Seller’s Market Remains
The city of Calgary has seen a record high of 2,441 sales in September 2023. However, despite the recent gains, the year-to date sales are still 12% lower compared to the previous year. New listings have also seen a rise, causing a drop in the sales-to-new listings ratio to 76%. While the inventory levels have stabilized, they are still 24% lower than the previous year, resulting in a supply demand imbalance. CREB® Chief Economist Ann-Marie Lurie attributes this to a strong inter-provincial migration and higher lending rates. She points out that the market is still a seller’s market, despite the improvement in new listings. The overall residential benchmark price in September remained steady at $570,300, marking a 9% increase year-over-year.
Detached Inventory Remains Low
The shortage of standalone homes, notably those under $700,000, persists with the sales-to-new-listings ratio remaining high at 76%. More expensive properties are witnessing an increase in sales due to a slight improvement in supply. However, properties under $700,000 continue to struggle with less than a month’s supply. Despite this tight market, the benchmark price remains stable at $696,100, a significant 11% increase from last year. This increment varies across districts, with a high of 20% in the East and a lower 9% in the City Centre, attributed to price adjustments in the West end offsetting gains elsewhere. Check out new listings in Calgary West here.
Some Relief in Semi-detached Homes, but Inventory Remains Low
September saw an increase in new listings compared to sales for semi detached homes, leading to the sales-to-new-listings ratio dropping below 70% for the first time since last year. The increase in listings resulted in a slight rise in inventory, albeit still being the lowest since September 2005 with only 295 units available. Despite a halt in price growth after ten consecutive months, the benchmark price of $621,300 still marked an 11% year-over-year increase. Search for listings here.
Row Housing Remains Hot
Row housing has seen a dip in sales outpacing the drop in new listings, nudging the sales-to-new listings ratio to a steady 84%. Even though this is a chill from the scorching 90% average since April, it’s still a hot market. Despite the slight inventory reprieve, we’re wrestling with a market tighter than a drum, persistently propelling prices skyward. As of September, the benchmark price has hit $419,400, a 1.5% monthly jump and an impressive 17% leap year-on-year. This upward trend is visible city-wide, with the most remarkable spikes in our wallet- friendly options. Customize a search for the newest listings in Calgary here.
Record High Apartment Market
September’s Calgary apartment market hit record highs in both listings and sales, with a year-to-date total of 6,286 condos sold, up 25% from last year. Despite a slight rise in inventory due to a drop in the sales-to-new-listings ratio, supply remains low at just 1.5 months. This tight market, coupled with higher lending rates and a squeezed rental market, continues to drive prices up. The benchmark price in September reached $312,800, a monthly boost of 1.2% and a nearly 15% annual increase. Explore services to find solutions here.
Prices Continue Upward
The Calgary housing market is experiencing tight conditions, escalating prices. The apartment market shows a 25% sales increase from last year, despite a minor inventory increase. The benchmark price stands at $312,800, indicating a 1.2% monthly and nearly 15% annual increase. High lending rates and a strained rental market are driving demand for apartments. Homes under $700,000 are highly sought after, with luxury properties also seeing sales growth. The benchmark September price for standalone homes is $696,100. Overall, the Calgary housing market remains competitive and prices continue to surge. Find answers to your real estate needs here.
Adam Terlecki, Calgary REALTOR
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