March reflects strong seller's market and price increases

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…

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Low inventory and high demand drive price gains in February

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…

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January sees strong sales fueled by boost in new listings

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…

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

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…

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

 

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…

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

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-over-year and monthly…

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Another record-high month for Calgary

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…

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May sales reach a record high

Detached

Rising sales for homes priced above $600,000 was not enough to offset declines in the lower price ranges as May sales reached 1,486, a year-over-year decline of eight per cent. New listings continue to fall for homes priced below $700,000, providing limited choice for consumers seeking out lower-priced detached homes. While new listings did improve for higher-priced properties, the relatively strong demand kept conditions tight across all price ranges, driving further price gains.
 
In May, the detached benchmark price reached $674,000, nearly two per cent higher than last month and over four per cent higher than last year’s peak price of $647,000. While each district reported a new record high price this…

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Prices reach new record high

May 1, 2023 - Persistent sellers’ market conditions placed further upward pressure on home prices in April. After four months of persistent gains, the total unadjusted benchmark price reached $550,800, nearly two per cent higher than last month and a new monthly record high for the city. 

“While sales activity is performing as expected, the steeper pullback in new listings has ensured that supply levels remain low,” said CREB® Chief Economist Ann-Marie Lurie. “The limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices.”

In April, sales reached 2,690 units compared to the 3,133 new listings. With a sales-to-new-listings ratio of 86…

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Prices rise as conditions favour the seller

March 3, 2023 - Sales and new listings have improved over the levels reported at the beginning of the year. As a result, the spread between sales and new listings supported some expected monthly inventory level gains. However, the 3,233 available units reflected the lowest March inventory levels since 2006 and left the months of supply just above one month, firmly in the seller’s territory. While conditions are not as tight as last March, low inventory levels leave purchasers with limited choice, once again driving up home prices.

Total unadjusted residential home prices reached $541,800 in March, a two per cent gain over last month and nearly one per cent higher than prices reported last year. While…

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