 GMT

Canada’s luxury real estate market eased into spring with modest sales gains across key metropolitan cities, as the dynamic between prospective home sellers and buyers improved, and pricing expectations continued to come into alignment. Despite strengthening consumer confidence and an increase in early-stage market engagement in the initial months of 2024, the expectation of additional property listings supply and potential interest rate declines prompted some buyers and sellers to defer transactions into the spring market. As a result, the country’s major metropolitan areas are expected to see a moderate improvement in sales activity across the luxury and conventional markets in the months ahead.

“Over the past two years, as conventional and luxury real estate market conditions softened under the influence of climbing interest rates and changes to taxes and regulations relating to home ownership, persistent tension defined the interactions between home sellers holding onto lofty pricing expectations from previous peaks, and buyers seeking properties priced for the current market. This stand-off slowed transactional momentum in several of Canada’s major metropolitan luxury real estate markets in 2023, particularly in Vancouver and Toronto, where hyper-inflation of luxury housing prices was the previous norm,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “Luxury market dynamics at the start of 2024 reflect a progressive shift in consumer psychology: sellers are now engaging in the market with more realistic pricing strategies, and in some cases, greater motivation to sell. This is setting the stage for productive negotiations with buyers and investors. We expect to see higher transactional volumes and improved market fluidity throughout the spring market.”

According to Kottick, Alberta’s luxury real estate market has continued to defy national trends and outperform other major metropolitan areas as its major cities, Calgary and Edmonton, continue to attract new residents motivated by favourable costs of living, comparatively affordable top-tier home prices and a dynamic business climate.

MARKET HIGHLIGHTS

Toronto
According to Sotheby’s International Realty Canada’s Top-Tier Real Estate: Spring 2024 State of Luxury Report, consumer dynamics in the Greater Toronto Area (GTA) evolved in the first quarter of 2024, setting the stage for measured sales gains and a balanced market this spring. As the price expectations of home sellers and prospective buyers came into better alignment, both pre-transactional and sales activity increased across the region’s luxury market. As a result, residential real estate sales over $4 million (condominiums, attached and single family homes) between January 1–March 31 climbed 18% year-over-year from the first quarter of 2023. In these preliminary months of the year, there were no property sales over $10 million recorded on Multiple Listings Service (MLS), in contrast to the single property sold in the same period of 2024. Overall GTA residential sales over $1 million rose 11% year-over-year.

Vancouver
Vancouver’s luxury residential real estate market experienced a notable increase in pre-transactional activity in the first quarter of 2024, as consumer and real estate industry confidence continued to strengthen within a market that remained in balance. However, a significant cohort of prospective purchasers continued to await a wider selection of property listings inventory in the spring market to follow. As a result, residential sales over $4 million were down 17% year-over-year in the first quarter of 2024, with none of these recorded over $10 million on MLS compared to four transactions in the first quarter of 2023. Overall, $1 million-plus residential sales were largely on par with previous year’s levels, with a marginal 1% year-over-year shortfall.

Montréal
Luxury sales activity in Montreal reflected a stronger-than-anticipated start to 2024, as residential sales over $1 million between January 1–March 31 increased 53% year-over-year within a market that maintained balanced conditions overall. Residential real estate sales over $4 million were on par with first-quarter 2023 levels at eight units sold.

Calgary
Record in-migration, a bold economy and soaring end-consumer and investor confidence in housing continued to strengthen Calgary’s luxury real estate market performance in the first quarter of 2024. Between January 1–March 31, residential sales over $1 million surged 63% year-over-year, positioning the city as one of Canada’s most dynamic and top-performing luxury markets. $4 million-plus sales were also up year-over-year in the first quarter to two properties sold, in contrast to the quiet market experienced in the first quarter of 2023.

*Disclaimer
The information contained in this report references market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time but does not indicate actual prices in widely divergent neighbourhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada or Sotheby’s International Realty Affiliates for any loss or damage resulting from any use of, reliance on, or reference to the contents of this document

March 2024 Housing Market Update

Mon, 01 Apr 2024 15:29:00 GMT

March reflects strong seller's market and price increases

City of Calgary, April 1, 2024 – March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the 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," said Ann-Marie Lurie, Chief Economist at CREB®. “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 re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.

Detached

Detached home sales rose in March but were likely limited by the level of new listings coming onto the market. New listings in March were 1,386 units, compared to the 1,151 sales, causing the sales-to-new listings ratio to rise to 83 per cent. Inventories also remained relatively stable compared to last month but were 24 per cent lower than last year’s levels and nearly 60 per cent lower than long-term trends for March. Inventory levels dropped across all price ranges, but the most significant fall was in the lower price point. Overall, 71 per cent of the available inventory in March was priced above $700,000.

Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted 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. The largest year-over-year gains occurred in the most affordable North East and East districts.

Semi-Detached

Supply availability continues to weigh on the semi-detached sector of the market. In March, 260 new listings were met with 250 sales, causing the sale-to-new listings ratio to rise to 96 per cent. This prevented inventories from improving, and the months of supply dropped below one month. Inventory declines have been driven mainly by properties priced below $600,000.

Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.

Row

Both sales and new listings rose in March. However, with 536 new listings and 449 sales, the sales-to-new listings ratio rose to 84 per cent, preventing any significant monthly change in inventory levels. With 355 units available, inventory levels were 12 per cent below last year’s and 53 per cent below long-term trends for March. The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000.

The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city's most affordable districts.

Apartment Condominium

Sales in March reached 814 units, contributing to the first quarter’s record-high sales of 1,940 units, nearly 31 per cent higher than last year. New listings also improved throughout the first three months of the year, but with a March sales-to-new-listings ratio of 82 per cent and a months-of-supply of one month, conditions favoured apartment condominium sellers.

Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

REGIONAL MARKET FACTS

Airdrie

March reported 203 sales and 218 new listings. While both new listings and sales improved, with a sales-to-new listings ratio of 93 per cent, inventory levels were 22 per cent below last year and 56 per cent below typical March levels.

With less than one month of supply, it is not surprising that we continue to see upward pressure on home prices. In March, the benchmark price reached $540,400, a monthly gain of two per cent and a year-over-year increase of over nine per cent. Prices improved across all property types, with stronger year-over-year gains for the relatively lower-priced row and apartment-style products.

Cochrane

Following a slower start to the year, sales in March rose to nearly the same level of new listings coming onto the market, pushing the sales-to-new listings ratio up to 99 per cent. This also contributed to further declines in inventory levels, and the months of supply dropped to just over one month.

As of March, the total residential benchmark price reached $555,300, a monthly gain of over one per cent and a year-over-year increase of nearly 12 per cent. Prices rose across all property types, and detached prices pushed above $650,000 for the first time.

Okotoks

Okotoks continues to struggle with supply as the 71 new listings that came on the market this month were met with 65 sales, preventing any improvement in inventory levels. There were only 54 units available in March, a year-over-year decline of 10 per cent and nearly 70 per cent below long-term trends for the month.

Limited supply and strong sales caused the months of supply to fall below one month, and March was the lowest March reported since 2006. Persistently tight conditions drove further price growth this month, as the total residential benchmark price rose to $610,700, a monthly gain of one per cent and a year-over-year increase of nine per cent. Prices have been rising for all property types, with the most significant year-over-year gains occurring for semi-detached and row properties.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package

February Housing Market Update

Fri, 01 Mar 2024 16:22:00 GMT

Low inventory and high demand drive price gains in February

March 1, 2024

Rising Sales and New Listings | Despite a rise in new listings in February, sales also increased significantly, by nearly 23% compared to the previous year, reaching a total of 2,135 units. This suggests a healthy level of activity in the housing market.

High Sales-to-New Listings Ratio | The sales-to-new listings ratio remained exceptionally high at 79%, indicating strong demand relative to supply. This high ratio has kept inventories near historic lows, contributing to a competitive market environment.

Low Inventory Levels and Tight Market Conditions | The months of supply fell to just over one month, signaling very tight market conditions. Low supply coupled with high demand has contributed to price gains in Calgary, particularly in homes priced under $500,000, where inventories fell by 31% compared to the previous year.

Price Gains and Varied Growth Rates Across Districts | The unadjusted detached benchmark price in February was $585,000, representing a gain of over two per cent compared to the previous month and over 10% higher than the previous year. Price growth rates varied across districts, with the most affordable East district experiencing the highest year-over-year growth at 25%, while the City Centre reported the slowest growth at under five per cent.

Housing Market Facts

DETACHED | In February, 1,195 new listings came onto the market, of which 75 per cent were priced over $600,000. While new listings did improve over last month in line with seasonal expectations, levels are still below typical levels for February. At the same time, sales in February rose to 954 units, a year-over-year gain of 20 per cent. The growth in sales was driven by where we saw listings growth, but with a sales-to-new listings ratio of nearly 80 per cent, inventory levels were near record lows for February.

Exceptionally tight market conditions drove further price growth. In February, the unadjusted detached benchmark price rose to $721,300, nearly three per cent higher than last month and over 13 per cent higher than last February. While prices rose across every district, the most significant year-over-year gains occurred in the North East and East districts.

SEMI-DETACHED | Last month’s rise in listings compared to sales was short-lived, as the 223 new listings this month were met with 191 sales, driving up the sales-to-new-listings ratio to 86 per cent. This prevented any significant change to the low inventory situation and caused the months of supply to fall to just over one month.

In February, the unadjusted benchmark price reached $639,100, a monthly gain of over two per cent and 13 per cent higher than last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre to over 26 per cent in the East district.

FULL REPORT

January 2024 Housing Market Update

Thu, 01 Feb 2024 17:26:00 GMT

January sees strong sales fueled by boost in new listings

February 1, 2024

Sales Growth | January sales saw a significant increase to 1,650 units, surpassing last year's levels and long-term trends.

New Listings Impact | The growth in sales was attributed to a rise in new listings, totaling 2,137 units. Notably, the largest gains occurred for homes priced above $700,000.

Low Inventory Situation | Despite the rise in new listings, the city's housing inventory remains low, with 2,150 units, nearly 49% below the long-term average for January, contributing to supply challenges.

Market Tightness and Price Growth | The market remains tight with a 1.3 months supply in January, leading to upward pressure on home prices.

Housing Market Facts

DETACHED | A boost in new listings helped support stronger sales this month. However, with a sales-to-new-listings ratio of 77 per cent, there was minimal change in the low inventory situation reported in the detached sector. New listings rose for all homes priced above $500,000, but the largest gains occurred in the over $700,000 market segment. Low inventory levels compared to sales prevented any improvement in the months of supply, which at 1.4 months was lower than levels reported last month and last January.

The exceptionally tight market conditions continued to drive further price growth. In January, the unadjusted detached price reached $702,200, nearly one per cent higher than last month and nearly 13 per cent higher than prices reported last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre and South East districts to a 27 per cent gain in the East district of the city.

SEMI-DETACHED | With 223 new listings and 131 sales, the sales-to-new listings ratio fell to 59 per cent, the lowest level reported since 2020 and significantly improved over the 82 per cent average reported in 2023. The sudden shift did cause inventories to improve over the last month, but they remain well below long-term trends.

The unadjusted benchmark price in January was $625,000, slightly lower than last month but over 11 per cent higher than last January. The monthly decline was driven mainly by adjustments in the higher-priced districts of the West and City Centre.

FULL REPORT

Top-Tier Real Estate 2023: Year in Review

Wed, 31 Jan 2024 17:28:00 GMT

Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered housing preferences and sharpened priorities, as well as negotiating power that steadily increased as the year progressed. Although overall sales activity was subdued by a volley of stressors that ranged from economic and geopolitical shocks to interest rate hikes, persistent inflation and regulatory changes, high-end buyers remained engaged and strategic. By the end of 2023, as segments of the country’s major metropolitan markets saw softening prices, and an increase in inventory and conditions that leaned in favour of buyers, the collective resilience and preparation of affluent home buyers and investors became apparent. Following years of unyielding constraints on luxury housing supply, affluent buyers and investors were primed to seize opportunities for upward housing mobility in a favourable market with replenished inventory and still-limited competition, foreshadowing strategic sales activity in early 2024.

“In the aftermath of an era marked by soaring housing prices across Canada’s largest cities, the conventional and luxury real estate market continues to shift towards a period of opportunity for home buyers and investors. While prices remained resilient in the country’s most prestigious neighbourhoods for the better part of 2023, those areas in which new property listings began to accumulate are now seeing softening prices, and a greater willingness from sellers to adjust to market realities. Meanwhile, prospective luxury property buyers and investors have been strategically preparing for the right opportunity,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “As properties are listed by motivated sellers in early 2024, buyers will have more options, considerable negotiating power and will face less competition than in years past. This is a window of opportunity for luxury buyers and ‘up-sizers’ to purchase a home to meet their lifestyle and investment needs before interest rates fall, competition stiffens and the market swings in the opposite direction.”

According to Kottick, market conditions have momentarily shifted the lifestyle and investment preferences of every generation of luxury homebuyer in favour of single family homes across Canada’s largest urban markets. Elevated condominium prices, rising maintenance fees and carrying costs, as well as unpredictable government regulation of the rental market have spurred buyers to assess the relative benefits of single family home ownership. Although softening competition and prices will offer motivated luxury condominium buyers with favourable opportunities in the near-term, Kottick maintains that the fundamentals of Canada’s luxury condominium market remain sound, and demand for developments bearing internationally-acclaimed luxury brands and meeting a global standard for luxury architecture and design will remain particularly resilient. Record-high population growth, demographic pressures, and the attractiveness of a “lock-and-leave” lifestyle will continue to support demand for condominium housing in the longer term.

MARKET HIGHLIGHTS

Greater Toronto Area

According to data released by Sotheby’s International Realty Canada, luxury sales activity in the Greater Toronto Area (Durham, Halton, Peel, Toronto and York) remained calm and confident throughout 2023 as high-end buyers strategically repositioned themselves to capitalize on emerging opportunities. Although residential real estate sales over $4 million (condominiums, attached and single family homes) experienced a 20% year-over-year decline overall, ultra-luxury sales over $10 million on Multiple Listing Service (MLS) were stable compared to 2022 levels with a nominal 5% shortfall. $4 million-plus sales of single family homes were down 22% year-over-year, while attached home and condominium sales over $4 million saw modest annual gains of 8% and 10% respectively. Overall, $1 million-plus residential sales were down 19% year-over-year in 2023.

Vancouver

Vancouver’s luxury real estate market experienced a dramatic transformation over the course of 2023, as single family homes emerged as a focal point for luxury buyers. Despite fluctuating consumer sentiment over the course of the year, residential sales transactions over $4 million closed the year 8% above 2022 levels, while sales over $10 million saw a significant 43% annual increase, buoyed by an uptick in ultra-luxury transactions in the third quarter of the year. Overall residential sales over $1 million fell 5% short of 2022 levels. Although the city’s luxury condominium and attached home sales over $4 million fell 36% and 33% year-over-year respectively, $4 million-plus single family home sales were up 14% year-over-year. Ultra-luxury single family home sales over $10 million on Multiple Listings Service (MLS) increased 36%. Overall in 2023, residential real estate sales over $1 million fell 5% short of 2022 levels.

Calgary

Calgary’s luxury real estate market continued to surpass the performance of Canada’s largest major metropolitan areas in 2023, as buoyant economic prospects, robust job gains and affordable property prices attracted record-setting net interprovincial migration and local housing demand. Positive consumer and investor sentiment set the tone for the city’s top-tier market, and residential sales over $1 million increased 13% year-over-year from 2022 levels. Sales over $4 million gained ground with nine properties sold, up from six properties sold in 2022. $1 million-plus single family and attached homes sales saw 12% and 14% annual sales gains, respectively, while condominium sales over $1 million climbed 26% year-over-year.

Montreal

Luxury sales activity in Montreal was uneven over the course of 2023, with an uptick in activity over the summer months before transitioning to a more balanced market towards the end of the year. $4 million-plus residential real estate sales experienced a 22% annual decline, while sales over $1 million fell 14%. Single family and attached home sales over $1 million were down 14% and 6% year-over-year respectively, while $1 million-plus condominium sales saw a more pronounced 21% annual decline.

CREB® 2024 Forecast Calgary and Region Yearly Outlook Report

Tue, 23 Jan 2024 18:29:00 GMT

The Calgary Real Estate Board (CREB®) is pleased to announce the release of its highly anticipated 2024 Forecast Calgary and Region Yearly Outlook Report. This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, offers a detailed analysis of Calgary's economic and housing market trends and surrounding areas for the upcoming year.

CREB® Unveils 2024 Forecast Calgary and Region Yearly Outlook Report

The report delves into the impact of rising lending rates on the housing sector, as buyers looked for more affordable housing options, and some potential sellers held back from listing to navigate the challenges posed by higher lending rates.

Chief Economist Ann-Marie Lurie underscores this dynamic, stating, "Despite higher rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration. The challenge was limited supply, especially for low-priced homes with the strongest demand. This resulted in significant price growth with the largest gains in our lowest-priced homes.”

As the report looks ahead to 2024, Lurie anticipates another strong year for sales, stating, "We expect potential buyers, who were on the sidelines due to limited supply choices, to re-enter the market as lending rates ease and listings improve. At the same time, interprovincial migration and a healthy labour market should continue to support stronger sales activity.”

Supply remains an issue this year, but gains in new home starts and new listings are expected to support some modest gains.

“Conditions are not expected to be as tight as in 2023," Lurie said, "but supply growth takes time, and sellers’ market conditions are expected to persist through the spring, driving further price growth in 2024.”

Supply growth is anticipated to be driven mainly by upper price ranges, decelerating the pace of price growth for higher-priced properties. Meanwhile, lower-priced properties are expected to face continued tight conditions, contributing to sustained price gains.

The Calgary Real Estate Board remains committed to providing valuable insights to industry professionals and the public, fostering informed decision-making in the ever-evolving real estate landscape.

Click here for the full CREB^® 2024 Forecast Calgary and Region Yearly Outlook Report.

DECEMBER 2023 HOUSING MARKET UPDATE

Mon, 01 Jan 2024 16:34:00 GMT

Strong migration and low supply drive Calgary housing prices in 2023

Sales in 2023 did ease relative to last year's peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. While sales stayed relatively strong, there was a notable shift in activity toward more affordable apartment condominiums style homes.

“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”

Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1,000,000.

The persistently tight conditions contributed to our city's new record high price. While the average annual benchmark price growth did slow from 12 per cent in 2022 to nearly six per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.

Detached

With an annual decline of nearly 20 per cent, the detached market saw the most significant decline in sales activity. While sales did improve for homes priced above $700,000, limited supply choices in the lower price ranges caused consumers to turn to alternative housing styles. Despite some recent gains in higher-priced new listings, inventories have remained near record lows, and the months of supply have remained relatively low throughout 2023.

The persistently tight market conditions have supported further price growth for detached homes, albeit at a slower pace than last year. On average, the benchmark price rose by nearly eight per cent in 2023, with the most significant gains occurring in the city's most affordable districts.

Semi-Detached

Like the detached sector, year-over-year sales growth since May was not enough to offset the pullbacks at the beginning of the year, leaving 2023 sales down by 10 per cent. The decline in sales was driven by pullbacks for homes priced under $500,000, while sales improved for higher-priced properties. The decline in the lower range was primarily due to limited supply choices, preventing stronger sales.

Persistently tight market conditions this year caused prices to trend up throughout most of the year. On an annual basis, the benchmark price rose by seven per cent over last year—a slower gain than the 12 per cent reported in 2022, but still relatively strong. Price growth ranged from a low of six per cent in the city centre to over 16 per cent in the east district.

Row

Limited supply choices in the lower price ranges contributed to the pullback in sales in 2023. Annual sales declined by over 11 per cent despite rising sales for homes priced above $400,000. While new listings did show signs of improving in the second half of the year, all of the gains were reported in the higher price ranges, causing relatively more balanced conditions in the upper price ranges versus the sellers’ market conditions in the lower price ranges.

Conditions favoured the seller throughout the year, supporting an annual benchmark price gain of over 13 per cent. Prices improved across each district, ranging from a low of 11 per cent in the city centre to over 20 per cent price growth in both the North East and East districts.

Apartment Condominium

Apartment-style properties were the only property type to report a gain in sales this year, resulting in a record high of 7,884. The growth in sales was possible thanks to the higher starting point for inventory levels and gains in new listings. However, conditions tightened throughout the year, favouring the seller and driving price growth.

Apartment condominium prices finally recovered from their 2014 high earlier this year and have pushed above those levels, reaching a new record high of $321,400 by December. On an annual basis, the 2023 benchmark price rose by over 13 per cent, a faster pace than the annual growth levels reported last year.

REGIONAL MARKET FACTS

Airdrie

Primarily due to pullbacks for detached homes, sales in Airdrie declined by 24 per cent over last year's record high. Low inventory levels and a pullback in new listings have somewhat limited sales. While new listings have risen over last year's levels for the past four months, they are still 24 per cent lower than last year. The decline in sales and new listings ensured inventories remained low this year, declining over last year’s and falling to the lowest annual average levels seen since 2006.

For the third year in a row, conditions in Airdrie have generally favoured the seller. This has driven further price gains this year, albeit at a slower pace. On an annual basis, the benchmark price rose by nearly five per cent. This year, the price growth for row and apartment-style properties has been more than double that reported in the detached and semi-detached sectors.

Cochrane

Both sales and new listings in Cochrane fell over last year’s levels. However, recent gains in new listings relative to sales did help support some inventory gains. While inventory levels have improved over the low levels reported last year, they remain over 40 per cent below what we traditionally see in the market.

The recent shifts in new listings relative to sales have helped the months of supply stay above two months since September. However, conditions are still relatively tight, and prices continue to rise. While the growth was stronger in the higher-density sectors of the market, the detached benchmark prices increased by four per cent in 2023 over last year.

Okotoks

Supply has been a challenge in Okotoks, impacting sales and prices. While we have seen some improvements lately regarding the level of new listings compared to sales, inventories have remained near record lows and averaged 63 per cent below long-term trends on an annual basis.

Conditions have remained relatively tight throughout most of the year, especially throughout the busier spring season. Despite some monthly variation, prices generally trended up this year and, on an annual basis, rose by over six per cent.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Things To Do This Month FOR FREE in Calgary

Tue, 12 Dec 2023 21:35:49 GMT

Times Are Tough, But Finding Low-Cost Fun Shouldn't Be

Here Are Things To Do This Month

FOR FREE

Legacy’s Community Light Display

Legacy's Lights is a FREE event starting again this December with breathtaking lights strung everywhere from houses in the community to the clock tower!

When: Friday December 1st, 2023 – January 14th, 2024

Where: Legacy Community, Calgary

Cost: FREE

Firepit Rentals

Spend some time outdoors at one of Calgary's fire pits. Getting a permit to book a fire pit is easy and free! Find one to book today and save us a s’more or two!

Where: Various Locations (see here)

Cost: FREE

Lions Festival of Lights

Come see the beautiful Festival of Lights along 14th Street in a dazzling display! Dress warm and enjoy – for FREE!

When: Until January 8th, 2024

Where: Confederation Golf Course – 14th Street NW

Time: 6 pm – 12 am

Cost: Free

Deck The Walls - Newzones Gallery

The return of the highly anticipated exhibition “Deck the Walls!” is now open! View an entire wall filled with small to medium sized artworks perfect for the holiday gift giving!

When: November 30, 2023 - January 5, 2024

Where: Newzones Gallery, 730 11 Ave SW,

Cost: FREE to attend (art purchases are additional)

Olympic Plaza Skating

Grabs some friends and family and head to Olympic Plaza to enjoy a lap around the ice rink!

When: Open daily 10am-9pm

Where: 228 8 Ave. SE, Calgary

Cost: FREE

In Search of Christmas Spirit

Heading to Banff this holiday season? Celebrate a heartwarming story told through colour, illumination, and music. FREE Tickets are required to attend, so book now!

When: Various dates from November 17th and December 31st, 2023

Where: Cascades of Time Garden – Cave Avenue, Banff

Time: 4:30 pm to 9:30 pm

Cost: FREE

A Christmas to Remember - Granary Road Shop the annual market with 70 vendors at Calgary’s Granary Road! Grab a hot chocolate, snap a selfie with an alpaca, take a wagon ride and explore arts and crafts in this FREE event for everyone!

When: Until December, 17th 2023

Where: 226066 112 St W, Foothills County, AB

Time: 10 am – 5 pm

Cost: FREE

NOVEMBER 2023 HOUSING MARKET UPDATE

Fri, 01 Dec 2023 22:26:00 GMT

Increased listings, strong sales, and price growth

New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.

“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “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.”

As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent.

Detached

Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East.

Semi-Detached

November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000.

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.

Row

New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.

Apartment Condominium

Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices.

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26 per cent over last year's record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year's levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96 per cent, preventing any significant shift from the low inventory levels.

With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.

Cochrane

With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59 per cent in November, the first time it fell below 60 per cent since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30 per cent below long-term trends.

Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over seven per cent.

Okotoks

November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months.

While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a one per cent gain over last month and over eight per cent higher than last November.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

CREB Quarterly Stats - Q3 2023

Fri, 17 Nov 2023 17:29:23 GMT

CREB® unveils Q3 housing market report with special 2024 forecast preview

City of Calgary, Nov. 17, 2023 — The Calgary Real Estate Board (CREB®) has released its Q3 2023 housing market report, providing a comprehensive overview of the real estate landscape in the City of Calgary and surrounding areas. The report showcases trends in sales and pricing, offering valuable insights for industry professionals and prospective homebuyers and sellers.

“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”

Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.

Supply challenges impacted both sales and prices in the Calgary market last year. As we move into 2024, a rise in new listings and an improved number of starts are projected to offer more supply choices; this, along with population gains and a stable employment market, is expected to support stronger sales this year. And as we shift toward more balanced conditions, the pace of price growth is expected to slow from the high levels reported in 2023.

While both sales and prices are expected to rise in 2024, there is considerable risk to the outlook. Shifts in global growth could impact commodity prices and, ultimately, our economic growth, employment, and migration. Migration and employment shifts will influence the path to housing market balance and the rate of price growth experienced in our city.

For the full report, please download CREB^®’s Q3 2023 Calgary & Region Quarterly Update Report here.

OCTOBER 2023 HOUSING MARKET UPDATE

Wed, 01 Nov 2023 16:43:00 GMT

November 1, 2023

Price gains continue in Calgary's real estate market as inventory remains low

October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.

New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said CREB® Chief Economist Ann-Marie Lurie. It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

With a months of supply of one and a half months, we continue to experience upward pressure on home prices. The unadjusted benchmark price in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October.

Detached

Both sales and new listings improved over levels reported last October. However, with 1,302 new listings this month and 976 sales, inventory levels slowed over the last month. Inventory levels remain the lowest ever reported for October. Inventory levels have declined for all homes priced below $700,000, leaving conditions exceptionally tight for lower-priced homes. The only area where conditions are not as tight as last year is for homes priced above $1,00,000, where the months-of-supply has risen to 4.3 months.

Persistently tight conditions continue to cause further price gains in the detached market. As of October, the unadjusted benchmark price reached $697,600, a slight increase over last month and 12 per cent higher than last October. Prices trended up over the last month across every district except the South East. Year-to-date benchmark prices have increased the most in the North East and East districts.

Semi-Detached

New listings in October improved over the low levels reported last year. However, with 235 new listings and 179 sales, the sales to new listings ratio remained relatively high at 76 per cent, preventing any significant change in the inventory levels. Inventory levels are nearly half the levels traditionally seen in October and have not been this low since October 2005.

Persistently tight conditions have continued to support price growth. In October, the unadjusted benchmark price increased over the last month, reaching $628,700, a year-over-year gain of 13 per cent. Prices trended up over September across most districts, with the most significant monthly gain occurring in the City Centre district. Like the detached sector year-to-date, the highest price growth has happened in the most affordable districts of the North East and East.

Row

The 420 new listings this month were met with 375 sales, keeping the sales-to-new listings ratio high at 89 per cent and preventing a significant shift in inventory levels. Row inventory levels have not been this low since October 2005. At the same time, October sales reached a record high for the month, keeping the months of supply low at one month.

Persistently tight market conditions have supported further gains in prices this month. In October, the unadjusted benchmark price reached $425,200, a monthly gain of over one per cent and nearly 19 per cent higher than last October. Prices have risen across most districts, but this month, the largest monthly gain occurred in the City Centre, which has also seen the lowest year-to-date price growth compared to the other districts.

Apartment Condominium

Record high sales in October were possible thanks to the steep gain in new listings. However, with 727 new listings and 641 sales, the sales to new listings ratio remained high at 88 per cent, and inventories continued to trend down. The decline in inventory levels has been driven mostly by condos priced below $300,000, which now represent only 38 per cent of all inventory, a significant decline compared to the 53 per cent reported last year.

Persistent seller market conditions have driven much of the recent gains in prices. The unadjusted October benchmark price reached $316,600 in October, a monthly gain of over one per cent and a year-over-year increase of 16 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Sales in the city eased in October, contributing to the year-to-date decline of 29 per cent. Much of the decline has been driven by detached home sales. Limited supply choice in the lower price ranges has contributed to some steep drop in home sales priced below $500,000. While Inventory levels have improved over last year's low levels, the growth was driven by homes priced above $500,000.

While adjustments in both sales and inventory levels did cause the months of supply to trend up over the last month, with less than two months of supply, conditions remain tight, supporting further price gains. In October, the benchmark price rose over the last month, reaching $521,400, a year-over-year gain of nearly 10 per cent.

Cochrane

New listings improved over last month's and last year’s levels, likely supporting some of the monthly gains in sales. Nonetheless, year-to-date sales have eased by nearly 22 per cent as sales have eased across all property types. While sales have slowed, levels remain far higher than long-term trends for the town. Despite the monthly improvement in new listings, inventory levels were lower than last year and remain well below long-term trends.

Persistently tight market conditions supported further price growth this month. In October, the unadjusted benchmark price reached $539,900, a monthly gain of over one per cent and a year-over-year increase of seven per cent. Price growth has occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector.

Okotoks

The 48 new listings in October were met with 41 sales, keeping the sales-to-new listings ratio high at 85 per cent and preventing any adjustments to the exceptionally low inventory levels. Low inventory levels have likely prevented stronger sales activity, as year-to-date sales have declined by 26 per cent, primarily due to pullbacks in detached activity.

Despite some price adjustments over the last few months, the unadjusted benchmark price rose slightly over September and was over nine per cent higher than last October. Prices have increased across all property types, but the year-over-year gains have been highest for detached and semi-detached homes.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

10 Halloween Safety Tips For Your Home

Tue, 03 Oct 2023 16:57:00 GMT

Home safety for trick or treaters

As a responsible homeowner, making your property safe for young trick-or-treaters is essential.

Everyone wants an accident-free Halloween in the neighborhood, so these few tips will ensure the local kids have a scary and super-fun night.

Clear paths

Little trick-or-treaters are excited and ususally run from house to house. Tidy up the front yard, removing any garden tools or toys that might be left out to avoid tripping hazards.

Light it up

Turn on your exterior lights, especially if you have illuminated the edges of your garden path.

Flame-free

If you plan to decorate your home, it's a cool idea not to use anything flammable.

Animal Friendly Decor

Avoid using the faux spider web decor. These cobwebs are hard to remove after Halloween and birds often try to use it in nesting material come spring. Although it's cozy, it's actually dangerous as it often tangles around the beaks and feet of both parents and babies in the nest.

Cable danger

If your Halloween installation needs electricity, please tape down extension cords and cables from where trick-or-treaters will walk.

Sweet treat

If you're in the “treat brigade”, consider giving kids candy in reflective bags. Or offer gifts that are reflective, as these will help drivers see them as they move down your street.

Allergies

Don't include nuts or chocolate with nut content in your stash of treats.

Check the candy

Sometimes treat wrappers aren't properly sealed when coming out of the box. It's a great idea to go through your candy stash to ensure everything is edible. Where wrappers are even slightly opened, discard the candy.

Be blunt

Many folks will use items like swords and wands to help dress the house so it's super-spooky. Please ensure these items are soft, and there's no possible way kids could come to any harm from them.

Brief neighbours

If you're planning a big Halloween party, it's a great idea to let the neighbors know.

SEPTEMBER 2023 HOUSING MARKET UPDATE

Tue, 03 Oct 2023 16:31:29 GMT

Calgary home sales at record highs in September, yet supply remains a challenge

Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year's levels.

New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.

Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.

“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”

In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

Detached

Inventory levels remained at record lows for the month as the sales-to-new listings ratio remained relatively high at 76 per cent. The decline in inventory levels has been driven by homes priced below $700,000, as supply levels show some improvement for homes priced above this level. While detached sales improved over levels reported last year, much of the gains were driven by the higher-priced properties with some supply options. Overall, homes priced below $700,000 continue to struggle with less than one month of supply.

Despite persistently tight market conditions, the unadjusted benchmark price remained relatively stable this month compared to last month, as a monthly price adjustment in the West end of the city offset monthly gains in all other districts. Overall, at a benchmark price of $696,100, prices are still over 11 per cent higher than levels reported last year at this time, with year-over-year gains ranging from a high of 20 per cent in the East district to a low of nine per cent in the City Centre.

Semi-Detached

September reported a boost in new listings compared to sales activity as the sales-to-new listings ratio dropped below 70 per cent, the first time it has done that since September of last year. The one-month shift supported a monthly increase in inventory levels, but with 295 units available, inventories have not been this low since September 2005.

Following ten consecutive monthly price gains, benchmark prices in September did ease slightly over the last month. However, at a benchmark price of $621,300, prices are still 11 per cent higher than last year’s levels. The monthly pause in price was primarily driven by adjustments in the West and North West districts, which saw the months of supply rise above levels reported last year and last month.

Row

The pullback in monthly sales outpaced the pullback in new listings, causing the sales-to-new listings ratio to fall to 84 per cent. While conditions are still exceptionally tight, it is an improvement over the 90 per cent average reported since April. The shift also prevented any further monthly declines in inventory levels. However, with less than one month of supply, the persistently tight conditions continue to place upward pressure on prices.

The benchmark price in September reached $419,400, a 1.5 per cent monthly gain and 17 per cent higher than levels reported last year. Price gains have occurred across all districts, with the most significant gains occurring in the most affordable districts in the city.

Apartment Condominium

New listings in September were at the highest levels reported for September, contributing to the record-high sales this month. Year-to-date apartment condominium sales reached 6,286 sales, a 25 per cent gain over last year and a record high for the city. Higher lending rates and tight rental market conditions have kept demand for apartment-style products strong. While inventory levels did see a modest gain compared to last month, thanks to a lower sales-to-new-listings ratio, conditions remain exceptionally tight with 1.5 months of supply.

The persistently tight market conditions have continued to drive further price gains. In September, the unadjusted benchmark price reached $312,800, a 1.2 per cent increase over last month and nearly 15 per cent higher than last year.

REGIONAL MARKET FACTS

Airdrie

With 204 new listings and 144 sales, the sales-to-new-listings ratio dropped to 70 per cent, the first time that has happened since 2020. Improved new listings compared to sales helped support a modest monthly gain in inventory levels. However, September inventory levels are still amongst the lowest levels reported since 2005, keeping the months of supply exceptionally low with just over one month.

The persistently tight market conditions have continued to drive further price gains in the city. In September, the unadjusted benchmark price reached $518,000, reflecting a year-over-year increase of over eight per cent. Price gains have occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector.

Cochrane

Both sales and new listings eased in September, leaving inventory levels relatively stable this month. While inventories are nearly 40 per cent lower than long-term trends for the month, they are not at the record lows seen. The pullback in sales compared to inventory levels also caused the months of supply to push up above two months, the first time we have seen that since February.

While conditions remain relatively tight, the shift likely prevented further upward pressure on monthly home prices. The unadjusted benchmark price in September was $532,700, slightly lower than last month due to pullbacks in the detached, semi-detached and row sectors. Despite the monthly pause, total residential prices are still over five per cent higher than September 2022 levels.

Okotoks

With 69 new listings and 52 sales, the sales-to-new listings ratio dropped to 75 per cent in September, the lowest ratio seen since August 2022. The gain in new listings relative to sales prevented any further monthly declines in inventory levels. However, with only 70 units available in September, inventory levels are still amongst the lowest reported monthly levels in over 20 years.

The modest adjustment in both inventory and sales did cause the months of supply to rise over last month’s levels. Still, conditions remain relatively tight, especially for semi-detached, row and apartment-style properties. As of September, the unadjusted benchmark price was $580,200, nearly nine per cent higher than last year.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Six Fall Tips To Prep Your Garden For Spring

Sun, 01 Oct 2023 16:57:00 GMT

Pruning for winter without cutting corners

As the shorter days signal the coming of winter, there is one essential task to complete in your garden: pruning back your shrubs and trees so they survive the coming cooler days.

Maintaining a garden makes a substantial difference to the value and desirability of your home when the time comes to sell.

Gardens can sway buyers, especially when reducing their short list of desirable properties.

These six tips will prime your garden for next spring and summer.

Trees and shrubs

Only prune after they've dropped their leaves. It will be an excellent opportunity to reshape the plant if it has become a little unruly. Avoid heavy pruning as this may encourage growth just when it should be falling into dormancy for winter.

Fruit Trees

All pip trees, including apples and pears, should be pruned right now. Try to cut into the trees to open up the centers to improve the amount of air and sunlight that can penetrate. Remove dead and diseased branches.

Lavender

A wonderful shrub that's everyone's favorite. But it's so easy to kill it when pruning. Only cut the new growth. Never cut it back to the wood. If you're too brutal with lavender, it will not survive.

Roses

A light prune is ideal at this time of year for hybrid tea roses. Again, look for dead or diseased canes. Remove canes that have grown in the wrong direction and will limit sunlight penetrating the plant.

Perennials

Wait until these have died back before getting out your secateurs. Resist the temptation to cut them back too hard, but it is an excellent opportunity to reshape the appearance of many of your flowerbeds.

Evergreens

A light pruning will be ideal for evergreens, and you should remove dead and damaged branches. If you want to cut hard, wait until spring so they have a chance to bounce back in the warmer weather.

Remember that the City Of Calgary encourages composting your yard waste:

Put all yard waste into your green cart for composting, including:

Leaves
Cones (all conifers - pine, spruce, etc.)
Plants and flowers
Branches, twigs, hedge prunings - must be less than 15 centimetres in diameter and 1.25 metres in length to fit in the green cart
Grass clippings, sod
Untreated mulch (including coloured/dyed)
Hay
Pine needles
Tree fruits like crab apples
Rhubarb leaves
Tree trimmings
Moss
Special instructions

Fill your green cart first. If your green cart is full:
- Place yard waste in paper yard waste bags. Make sure bags are rolled up and can be easily lifted.
- Set bags at least 0.5 m (2 ft) to the side of your green cart. Do not lean bags on the cart or on top of the cart lid.
- For larger quantities of yard waste, take to a City landfill for composting. Charges may apply - learn more at calgary.ca/yardwaste. Note: sod is not accepted for composting at City landfills.

How to compost yard and garden waste (calgary.ca)

Do good schools increase property values?

Fri, 01 Sep 2023 21:26:00 GMT

Do good schools increase property values?

In many real estate advertisements you see the claim “close to good schools”, but does the proximity to education centers really affect a property's value?

The adage “location, location, location” is well known and refers to how a property's value benefits or suffers from the surrounding neighborhood.

Families looking to buy often prioritize the proximity to schools and the ease of access to transport systems.

Naturally, sellers want to put a premium on such benefits.

Research from the National Bureau of Economic Research has recently linked property value to schools in a study: Using Market Valuation to Assess Public School Spending.

It claims that for every dollar spent on a local public school, the value of a home goes up $20.

If you assume that funding is the determining factor of a good school, then property prices benefit from having well-financed education facilities nearby.

A 2016 study by property site realtor.com claimed property values were on average higher in top-performing school districts than the median real estate price. It used Duke University as an example, noting homes achieved an average of 52c per square foot more than homes outside the area.

While there is no dispute about the impact of location on value, quantifying that benefit is not a perfect science. Each buyer will see different benefits to the location of a home.

These are some of the essential local amenities that today's buyers want nearby. When you decide to sell, ensure you maximize every location benefit you offer.

Essentials

Folks want to be near some of the most fundamental public services such as schools, universities, hospitals, transport systems and shopping centers.

Lifestyle

Sellers can place a premium on their property for amenities that make life fun, such as parks, cafes, restaurants, cinemas and theaters.

Safety

Low crime rates, well-maintained neighborhoods and a strong community are seen as highly desirable by buyers, especially families and senior buyers.

Nature

If you have great views, either of surf crashing onto the beach or rolling hills, you'll be able to demand a premium.

Jobs

Being close to centers of employment, or a CBD, is a significant tick-in-the-box for buyers who dread wasting hours every day on a long commute. Areas with strong employment growth play well, too.

History

Many folks love living in areas of cultural significance because these areas are so unique. Where you can, emphasize this benefit of “unique living”.

Future

Savvy sellers will also investigate the future plans for their neighborhood and emphasize these benefits. Additional infrastructure, such as a new hospital or train station, will bolster local prices.

AUGUST 2023 | August Housing Market Update

Fri, 01 Sep 2023 21:11:00 GMT

August sees record-high sales amidst historic low inventory, pushing prices higher

City of Calgary | September 1, 2023

Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15 per cent compared to last year.

While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent, preventing any significant shift from the low inventory situation. Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.

Higher lending rates have caused many buyers to either hold off on purchase decisions or shift toward more affordable products on the market,” said CREB® Chief Economist Ann-Marie Lurie. “The challenge has been the availability of supply, especially in the detached market. Inventory levels hit record lows in August, and while new listings are higher than last year, conditions continue to favour the seller, driving further price gains.

The unadjusted benchmark price reached $570,700 in August, representing the eighth consecutive monthly gain. Prices have trended up across all property types, with row-style properties reporting the largest increase.

HOUSING MARKET FACTS

Detached

Record low inventory levels this month were primarily driven by pullbacks for homes priced under $700,000. While new listings did improve compared to last year, most of the growth was driven by homes priced over $700,000. August sales did improve over last year’s levels. However, limited supply in the lower price ranges has likely prevented stronger detached home sales.

Persistently tight conditions drove further price gains this month. As of August, the unadjusted benchmark price reached $696,700. Nearly one per cent higher than last month and over 10 per cent higher than last year's levels. The highest year-over-year price gains occurred in the most affordable regions of the city's North East and East districts.

Semi-Detached

The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage.

With months of supply remaining exceptionally low throughout 2023, we continue to see upward pressure on home prices. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year. Price growth did range across each of the Calgary districts, but the strongest year-over-year gains were reported in the most affordable districts of the North East and East.

CLICK HERE FOR THE FULL REPORT

CREB Quarterly Stats - Q2 2023

Wed, 16 Aug 2023 21:15:00 GMT

CREB's Q2 2023 Housing Market Report

City of Calgary | August 16, 2023 –

The Calgary Real Estate Board (CREB®) has released its Q2 2023 Housing Market Report. The report highlights a dynamic real estate landscape in the City of Calgary, showcasing strong trends in sales, demand and pricing.

As expected, sales activity has slowed from last year’s record-breaking pace while staying stronger than long-term trends. What was not expected was the robust demand in the higher price segments of the market despite higher lending rates.

“An influx of migrants coming from Ontario and British Columbia are likely contributing to some of the strength for higher priced properties, as the relative affordability could make migrants less sensitive to the recent gains in lending rates, said CREB® Chief Economist Ann-Marie Lurie. At the same time, continued strength in our labour market is supporting demand across all property types.”

However, the robust demand is met with a shortage in supply. Housing inventory levels have remained notably low across various segments, encompassing the resale, new home, and rental markets. Despite relatively strong new home starts, these have not been sufficient to alleviate inventory constraints, primarily due to the influx of migrants. Resale supply has also encountered unexpected challenges, as higher lending rates and limited choices in supply have deterred existing homeowners from making changes.

The prevailing shortage in supply has contributed to the continuation of tight market conditions, which has led to stronger-than-expected price growth across all property types in the city. This steady appreciation in prices throughout the year has effectively offset declines observed in the latter half of 2022, ultimately resulting in new record-high prices.

“Home prices have exceeded our expectations as supply challenges have persisted throughout the spring market, added Lurie. “While the pace of monthly gains is expected to slow in the second half of the year, limited supply choice is expected to keep prices elevated throughout the second half of the year.”

Finding your dream home in today's market

Mon, 14 Aug 2023 21:28:00 GMT

Finding your dream home in today's market

Home-hunting can be a deeply frustrating experience if you approach the challenge without a plan.

As America confronts a shortage of homes for sale with sellers waiting out the recent spate of mortgage cost rises, you've got to be on your game as a buyer.

Finding the right property, negotiating successfully or being able to pick yourself back up when you miss out has never been more important.

These tried-and-tested methods have enabled buyers to find their dream homes in the toughest markets.

Be efficient

The first rule is to conserve your energy. Be selective about the properties you wish to view. You'll exhaust yourself if you try to walk through every house, apartment, duplex or condo that catches your eye.

Drive-by viewing

Before committing yourself to spending time inspecting an apartment or house, do a quick drive-by. Check out the exterior and get a first impression of the general maintenance of the property.

Quick spin

Then, take a spin around the neighborhood to see if this is the type of area for you. Avoid wasting time making an inspection to then decide you don't like the area. Do it the other way around.

Limit inspections

Admittedly, this is a tough goal to set, especially as we're seeing fewer properties on the market than usual, a situation that's bound to change in the next few months. However, try to limit yourself to eight to 10 properties. So, choose carefully.

Prioritize preferences

Selecting the homes to walk through will be easier if you have a clear idea of what you want. The attitude, “I'll know it when I see it”, is fine but it will take up your time. Only inspect a property if you like the price, location, condition and floorplan.

Tips for furnishing your first home

Tue, 01 Aug 2023 21:29:00 GMT

Tips for furnishing your first home

With all the excitement of purchasing your first property, you can be excused for feeling a little intimidated by the prospect of furnishing it to complete your dream of home ownership.

Naturally, you want everything to be perfect.

Whether an apartment or house, this is your sanctuary. It's where you'll find respite from the pressures of daily life and invite friends and families over for social occasions.

So, choosing the right furniture is not a small deal.

It's easy to be overwhelmed by the array of styles, such as Scandinavian, rustic, coastal or even minimalist. Or you just want to choose furniture you love, and ignore the principles of a particular style. These tips will help.

Find inspiration

Go online and devour the wide range of home-styling magazines to find your perfect approach. Creating a mood board to capture furniture and layouts you love works a treat.

Color question

Choosing furniture isn't just about size and comfort. Color is a significant factor. Decide on your color scheme before hitting the furniture shops. Consider the color of the walls and your flooring before deciding how to proceed.

Measure up

You should measure each of your rooms. One of the biggest mistakes to make is purchasing furniture that is too large for the intended room or living area. Mapping out your home will ensure you don't make this error.

Stay focused

Pick your preferred styles and then research the approaches you can take within each style. If you adopt a scatter-gun approach, you'll likely end up with a mess of options.

Energy flow

Your furniture will create a kind of “energy”. It's a great idea to use your mapping approach to decide the size of the furnishings and where they should be positioned. You want to ensure each room has a simple but efficient traffic flow.

Eastern promise

Feng shui is the Chinese art of creating positive energy in your home. Its principles make a lot of sense. You may find it worthwhile checking out Feng shui and how it might help you.

The bottom line

It's common to gravitate towards furniture that we “absolutely must have” but is probably beyond our spending limit. It's fun to dream, but you need to keep your feet on the ground. Make a budget for each room to help pay attention to the dollars.

July 2023- CREB Monthly Stats -

Tue, 01 Aug 2023 21:16:00 GMT

July Housing Market Update

Calgary home prices reach new heights: July sees seventh consecutive monthly gain

City of Calgary | August 1, 2023

Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.

In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a months of supply of 1.3 months, conditions continue to favour the seller.

“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”

In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over four per cent higher than the previous peak in May of 2022.

HOUSING MARKET FACTS

Detached

With 1,197 sales and 1,587 new listings in July, inventory levels trended up over last month. However, with 1,720 units available, inventory levels are at the lowest ever reported for July. Inventory levels have declined across all properties priced below $1,000,000. Shifts in sales and inventory have caused the months of supply to trend up over the one month reported over the past several months. However, conditions remain relatively tight, and prices continued to rise this month.

In July, the unadjusted benchmark price rose to $690,500, a monthly gain of nearly one per cent and over seven per cent higher than last July. Both year-overyear and monthly price growth was strongest in the city's most affordable North East and East districts.

Semi-Detached

With only 248 new listings in July and 211 sales, the salesto-new-listings ratio once again pushed above 85 per cent. The pullback in new listings relative to sales ensured that inventory levels remained low, and the months of supply remained just over one month.

With no shift in the sellers’ market conditions, the unadjusted benchmark price continued to trend up in July, reaching $616,800. Monthly gains were strongest in the North East and East district as both rose by over two per cent compared to June. The only district that experienced stability in monthly prices was the City Centre.

CLICK HERE FOR A FULL REPORT

Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report

Tue, 18 Jul 2023 21:22:00 GMT

Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report*

The performance of Canada’s major metropolitan luxury real estate markets diverged in the first half of 2023 as local market differences strengthened following the nation-wide housing boom from 2021 to the first quarter of 2022 and the period of near-universal market normalization over the past 12 months. Although the country’s major metropolitan markets continued to confront the common challenges of rising mortgage rates, economic uncertainty and macroeconomic headwinds, an era of common national performance trends has given way to regional diversity. The first half of the year revealed differentiation in luxury market performance that underscored the predominance of hyperlocal influences and, in particular, the impact of local housing supply and consumer sentiment on top-tier market activity.

Our latest market report, Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report*, covers the performance of luxury residential real estate sales in Canada’s largest real estate markets during the first half of 2023.

“The Canadian luxury housing market has remained remarkably resilient despite the headwinds of multiple interest rate hikes and unpredictable economic performance, and the second quarter of 2023 marked a turnaround point for consumer activity. Following a year-long period of reconsideration and recalibration, qualified and highly motivated real estate buyers and sellers emerged from the sidelines over the spring, driving a bounce back in luxury market activity,” Don Kottick, President and CEO, Sotheby’s International Realty Canada. “At the same time, Canadian luxury market performance has started to diverge, at times unpredictably, between major cities, neighbourhoods and housing types. Vancouver and Toronto’s urban luxury single family home markets experienced some of the most pronounced improvements in spring activity; however, inadequate supply continued to frustrate potential sales and to undermine the housing needs of locals. Over the past few years, Calgary has emerged as one of Canada’s most upbeat luxury real estate markets, and in the first half of 2023, its condominium market surpassed expectations with annual percentage sales gains that outstripped other major cities’ performance. In contrast, Montréal’s luxury market is rebalancing to accommodate negotiation and conditions that skew in favour of buyers, particularly in the city’s condominium segment.”

READ THE COMPLIMENTARY MARKET REPORT

Market Highlights

Population gains from in-migration and a buoyant economy strengthened luxury housing demand in Calgary. In the first half of the year, $1 million-plus residential sales fell just 10% short of levels seen in the first half of 2022, while condominium sales over $1 million increased 100%.
Montréal’s luxury market continued to moderate in the first half of 2023, as sales over $4 million pulled back 39% year-over-year, while $1 million-plus sales were down 28%.
The resurgence of active, qualified buyers outstripped scarce luxury housing inventory in Toronto, leading to brisk sales and seller’s market conditions within the city’s single family and attached home segments until the end of May before moderating to balanced conditions mid-year. As luxury real estate sales continued to shift to private and exclusive sales and marketing networks in the first half of 2023, $4 million-plus and $10 million-plus residential sales on Multiple Listings Service (MLS®) saw an annual decline of 32% and 29% in the City of Toronto, and a more significant 35% and 56% decrease across the Greater Toronto Area.
Vancouver’s luxury market experienced a striking uptick in activity in the second quarter of 2023 and was restored to balanced conditions by mid-year. The ultra-luxury single family home market experiencing the most pronounced improvements in both consumer sentiment and sales activity. Overall, residential sales over $10 million increased 38% year-over-year in the first half of 2023, while $4 million-plus sales fell 18%.

Identifying favorite house styles

Wed, 12 Jul 2023 21:30:00 GMT

When house hunting, the various designs that have been either created or adopted in America can become a blur, and you'd be forgiven for not appreciating the architectural value of each property you visit.

Being able to identify the styles of most American homes will also help you focus efficiently on the type of property you're seeking. Is your dream home a mid-century Bauhaus or something with touches on the “Spanish Revival” period?

There is significant intrinsic value in a beautifully designed home that accurately embraces an architectural style.

This list of some of the country's favorite residential architectural styles may be a helpful starting point in your property search.

Bauhaus

Based on a German architectural style from the 30s, it is also known as Mid-Century Modern. Its hallmark is the integration of the interior with the outdoors through the use of plate glass windows. Large sliding doors, open floor plans and high ceilings are also features.

Latino lux

With its heritage founded in Spain's colonization of the Americas, Spanish Colonial Revival is all about white stucco walls and terracotta embellishments. Arched patio, doorways and windows with exposed wooden beams are highlights.

Scando fever

Most of our mid-century homes are based on Scandinavian architecture. These homes embrace the outdoors. The foundation of their appearance is uncomplicated lines and forms. You'll enjoy wood and stone features inside and a commitment to allowing as much natural light as possible to flood in.

Hey, cowboy

Americans love ranch architecture. They have a low, single-storey profile with spacious living areas and bedrooms. Back in the day, settlers embraced this simple approach because adding rooms was a relatively simple task.

Nothing upstairs

Bungalows use their single-storey approach efficiently, and you're unlikely to find overly-large living areas. Rooms should be compact, neat and comfortable. From the outside, dorma windows and generous patios are identifying traits.

Medieval origins

Pointed arches, steeply pitched roofs and ornate stoneworks are essential for a Gothic-style home. Some will have turrets, spires and multiple entry points. It's an acquired taste, especially if they come with a ghost story!

Make a splash

No one does a beach home like America. The architecture is all about a relaxed lifestyle. The design is clean, the colors neutral, and the building will have a wonderful openness full of salt air. If it has beach views, so much the better.

June 2023 - Calgary Market Update -

Sat, 01 Jul 2023 21:18:00 GMT

City of Calgary | July 4, 2023–

The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels.

Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.

“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.”

With a supply of just over one month, the current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year's levels.

HOUSING MARKET FACTS

Detached

A monthly gain in new listings supported a monthly increase in inventory levels. However, with only 1,651 units available in June, levels hit a new record low for the month. Inventories declined across most price ranges, but the steepest declines occurred in homes priced below $600,000. Of all the inventory in June, only 24 per cent was priced below $600,000, a significant drop from last year, where that market segment represented 45 per cent of the supply.

Limited inventory, especially in the lower price ranges, ensured that the market continued to favour the seller, driving further gains in home prices. As of June, the benchmark price reached $685,100, an unadjusted monthly gain of nearly two per cent and a year-over-year increase of six per cent. Year-over-year gains were the highest in the most affordable North East and East districts.

Semi-Detached

New listings in June improved, helping support modest monthly gains in inventory levels. However, with 268 units in inventory and 240 sales, the months of supply remained exceptionally tight at just over one month. The persistently tight market conditions have contributed to further price gains for this property type. As of June, the benchmark price reached $613,100, over two per cent higher than last month and nearly six per cent higher than levels reported in the previous year at this time.

Persistently tight conditions across all districts supported price growth. Year-over-year price growth ranged from a low of 4.5 per cent in the city centre to a high of 17 per cent in the East district.

CLICK HERE FOR THE FULL REPORT

Steven Hill | Sotheby's : Calgary Real Estate Info | Find Market Stats, Real Estate Tips & More! : Latest Blog Posts

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