April 01, 2024 | CREB

March reflects strong seller's market and price increases

City of Calgary, April 1, 2024 – March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.

“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.” 

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.   

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 below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year-over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.

Semi-Detached

Supply availability continues to weigh on the semi-detached sector of the market. In March, 260 new listings were met with 250 sales, causing the sale-to-new listings ratio to rise to 96 per cent. This prevented inventories from improving, and the months of supply dropped below one month. Inventory declines have been driven mainly by properties priced below $600,000.

Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.

Both sales and new listings rose in March. However, with 536 new listings and 449 sales, the sales-to-new listings ratio rose to 84 per cent, preventing any significant monthly change in inventory levels. With 355 units available, inventory levels were 12 per cent below last year’s and 53 per cent below long-term trends for March. The decline in inventory levels was driven by properties pricedbelow $400,000, as inventory levels rose 35 per cent for units priced above $400,000. 

The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city's most affordable districts.

Sales in March reached 814 units, contributing to the first quarter’s record-high sales of 1,940 units, nearly 31 per cent higher than last year. New listings also improved throughout the first three months of the year, but with a March sales-to-new-listings ratio of 82 per cent and a months-of-supply of one month, conditions favoured apartment condominium sellers. 

Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

REGIONAL MARKET FACTS

Airdrie

March reported 203 sales and 218 new listings. While both new listings and sales improved, with a sales-to-new listings ratio of 93 per cent, inventory levels were 22 per cent below last year and 56 per cent below typical March levels. 

With less than one month of supply, it is not surprising that we continue to see upward pressure on home prices. In March, the benchmark price reached $540,400, a monthly gain of two per cent and a year-over-year increase of over nine per cent. Prices improved across all property types, with stronger year-over-year gains for the relatively lower-priced row and apartment-style products.

Following a slower start to the year, sales in March rose to nearly the same level of new listings coming onto the market, pushing the sales-to-new listings ratio up to 99 per cent. This also contributed to further declines in inventory levels, and the months of supply dropped to just over one month. 

As of March, the total residential benchmark price reached $555,300, a monthly gain of over one per cent and a year-over-year increase of nearly 12 per cent. Prices rose across all property types, and detached prices pushed above $650,000 for the first time.

Okotoks continues to struggle with supply as the 71 new listings that came on the market this month were met with 65 sales, preventing any improvement in inventory levels. There were only 54 units available in March, a year-over-year decline of 10 per cent and nearly 70 per cent below long-term trends for the month. 

Limited supply and strong sales caused the months of supply to fall below one month, and March was the lowest March reported since 2006. Persistently tight conditions drove further price growth this month, as the total residential benchmark price rose to $610,700, a monthly gain of one per cent and a year-over-year increase of nine per cent. Prices have been rising for all property types, with the most significant year-over-year gains occurring for semi-detached and row properties.

Click here to view the full City of Calgary monthly stats package.

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Low inventory and high demand drive price gains in February

City of Calgary, March 1, 2024 – New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79 per cent, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.

Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

In February, the unadjusted benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Our most affordable East district is experiencing the highest year-over-year price growth at 25 per cent, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under five per cent.

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 month and over 13 per cent higher than last February. While prices rose across every district, the most significant year-over-year gains occurred in the North East and East districts.

Semi-Detached

Last month’s rise in listings compared to sales was short-lived, as the 223 new listings this month were met with 191 sales, driving up the sales-to-new-listings ratio to 86 per cent. This prevented any significant change to the low inventory situation and caused the months of supply to fall to just over one month.

In February, the unadjusted benchmark price reached $639,100, a monthly gain of over two per cent and 13 per cent higher than last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre to over 26 per cent in the East district.

Row

New listings rose to 457 units in February, contributing to the year-to-date increase in new listings of 22 per cent. The rise in new listings supported sales growth, preventing any significant change to the low inventory situation. For the second consecutive month, the months of supply were below one month.

The exceptionally tight market conditions have contributed to strong price growth for row properties. In February, the unadjusted detached price reached $436,500, over 2 per cent higher than last month and nearly 19 per cent higher than levels reported last February. Prices rose across all districts, with the highest growth occurring in the most affordable districts.

Apartment Condominium

Sales in February reached 638 units, contributing to the year-to-date sales increase of 39 per cent. Relative affordability has supported the strong demand for apartment-style homes, and sales growth has been possible thanks to the continued growth in new listings. Inventory levels trended up over the last month in line with seasonal expectations. However, inventory levels declined by 12 per cent compared to last year, ensuring the market continued to favour the seller with just over one month of supply.

Persistently tight conditions continued to place upward pressure on home prices. Prices have steadily increased since January of last year, and as of February, they reached $329,600, a 17 per cent gain over last February. Prices rose across every district in the city, with year-over-year gains surpassing 19 per cent in all districts except the City Centre, which reported a year-over-year gain of 13 per cent.

REGIONAL MARKET FACTS

Airdrie

New listings in Airdrie improved in February. However, with 182 new listings and 135 sales, the sales-to-new listings ratio remained high, and inventory levels eased over last year's low levels. Inventory levels are half what we typically see in February and have not been this low since 2006.

The rise in sales compared to inventory levels caused the months of supply to drop to just over one month. Airdrie has struggled with limited supply over the past several years, driving home prices. In February, the unadjusted benchmark price reached $529,700, over one percent higher than last month and 10 per cent higher than the $479,700 price reported last February.

Cochrane

New listings rose to 105 units in February, the highest monthly total seen since July last year and contributing to the year-to-date gain of 22 per cent. At the same time, February sales improved over last year, with 65 sales.

With a sales-to-new listings ratio of 62 per cent, we did see some growth in inventory levels compared to last year. However, inventories remain well below what is typical for this market. Nonetheless, the months of supply remained relatively low for this market at two months, supporting further price growth in the town. As of February, the unadjusted benchmark price reached $548,300, an improvement over last month and over 11 per cent higher than levels reported last year.

Okotoks

For the second month in a row, new listings improved in Okotoks compared to last year. However, as sales also improved over the past two months, inventory levels in February remained stable compared to last month and only slightly higher than last year’s levels.  Inventory levels are near record lows for the month and are 63 per cent below long-term trends.

Okotoks has struggled to add enough supply to keep pace with demand, keeping conditions tight and driving home prices. As of February, the unadjusted benchmark price reached $605,500, nearly three per cent higher than last month and a 10 per cent gain over last year at this time.

Click here to view the full City of Calgary monthly stats package.

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January sees strong sales fueled by boost in new listings

City of Calgary, Feb. 1, 2024 – January sales rose to 1,650 units, a significant gain over last year's levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.

The rise in new listings relative to sales did little to change the low inventory situation in the city. With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month.

"Supply challenges have been a persistent problem since last year. This month's gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth," stated Ann-Marie Lurie, Chief Economist at CREB®.

The months of supply in January was 1.3 months, falling over last month's and last year's levels. The persistent tightness in the market contributed to further upward pressure on home prices. The unadjusted benchmark price in January reached $572,300, a gain over last month and ten per cent higher than levels reported last January.

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 month and nearly 13 per cent higher than prices reported last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre and South East districts to a 27 per cent gain in the East district of the city.

Semi-Detached

With 223 new listings and 131 sales, the sales-to-new listings ratio fell to 59 per cent, the lowest level reported since 2020 and significantly improved over the 82 per cent average reported in 2023. The sudden shift did cause inventories to improve over the last month, but they remain well below long-term trends.

The unadjusted benchmark price in January was $625,000, slightly lower than last month but over 11 per cent higher than last January. The monthly decline was driven mainly by adjustments in the higher-priced districts of the West and City Centre.

Row

Like other property types, new listings and sales rose in January over levels reported last month and last year. However, with 322 new listings and 297 sales, the sales to new listings ratio remained exceptionally high at 92 per cent. This contributed to further reductions in inventory levels, and the months of supply once again fell below one month.

Limited supply and strong demand contributed to a rise in prices. In January, the unadjusted benchmark price reached $426,400, up over last month and nearly 20 per cent higher than levels reported in January 2023. While year-over-year prices are higher in every district, the West and City Centre districts saw unadjusted benchmark prices ease slightly over December.

Apartment Condominium

Apartment-style properties continued to see the most significant gain in sales activity, rising to 488 sales in January, a year-over-year increase of 54 per cent. This was possible thanks to the growth in new listings. However, the gain in listings did little to supply levels; with 682 units, inventories were 40 per cent below long-term trends.

Tight market conditions continued to contribute to further price gains. In January, the unadjusted benchmark price reached $324,000, nearly one per cent higher than last month and 19 per cent higher than last January. Prices rose across all districts, with the largest year-over-year gains occurring in the most affordable districts of the North East and East.

REGIONAL MARKET FACTS

Airdrie

Stronger detached and row sales were enough to offset pullbacks in the semi-detached and apartment sectors, causing total residential sales to increase over levels reported last January. This, in part, was possible thanks to a boost in new listings. However, the boost in new listings and sales prevented any significant shift in inventory levels, which was half of the levels typically seen in the market.

While conditions remained tight, the unadjusted benchmark price remained stable over the last month but was nearly 10 per cent higher than levels reported in January 2023. The most substantial price gains have occurred for apartment-style homes, which are the most affordable property type.

Cochrane

Eighty-three new listings and 70 sales occurred in January, keeping the sales to new listings relatively high at 84 per cent. This prevented any significant change in inventory levels compared to last month but caused the months of supply to fall below two months once again. The drop in the months of supply is a shift over the last four months, where the months of supply was over two months.

Despite recent tightening, the unadjusted benchmark price did ease slightly over last month’s levels. Overall, the unadjusted benchmark prices across all property types remained over 10 per cent higher than last January.

Okotoks

Both sales and new listings rose in January compared to last month's and last year’s levels. This caused the sales to new listings ratio to fall to 75 per cent, which was still relatively high but an improvement over the 86 per cent average reported last year. Nonetheless, the sudden gain in new listings was insufficient to cause material changes to the low inventory levels.

With just over one month of supply, conditions remain tight in Okotoks, driving prices up. In January, the benchmark price reached $589,600, higher than last month's and year’s levels. Year-over-year price growth occurred across all property types, with gains ranging from a high of 15 per cent for row properties to a low of six per cent for apartment-style homes.

Click here to view the full City of Calgary monthly stats package.

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Jan. 02, 2024 | CREB

Strong migration and low supply drive Calgary housing prices in 2023

City of Calgary, Jan. 2, 2024 – 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 six per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.

Detached

With an annual decline of nearly 20 per cent, the detached market saw the most significant decline in sales activity. While sales did improve for homes priced above $700,000, limited supply choices in the lower price ranges caused consumers to turn to alternative housing styles. Despite some recent gains in higher-priced new listings, inventories have remained near record lows, and the months of supply have remained relatively low throughout 2023.

The persistently tight market conditions have supported further price growth for detached homes, albeit at a slower pace than last year. On average, the benchmark price rose by nearly eight per cent in 2023, with the most significant gains occurring in the city's most affordable districts.

Semi-Detached

Likethe detached sector, year-over-year sales growth since May was not enough to offset the pullbacks at the beginning of the year, leaving 2023 sales down by 10 per cent. The decline in sales was driven by pullbacks for homes priced under $500,000, while sales improved for higher-priced properties. The decline in the lower range was primarily due to limited supply choices, preventing stronger sales.

Persistently tight market conditions this year caused prices to trend up throughout most of the year. On an annual basis, the benchmark price rose by seven per cent over last year—a slower gain than the 12 per cent reported in 2022, but still relatively strong. Price growth ranged from a low of six per cent in the city centre to over 16 per cent in the east district.

Limited supply choices in the lower price ranges contributed to the pullback in sales in 2023. Annual sales declined by over 11 per cent despite rising sales for homes priced above $400,000. While new listings did show signs of improving in the second half of the year, all of the gains were reported in the higher price ranges, causing relatively more balanced conditions in the upper price ranges versus the sellers’ market conditions in the lower price ranges.

Conditions favoured the seller throughout the year, supporting an annual benchmark price gain of over 13 per cent. Prices improved across each district, ranging from a low of 11 per cent in the city centre to over 20 per cent price growth in both the North East and East districts.

Apartment-style properties were the only property type to report a gain in sales this year, resulting in a record high of 7,884. The growth in sales was possible thanks to the higher starting point for inventory levels and gains in new listings. However, conditions tightened throughout the year, favouring the seller and driving price growth.

Apartment condominium prices finally recovered from their 2014 high earlier this year and have pushed above those levels, reaching a new record high of $321,400 by December. On an annual basis, the 2023 benchmark price rose by over 13 per cent, a faster pace than the annual growth levels reported last year.

REGIONAL MARKET FACTS

Airdrie

Primarily due to pullbacks for detached homes, sales in Airdrie declined by 24 per cent over last year's record high. Low inventory levels and a pullback in new listings have somewhat limited sales. While new listings have risen over last year's levels for the past four months, they are still 24 per cent lower than last year. The decline in sales and new listings ensured inventories remained low this year, declining over last year’s and falling to the lowest annual average levels seen since 2006.

For the third year in a row, conditions in Airdrie have generally favoured the seller. This has driven further price gains this year, albeit at a slower pace. On an annual basis, the benchmark price rose by nearly five per cent. This year, the price growth for row and apartment-style properties has been more than double that reported in the detached and semi-detached sectors.

Cochrane

Both sales and new listings in Cochrane fell over last year’s levels. However, recent gains in new listings relative to sales did help support some inventory gains. While inventory levels have improved over the low levels reported last year, they remain over 40 per cent below what we traditionally see in the market.

The recent shifts in new listings relative to sales have helped the months of supply stay above two months since September. However, conditions are still relatively tight, and prices continue to rise. While the growth was stronger in the higher-density sectors of the market, the detached benchmark prices increased by four per cent in 2023 over last year.

Okotoks

Supply has been a challenge in Okotoks, impacting sales and prices. While we have seen some improvements lately regarding the level of new listings compared to sales, inventories have remained near record lows and averaged 63 per cent below long-term trends on an annual basis.

Conditions have remained relatively tight throughout most of the year, especially throughout the busier spring season. Despite some monthly variation, prices generally trended up this year and, on an annual basis, rose by over six per cent.

Click here to view the full City of Calgary monthly stats package.

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Increased listings, strong sales, and price growth

City of Calgary, Dec. 1, 2023 – New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. 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.”

As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent. 

Detached

Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East. 

Semi-Detached

November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000. 

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.

Row

New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.

Apartment Condominium

Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices. 

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26 per cent over last year's record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year's levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96 per cent, preventing any significant shift from the low inventory levels. 

With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.

Cochrane

With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59 per cent in November, the first time it fell below 60 per cent since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30 per cent below long-term trends.

Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over seven per cent.

Okotoks

November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months. 

While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a one per cent gain over last month and over eight per cent higher than last November. 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Economic Analysis
Email: stats@creb.ca
Phone: 403-263-0530

Cid Hanna
Manager, Communication Services
Email: cid.hanna@creb.ca
Phone: 403-781-1326

Nov. 01, 2023 | CREB

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

City of Calgary, November 1, 2023 – October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.

New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said CREB® Chief Economist Ann-Marie Lurie. "It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

With a months of supply of one and a half months, we continue to experience upward pressure on home prices. The unadjusted benchmark price in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October.

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 $1,000,000, 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 $697,600, a slight increase over last month and 12 per cent higher than last October. Prices trended up over the last month across every district except the South East. Year-to-date benchmark prices have increased the most in the North East and East districts.

Semi-Detached

New listings in October improved over the low levels reported last year. However, with 235 new listings and 179 sales, the sales to new listings ratio remained relatively high at 76 per cent, preventing any significant change in the inventory levels. Inventory levels are nearly half the levels traditionally seen in October and have not been this low since October 2005.
 
Persistently tight conditions have continued to support price growth. In October, the unadjusted benchmark price increased over the last month, reaching $628,700, a year-over-year gain of 13 per cent. Prices trended up over September across most districts, with the most significant monthly gain occurring in the City Centre district. Like the detached sector year-to-date, the highest price growth has happened in the most affordable districts of the North East and East.

Row

The 420 new listings this month were met with 375 sales, keeping the sales-to-new listings ratio high at 89 per cent and preventing a significant shift in inventory levels. Row inventory levels have not been this low since October 2005. At the same time, October sales reached a record high for the month, keeping the months of supply low at one month.
 
Persistently tight market conditions have supported further gains in prices this month. In October, the unadjusted benchmark price reached $425,200, a monthly gain of over one per cent and nearly 19 per cent higher than last October. Prices have risen across most districts, but this month, the largest monthly gain occurred in the City Centre, which has also seen the lowest year-to-date price growth compared to the other districts.

Apartment Condominium

Record high sales in October were possible thanks to the steep gain in new listings.   However, with 727 new listings and 641 sales, the sales to new listings ratio remained high at 88 per cent, and inventories continued to trend down. The decline in inventory levels has been driven mostly by condos priced below $300,000, which now represent only 38 per cent of all inventory, a significant decline compared to the 53 per cent reported last year.
 
Persistent seller market conditions have driven much of the recent gains in prices. The unadjusted October benchmark price reached $316,600 in October, a monthly gain of over one per cent and a year-over-year increase of 16 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Sales in the city eased in October, contributing to the year-to-date decline of 29 per cent. Much of the decline has been driven by detached home sales. Limited supply choice in the lower price ranges has contributed to some steep drop in home sales priced below $500,000. While Inventory levels have improved over last year's low levels, the growth was driven by homes priced above $500,000.
 
While adjustments in both sales and inventory levels did cause the months of supply to trend up over the last month, with less than two months of supply, conditions remain tight, supporting further price gains. In October, the benchmark price rose over the last month, reaching $521,400, a year-over-year gain of nearly 10 per cent.

Cochrane

New listings improved over last month's and last year’s levels, likely supporting some of the monthly gains in sales. Nonetheless, year-to-date sales have eased by nearly 22 per cent as sales have eased across all property types. While sales have slowed, levels remain far higher than long-term trends for the town. Despite the monthly improvement in new listings, inventory levels were lower than last year and remain well below long-term trends.
 
Persistently tight market conditions supported further price growth this month. In October, the unadjusted benchmark price reached $539,900, a monthly gain of over one per cent and a year-over-year increase of seven per cent. Price growth has occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector. 

Okotoks

The 48 new listings in October were met with 41 sales, keeping the sales-to-new listings ratio high at 85 per cent and preventing any adjustments to the exceptionally low inventory levels. Low inventory levels have likely prevented stronger sales activity, as year-to-date sales have declined by 26 per cent, primarily due to pullbacks in detached activity.
 
Despite some price adjustments over the last few months, the unadjusted benchmark price rose slightly over September and was over nine per cent higher than last October. Prices have increased across all property types, but the year-over-year gains have been highest for detached and semi-detached homes.

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Calgary home sales at record highs in September, yet supply remains a challenge

City of Calgary, October 3, 2023 – Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year's levels.

New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.

Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.

“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”

In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

Detached

Inventory levels remained at record lows for the month as the sales-to-new listings ratio remained relatively high at 76 per cent. The decline in inventory levels has been driven by homes priced below $700,000, as supply levels show some improvement for homes priced above this level. While detached sales improved over levels reported last year, much of the gains were driven by the higher-priced properties with some supply options. Overall, homes priced below $700,000 continue to struggle with less than one month of supply.

Despite persistently tight market conditions, the unadjusted benchmark price remained relatively stable this month compared to last month, as a monthly price adjustment in the West end of the city offset monthly gains in all other districts. Overall, at a benchmark price of $696,100, prices are still over 11 per cent higher than levels reported last year at this time, with year-over-year gains ranging from a high of 20 per cent in the East district to a low of nine per cent in the City Centre.

Semi-Detached

September reported a boost in new listings compared to sales activity as the sales-to-new listings ratio dropped below 70 per cent, the first time it has done that since September of last year. The one-month shift supported a monthly increase in inventory levels, but with 295 units available, inventories have not been this low since September 2005.

Following ten consecutive monthly price gains, benchmark prices in September did ease slightly over the last month. However, at a benchmark price of $621,300, prices are still 11 per cent higher than last year’s levels. The monthly pause in price was primarily driven by adjustments in the West and North West districts, which saw the months of supply rise above levels reported last year and last month.

Row

The pullback in monthly sales outpaced the pullback in new listings, causing the sales-to-new listings ratio to fall to 84 per cent. While conditions are still exceptionally tight, it is an improvement over the 90 per cent average reported since April. The shift also prevented any further monthly declines in inventory levels. However, with less than one month of supply, the persistently tight conditions continue to place upward pressure on prices.

The benchmark price in September reached $419,400, a 1.5 per cent monthly gain and 17 per cent higher than levels reported last year. Price gains have occurred across all districts, with the most significant gains occurring in the most affordable districts in the city.

Apartment Condominium

New listings in September were at the highest levels reported for September, contributing to the record-high sales this month. Year-to-date apartment condominium sales reached 6,286 sales, a 25 per cent gain over last year and a record high for the city. Higher lending rates and tight rental market conditions have kept demand for apartment-style products strong. While inventory levels did see a modest gain compared to last month, thanks to a lower sales-to-new-listings ratio, conditions remain exceptionally tight with 1.5 months of supply.

The persistently tight market conditions have continued to drive further price gains. In September, the unadjusted benchmark price reached $312,800, a 1.2 per cent increase over last month and nearly 15 per cent higher than last year.


REGIONAL MARKET FACTS

Airdrie

With 204 new listings and 144 sales, the sales-to-new-listings ratio dropped to 70 per cent, the first time that has happened since 2020. Improved new listings compared to sales helped support a modest monthly gain in inventory levels. However, September inventory levels are still amongst the lowest levels reported since 2005, keeping the months of supply exceptionally low with just over one month.

The persistently tight market conditions have continued to drive further price gains in the city. In September, the unadjusted benchmark price reached $518,000, reflecting a year-over-year increase of over eight per cent. Price gains have occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector.

Cochrane

Both sales and new listings eased in September, leaving inventory levels relatively stable this month. While inventories are nearly 40 per cent lower than long-term trends for the month, they are not at the record lows seen. The pullback in sales compared to inventory levels also caused the months of supply to push up above two months, the first time we have seen that since February.

While conditions remain relatively tight, the shift likely prevented further upward pressure on monthly home prices. The unadjusted benchmark price in September was $532,700, slightly lower than last month due to pullbacks in the detached, semi-detached and row sectors. Despite the monthly pause, total residential prices are still over five per cent higher than September 2022 levels.

Okotoks

With 69 new listings and 52 sales, the sales-to-new listings ratio dropped to 75 per cent in September, the lowest ratio seen since August 2022. The gain in new listings relative to sales prevented any further monthly declines in inventory levels. However, with only 70 units available in September, inventory levels are still amongst the lowest reported monthly levels in over 20 years.

The modest adjustment in both inventory and sales did cause the months of supply to rise over last month’s levels. Still, conditions remain relatively tight, especially for semi-detached, row and apartment-style properties. As of September, the unadjusted benchmark price was $580,200, nearly nine per cent higher than last year.
 

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As posted by the Calgary Real Estate Board - October 2023

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

City of Calgary, September 1, 2023 – Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15 per cent compared to last year.

While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent, preventing any significant shift from the low inventory situation. Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.

Higher lending rates have caused many buyers to either hold off on purchase decisions or shift toward more affordable products on the market,” said CREB® Chief Economist Ann-Marie Lurie. “The challenge has been the availability of supply, especially in the detached market. Inventory levels hit record lows in August, and while new listings are higher than last year, conditions continue to favour the seller, driving further price gains.

The unadjusted benchmark price reached $570,700 in August, representing the eighth consecutive monthly gain. Prices have trended up across all property types, with row-style properties reporting the largest increase.

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 affordable regions of the city's North East and East districts.

Semi-Detached

The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage.

With months of supply remaining exceptionally low throughout 2023, we continue to see upward pressure on home prices. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year. Price growth did range across each of the Calgary districts, but the strongest year-over-year gains were reported in the most affordable districts of the North East and East.

Row

The gain in new listings did little to offset the strong sales activity as the sales-to-new-listings ratio remained high at 94 per cent. This prevented any additions to the inventory and left the months of supply below one month for the fifth consecutive month.

The persistently tight conditions placed further upward pressure on home prices. In August, the unadjusted benchmark price reached $413,200, a monthly gain of over one per cent and nearly 16 per cent higher than levels reported last year. Year-over-year gains have occurred across all districts, ranging from 12 per cent in the North West to 29 per cent in the East district.

Apartment Condominium

August sales continue to rise over last month and last year’s levels. Recent gains have caused year-to-date sales to reach 5,582 units, nearly 22 per cent higher than last year’s levels and a new record high for the city. Tight rental markets and relative affordability have driven many purchasers to the apartment condominium sector. At the same time, new listings have struggled to keep pace as the sales-to-new-listings ratio bumped up to 98 per cent in August, causing inventories to ease and the months of supply to drop to one month.

The tight market conditions have been placing upward pressure on home prices, and as of August, the unadjusted benchmark price reached $309,100, a monthly gain of over one per cent and a year-over-year gain of over 13 per cent. The City Centre is the only district that did not report a monthly price gain, and prices are still below their previous highs in 2014. This is partly due to better supply/demand balances in the City Centre compared to other parts of the city.

REGIONAL MARKET FACTS

Airdrie

With 204 sales and 206 new listings, the sales-to-new-listings ratio pushed up to 99 per cent, causing inventory levels to decline. With only 176 units available in inventory, the months of supply once again dropped below one month.

The persistently tight market conditions continued to place upward pressure on home prices. In August, the unadjusted benchmark price reached $515,600, up from last month and nearly six per cent higher than last year's.

Cochrane

Following several months of inventory gains, August saw inventory levels fall to 144 units due to a pullback in new listings. While sales did improve compared to last year, the pullback in new listings caused the sales-to-new-listings ratio to increase to 91 per cent. Meanwhile, the months of supply remained below two months, not as tight as what is being experienced in Airdrie but far lower than what we would typically expect in the town.

The persistently tight market conditions drove further price gains this month. The unadjusted benchmark price reached $534,700 in August, nearly one per cent higher than last month and over four per cent higher than last year’s levels. Prices trended up across all property types, but the most significant monthly gains occurred in the relatively affordable apartment condominium sector.

Okotoks

The 59 sales in August were met with 65 new listings in the month, causing further retractions to the already low inventory levels. With only 64 units available, Inventory levels hit a new record low for August. The drop in inventory also caused the months of supply to remain low at one month.

Despite the tight market conditions, benchmark prices decreased from last month’s high. The monthly variation is not uncommon for smaller centres, and it is important to note that with a benchmark price of $582,000, prices remain seven per cent higher than last year's levels and 10 per cent higher than where we were at the start of the year.

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May sales reach a record high

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.

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 month, the year-over-year gains ranged from a high of 12 per cent in the East District to a low of two per cent in the City Centre.

Semi-Detached

Sales also rose to near-record highs for the month for semi-detached homes. However, with 279 sales and 269 new listings this month, inventories fell, and the months of supply dropped below one month.

The exceptionally tight conditions caused further price gains, which for the first time, pushed above $600,000. This is the seventh consecutive month where prices have trended up, and as of May, levels are over three per cent higher than last year’s monthly peak. Like the detached sector, each district reported new record high prices in May. However, the strongest year-over-year gains occurred in the most affordable East district at nearly 12 per cent.

Row

New listings in May improved over levels seen earlier in the year, but thanks to monthly gains in sales, the sales-to-new listings ratio remained exceptionally high at 89 per cent, preventing any significant shift in the low inventory situation. While sales activity is still lower than last year’s levels, this is likely related to the lack of supply in this segment of the market.  Inventory levels are down 50 per cent compared to last year.

With less than one month of supply, it is not a surprise that prices continue to rise. In May, the benchmark price reached $390,500, a two per cent gain over last month and nearly nine per cent higher than last year's peak price of $359,600. Row prices rose across all districts, with year-over-year gains exceeding 15 per cent in the city's North East, South and East districts. The slowest price gains occurred in The City Centre, North West and South East at rates of over seven per cent.

Apartment Condominium

Sales in May reached 858 units, a year-over-year gain of 36 per cent and high enough to cause year-to-date sales to rise by four per cent for a new record high. Stronger sales were possible thanks to the recent gains in new listings. There were 1,025 new listings in May, a year-over-year gain of eight per cent. Despite the gain in new listings, the sales-to-new listings ratio remained high at 84 per cent, preventing any significant shift in inventory levels. As a result, inventory levels remained 23 per cent lower than what was available in the market in May 2022. The rising sales and low inventories kept the months of supply low at just over one month.

Persistently tight conditions drove further price gains in May. The unadjusted benchmark price reached $298,600, a monthly gain of over one per cent and a year-over-year gain of nearly 11 per cent. The recent growth has finally caused unadjusted apartment condominium prices to return to 2014 levels. Unlike other areas, not all districts reported a new record high price. The only areas to report a full recovery were the North, North West, West and South East districts. Overall year-over-year price growth ranged from a high of 16 per cent in the North District to a low of 10 per cent growth in the City Centre.

REGIONAL MARKET FACTS

Airdrie

Limited supply choice continues to weigh on sales activity in Airdrie. In May, there were 260 new listings and 225 sales, keeping the sales to new listings ratio high at 87 per cent and preventing any significant shift in inventory levels. However, with less than one month of supply, conditions are tighter than they were last year at this time.

Persistently tight conditions caused prices to trend up for the fifth consecutive month. The benchmark price reached $502,900 in May, remaining shy of the record high of $504,200 achieved in April 2022. While total residential prices have not reached new record highs, detached home prices have reached a new record with a benchmark price of $587,200.

Cochrane

Like other markets in the area, the limited level of new listings is preventing stronger sales activity. In May, 135 new listings came onto the market, and there were 122 sales, keeping the sales-to-new listings ratio elevated at 90 per cent. While inventory levels are still higher than last year’s, they are still exceptionally low for this time of year, leaving the months of supply just above one month in May.

The persistently tight conditions caused prices to trend up for the fourth consecutive month. While the benchmark price of $515,600 remains below the monthly high of $517,900 achieved in June 2022, should conditions continue to remain this tight, we could see further upward pressure on home prices over the next several months.

Okotoks

Like other markets, low levels of new listings are limiting sales activity in the town. In May, new listings reached 87 units, and with 76 sales, the sales to new listings ratio pushed above 87 per cent. This also prevented any significant shift in inventory levels, and the months of supply once again dropped below one month.

Persistently tight market conditions caused prices to trend up for the fifth consecutive month. With a benchmark price of $575,900, prices are nearly four per cent above last year’s levels and at a new record high.

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May 01, 2023 | CREB

Prices reach new record high

City of Calgary, 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 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. 

Detached

New listings have eased across all price ranges in the detached market, with the most significant declines occurring for homes priced below $700,000. The decline in new listings far outpaced the pullback in sales, causing the sale-to-new listings ratio to rise to 88 per cent and the months of supply to fall to just over one month, tighter than both last year and last month. 

The persistently tight market conditions have contributed to further price growth. In April, the detached benchmark price reached a new record high at $661,900. Every district except the City Centre reported a new record high price in April. The City Centre is also the only district that reported over two months of supply. With a year-over-year gain of 6 per cent, the most affordable East district reported the largest price gain. 

With 234 sales and 264 new listings in April, the sales to new listings ratio jumped to 89 per cent. This caused further declines in inventory levels, which are at the lowest April level seen since 2007. As conditions are tighter than last year, it is not a surprise to see further price growth.

The unadjusted benchmark price in April reached and new record high at $593,200, reflecting a two per cent gain over last month’s and last year’s prices. While all districts posted a new record high price this month, the strongest gains occurred in the most affordable North East and East districts. 

Row properties faced the tightest market conditions in April, with a sales-to-new-listings ratio of 95 per cent and months of supply under one month. Row sales have eased over last April’s record high, but with 416 sales, activity is still far stronger than long-term trends. Relative affordability has supported the strong demand in this sector. However, the persistently tight market conditions have placed significant pressure on home prices.

After four consecutive monthly gains, the benchmark price reached a new record high of $387,400, over seven per cent higher than last year. Like other areas, the steepest price growth occurred in the most affordable districts of the North East, East and South.

Thanks to a boost in new listings in April, the apartment condominium sector was the only sector to see sales activity rise over last year’s levels. With 953 new listings and 734 sales, inventories did trend up over the previous month but remained below the levels reported last year at this time. With a sales-to-new-listings ratio of 77 per cent and a months of supply of 1.5, conditions are not as tight as other property types in the city. However, this still reflects sellers’ market conditions and has been driving up prices. 

As of April, the unadjusted benchmark price reached $299,400, a significant gain over the $277,600 reported at the start of the year and over 10 per cent higher than last April. Following four months of consecutive gains, prices are now just shy of the previous high reported in 2014. While price gains across all districts have not resulted in a new city-wide record, the North, North West and South East reported new highs in April. 

REGIONAL MARKET FACTS

Airdrie

While sales in April trended up compared to last month, new listings eased, causing the sale-to-new listings ratio to once again push near 100 per cent, and inventories fell to the lowest April reported since 2007. While conditions are not as tight as last April, with one month of supply, conditions continue to favour the seller.

Limited choice compared to demand contributed to the upward pressure on home prices compared to earlier this year. As of April, the benchmark price reached $502,000, an improvement from the $480,200 reported in January but nearly two per cent below the April 2022 record high of $510,700. 

With 114 sales and 116 new listings, April’s sales to new listings ratio rose to 98 per cent. While inventories are still higher than what was reported in the market last year, with nearly all new listings selling, inventories trended down over levels seen earlier in the year. With only 142 units available, the months of supply dropped to just over one month, ensuring the market continued to favour the seller.


Renewed tight market conditions contributed to the third consecutive monthly price gain, and the benchmark price pushed up to $509,600 in April. However, despite the monthly gains, prices remain nearly two per cent below last April, and the peak price of $522,600 reached in June of last year. 
 

Both sales and new listings trended up in April over levels seen earlier in the year, supporting some monthly gains in inventory levels. However, with only 67 units in inventory, levels are 66 per cent below long-term trends for the month and reflect the lowest April since 2006.

With just over one month of supply that has persisted for the past three months, we have seen further upward pressure on home prices in the town. As of April, the unadjusted benchmark price reached $577,300, nearly five per cent higher than last April and a new record high. 

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