Sales remain above long-term trends despite declines

For the second month in a row, inventory levels saw substantial year-over-year growth, 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; this increase was driven by substantial growth in the more affordable apartment and row/townhouse sectors. The overall months of supply were 2.4, 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....

Supply levels improve in January

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...

2024 marks another strong year for sales and price growth

The year ended with 1,322 sales in December, a three percent 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.”...

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-overyear demand remains relatively strong. In November, increased sales in detached, semidetached, 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...

Supply levels improving for higher-priced homes

Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month.

“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in...

New listing growth driven by higher-priced homes

Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year’s record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined...

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...

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...

June sales decline amid supply challenges and rising prices

Sales in June reached 2,738, marking a 13 percent 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 percent 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 percent of the homes sold selling...

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

In a market that continues to show resilience, May saw a total of 3,092 resale home sales. While this figure is nearly one per cent below last year’s record high, it is 34 per cent higher than long-term trends for the month.
The pullback in sales was primarily driven by declines in lower-priced detached and semi-detached homes, where there was limited supply choice compared to last year.

“Although new listings have increased, much of this growth is in higher price ranges for each property type,” said Ann-Marie Lurie, Chief Economist at CREB®. “Our strong economic situation has supported sales growth in these higher price ranges. However, this month’s sales could not offset the declines in...