*data sourced from the CREB (Calgary Real Estate Board) monthly stats

June 2024 CREB Calgary Real Estate Full Report

June 2024 CREB Calgary REGION Real Estate Full Report

The month of May showed a resilient market with strong resale home sales, slightly below last year's record but well above long-term trends. Sales declined in lower-priced detached and semi-detached homes due to limited supply. According to Ann-Marie Lurie, Chief Economist at CREB®, new listing inventories have increased, mainly in higher price ranges, supported by a strong economy. However, these did not offset the decline in lower-priced sales. Inventory levels, though improved, remain low, favoring sellers. Price growth continued city-wide, with the benchmark price rising compared to both last month and last year.

*data sourced from the CREB (Calgary Real Estate Board) monthly stats

May 2024 CREB Calgary Real Estate Full Report

May 2024 CREB Calgary REGION Real Estate Full Report

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Sales are still higher than usual for April. The increase in sales came from more affordable, high-density products. Sales in detached homes were the same as last year.

Inventory remains low. Consequently, prices continued to rise.

Lower-priced homes saw a 29% decline in supply, while higher-priced properties experienced growth in listings. This shift is attributed to high-interest rates, which are prompting demand for affordable homes and increasing listings for higher-priced ones.

*data sourced from the CREB (Calgary Real Estate Board) monthly stats

February 2024 CREB Calgary Real Estate Full Report

February 2024 CREB Calgary REGION Real Estate Full Report

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In February, low inventory and high demand continued to push prices up in Calgary. Despite a rise in new listings, sales increased by almost 23%, keeping the sales-to-new-listings ratio at 79%, maintaining inventories at historic lows. The tight supply and increased sales led to the months of supply falling to just over one month, resembling levels seen last spring. Ann-Marie Lurie, Chief Economist at CREB®, noted that strong demand and low supply are driving price gains, particularly for homes under $500,000, which saw inventories drop by 31%. Higher-priced homes are seeing rising supply, leading to more balanced conditions in that segment. The East district saw the highest year-over-year price growth at 25%, while the City Centre reported the slowest growth at under five percent.

*Data sourced from CREB (Calgary Real Estate Board)

February 2024 CREB Calgary Real Estate Full Report

February 2024 CREB Calgary REGION Real Estate Full Report

*Data sourced from CREB (Calgary Real Estate Board)

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 6 per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.

December 2023 CREB Calgary Real Estate Full Report

December 2023 CREB Calgary REGION Real Estate Full Report

Calgary Real Estate Board: "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.” "

November 2023 CREB Calgary Real Estate Full Report

November 2023 CREB Calgary REGION Real Estate Full Report

With a low inventory, the seller's market continues. 

Calgary Real Estate Board: “October sales activity slowed over the last month in alignment with typical seasonal patterns. However, sales levels were 17 per cent higher than last year and amongst the highest levels reported for October."

October 2023 CREB Calgary Real Estate Full Report

October 2023 CREB Calgary REGION Real Estate Full Report

Another record-high month for Calgary, with low inventory.

Calgary Real Estate Board: “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. 

June 2023 CREB Calgary Real Estate Full Report

June 2023 CREB Calgary REGION Real Estate Full Report

May sales reach record high.

Calgary Real Estate Board: Thanks to a significant gain in apartment condominium sales, May sales rose to 3,120, a new record high for the month. While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year. At the same time, we continue to see fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices. “Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month,” said CREB® Chief Economist Ann-Marie Lurie. “The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.” Persistently tight market conditions drove further price growth this month. In May, the unadjusted benchmark price reached $557,000, over one per cent higher than last month and nearly three per cent higher than last year’s monthly peak price of $543,000.

May 2023 CREB Calgary Real Estate Full Report

May 2023 CREB Calgary REGION Real Estate Full Report

Prices reach record high.

Calgary Real Estate Board: This month, persistent sellers’ market conditions placed further upward pressure on home prices. 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 salesto-new-listings ratio of 86 per cent, inventories declined by 34 per cent compared to last year and are over 45 per cent below long-term averages for April. While sales have eased by 21 per cent compared to last year, the steep decline in supply has caused the months of supply to ease to just over one month. This reflects tighter market conditions than earlier in the year and compared to conditions reported last April.

April 2023 CREB Calgary Real Estate Full Report

April 2023 CREB Calgary REGION Real Estate Full Report

CREB Report: The level of new listings in January fell to the lowest levels seen since the late 90s. While new listings fell in nearly every price range, the pace of decline was higher for lower-priced properties. At the same time, sales activity did slow compared to the high levels reported last year but remained consistent with long-term trends. However, there has been a shift in the composition of sales as detached homes only comprised 47 per cent of all sales. “Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said CREB® Chief Economist Ann-Marie Lurie. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lowerpriced homes. This is causing differing conditions in the housing market based on price range.” With 2,451 units available in inventory, levels remain 43 per cent lower than long-term trends for the month. While overall inventory levels are slightly lower than last January, there is significant variation by price range. Homes priced under $500,000 reported yearover-year inventory declines of nearly 30 per cent while inventory levels improved for homes prices above that level. Although conditions are not as tight as last year, lower supply levels are preventing a significant shift toward balanced conditions and prices did trend up slightly over last month breaking the seven consecutive month slide. As of January, the benchmark price reached $520,900, 5 per cent higher than last January, but still well below the May 2022 high of $546,000.

January 2023 CREB Calgary Real Estate Full Report

January 2023 CREB Calgary REGION Real Estate Full Report

Calgary Real Estate Reports "December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade. “Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.” Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December. While prices have trended down annually, they remain over 12 percent higher than last year’s levels. The housing market in 2022 generally outperformed expectations both in terms of sales and price growth." 

December 2022 CREB Calgary Real Estate Full Report

December 2022 CREB Calgary REGION Real Estate Full Report