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Market Updates

NOVEMBER 2024 HOUSING MARKET UPDATE
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NOVEMBER 2024 HOUSING MARKET UPDATE

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OCTOBER 2024 HOUSING MARKET UPDATE
Market Knowledge

OCTOBER 2024 HOUSING MARKET UPDATE

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

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

Canada’s housing market continues to balance the effects of population growth and declining mortgage rates against a slowing economy, ...

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SEPTEMBER 2024 HOUSING MARKET UPDATE
Market Knowledge

SEPTEMBER 2024 HOUSING MARKET UPDATE

New listing growth driven by higher-priced homes October 1, 2024 Sales Decline in Lower Price Ranges | Despite rising sales in higher ...

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Style & Design

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Supply levels ease with fewer new listings in August


City of Calgary, September 1, 2022 –
 
August sales activity was comparable to the strong levels recorded last year and well above long-term trends for the month.
 
While sales have remained relatively strong, there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.
 
“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said CREB® Chief Economist Ann-Marie Lurie. “This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”
 
At the same time, new listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply.
 
Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.
 
For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year.
 
HOUSING MARKET FACTS
 
Detached
Sales continued to trend down compared to levels seen earlier in the year and August of last year. While the recent declines have not offset the strong gains reported earlier in the year, conditions are changing in this segment of the market. At the same time, we have seen listings continue to ease in for lower-priced homes. This is causing persistently tight conditions for homes priced below $500,000. Meanwhile, supply gains in the higher price range of the market are supporting more balanced conditions.
 
Easing demand has had an impact on prices which have trended down relative to the high levels achieved in May. However, with a benchmark price of $633,000, levels are still over 13 per cent higher than last year.
 
Semi-Detached
There was a significant pullback in new listings relative to a slight easing of sales for semi-detached properties this month. This caused the sales-to-new-listings ratio to push above 80 per cent for the first time since April while total inventory dropped relative to levels seen over the past several months and last year. Like the detached sector, conditions do vary depending on price ranges with the lower-price ranges continuing to see relatively tight market conditions.
 
Despite the adjustment this month, prices still trended down compared to May levels. However, like other property types, price levels are over 10 per cent higher than last year with a benchmark price of $569,300.
 
 
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.