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Feb. 01, 2023 | AS PRESENTED BY CREB

Supply of lower-priced homes remains low for January

City of Calgary, Feb. 1, 2023 – 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 lower-priced 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 year-over-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.

Detached

Detached home sales saw the largest pullback despite the year-over-year rise in inventory levels. Higher lending rates are cooling demand for higher-priced homes which is supporting inventory gains. Meanwhile, a limited supply of lower-priced products is preventing stronger sales in the lower price ranges.

The variation within the market is likely causing divergent trends in pricing as prices have trended down in the higher-priced City Centre, while still reporting some modest gains in other districts of the city. Overall, the benchmark price reached $622,800 in January, slightly higher than levels reported in December, but still below the monthly high achieved in May 2022.

Semi-Detached

Sales in January slowed relative to last year’s levels but remained above levels achieved before the pandemic. At the same time, a pullback in new listings has left inventory levels below the already low levels reported last January. Like the detached sector, semi-detached homes have seen shifts where the demand remains strong for lower-priced product relative to the supply likely causing divergent trends in pricing.

In January, most districts reported a monthly benchmark price growth. However, prices did trend down in the higher-priced City Centre district causing Calgary’s semi-detached benchmark prices to ease slightly over levels seen in December 2022. Despite the monthly adjustment overall, prices remained nearly six per cent higher than levels reported in January 2022. 

Row

Row homes sales slowed over last year’s record high but remained well above long-term trends for the month. Sales would have likely been stronger if more listings came onto the market. In January, new listings dropped over the previous year and were over 20 per cent below long-term trends. The adjustments in both sales and new listings did little to change the low inventory scenario and the months of supply remained below two months in January.

The persistently tight conditions did also prevent any downward pressure on prices which posted a nearly one per cent gain over December levels. With a benchmark price of $361,400, levels are still over 12 per cent higher than last January, and only slightly lower than the $363,700 monthly high achieved in June 2022.

Apartment Condominium

Sales for apartment condominiums did not see the same pace of decline as other property types in January partly due to the level of new listings coming onto the market. Nonetheless, inventory levels remained well below long-term trends for the month and have not been this low in January since 2014.

The adjustments to both sales and inventory have left this sector with a months of supply that is lower than levels seen at the start of 2022. The shift to affordable options is also impacting prices within the apartment condominium sector. In January, prices trended up from December levels driven by strong gains in the lower priced district of the North East and East. Overall, apartment condominium prices in the city reached $277,600, one per cent higher than last month and a year-over-year gain of nearly 10 per cent, narrowing the spread from the record high prices set in 2014.

January 2023 Housing Statistics

REGIONAL MARKET FACTS

Airdrie

January sales eased over last year’s record high but remained consistent with long-term trends for the month. The pullback in sales did outpace the pullback in new listings causing inventory levels to improve over the exceptionally low levels reported last year. Despite the inventory gain, levels remain over 50 per cent lower than long-term trends for January

These shifts in the market have caused the months of supply to rise over last January’s 2022 record low. However, with less than two months of supply, conditions continue to remain relatively tight and supported a modest monthly price gain. In January, the benchmark price reached $480,200, nearly eight per cent higher than last January, but still below the monthly peak of $510,700 achieved in April 2022.

Cochrane

January sales eased over last year’s record high but remained comparable to long-term trends for the month. At the same time, new listings also slowed, but not at the same pace as sales. Inventory levels also rose from the near record lows reported last January. While improving inventories is likely welcome news to most buyers, inventory levels are still nearly 40 per cent below long-term trends.

Shifts in both sales and inventory have caused the months of supply to rise to nearly three months. This has taken some of the pressure off home prices which have seen exceptional gains over the past two years. Overall, the benchmark price in January was $488,900, over one per cent lower than last month but still seven per cent higher than January 2022 levels.

Okotoks

Both sales and new listings slowed in January compared to last year, preventing any significant addition to inventory compared to what was available in the market at the end of 2022. While there is more supply in the market compared to last January’s record low, with only 56 units available, this is still 61 per cent below long-term trends for the town.

The persistently tight market conditions have supported significant price growth over the past several years. While recent shifts have taken some of the pressure off the pace of price growth, prices did see some further gains this month. In January, the benchmark price reached $539,000, an increase from December and a year-over-year gain of nearly seven per cent.

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Jan. 03, 2023 | CREB

2022 saw record-high sales and double-digit price growth

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.

For more information on the 2023 housing market, join us at our Forecast Conference on Jan. 24.

Housing Statistics December

Detached

The detached market has felt most of the impact of higher rates as a pullback in sales in the year’s second half contributed to the year-to-date decline of over seven percent. While there have been some gains in new listings over the last quarter, much of the growth has occurred in the market's upper-end, supporting more balanced conditions. However, supply levels for lower-priced homes remain low relative to the sales activity, causing that market segment to continue favouring the seller. Overall, the detached market has seen activity shift away from the strong sellers’ conditions reported earlier in the year.

Prices in the detached market have trended down in the second half of the year, as the December benchmark price of $619,600 has eased by just over four percent from the June high. The recent adjustments have not erased all the earlier gains, as benchmark prices reported an annual gain of over 14 percent. Annual price growth has ranged from a high of 19 percent in the South East, North and North East districts to a low of nearly eight percent in the City Centre.

Semi-Detached

Further declines in sales this month contributed to the year-to-date sales decline of nearly three percent. While sales have eased relative to last year’s record levels, activity is still far stronger than long-term trends and levels reported prior to the pandemic. At the same time, new listings have been trending down for this property type, keeping the inventory and months of supply relatively low compared to historical levels. 

While conditions are not as tight as earlier in the year, there has been some downward pressure on prices. The monthly benchmark price peaked in May of this year and has eased by nearly four percent since then. However, on an annual basis, benchmark prices remain nearly 12 percent higher than in 2021. The North district reported a higher annual price gain of over 18 percent.

Row

Significant reductions in new listings weighed on sales over the last few months of the year. Despite recent shifts, annual sales in the city reached a new record high, with 5,153 sales in 2022. Not only was it a record year, but sales were nearly double long-term trends. Higher lending rates are driving more purchasers toward the more affordable row options. While new listings were still higher than last year’s levels on an annual basis, the recent pullback combined with relatively strong sales has caused inventory levels to fall.

As of December, inventory levels were at the lowest since 2013. This has ensured that this segment of the market continues to favour the seller. While prices have eased by just over one percent from the June peak, overall year-to-date prices are nearly 15 percent higher than last year.

Apartment Condominium

Unlike other property types, apartment condominium sales continue to rise above the previous year’s levels throughout the year. This caused year-to-date sales to rise by 50 percent to 6,221 units, a new record high. Demand for affordable product, along with renewed investor interest thanks to rental rate growth, helped support sales growth. Gains in this sector were also possible thanks to the growth in annual new listings. However, like other sectors, the increase in new listings was not enough to outweigh the sales growth, and inventory levels trended down to levels not seen since 2013.

After several years of being oversupplied, the shift to tighter conditions supported annual price gains of nearly nine percent. While price gains occurred across every district, city-wide prices remain well below the previous highs reached back in 2014.


REGIONAL MARKET FACTS

Airdrie

Sales in Airdrie have declined since April, mainly because of the significant drop in detached home sales. December was no exception, as sales slowed compared to last year’s levels. Despite recent declines, year-to-date total residential sales increased by seven percent and have set a new record-high of 2,469 units. Regional population growth combined with the relative affordability of homes in Airdrie compared to Calgary are some factors supporting the record sales in 2022.

While new listings trended down in December, 2022 saw a general rise in new listings in the market. This has helped support some recent year-over-year gains in inventory levels over last year’s exceptionally low levels. Recent adjustments in both sales and inventory levels have caused the months of supply to trend up from the strong seller’s market conditions reported earlier in the year. However, conditions remain relatively tight with less than two months of supply.

The December benchmark price in Airdrie has eased by over six percent from the April peak. However, this is still 12 percent higher than last year's level. Overall, the annual benchmark price in 2002 was $489,558, nearly 20 percent higher than last year's level.

Cochrane

December sales eased, contributing to the year-to-date decline of eight percent. The annual pullback in sales was met with new listings comparable to last year. This has helped support some inventory growth in the market, but levels are still well below what is typically available in the resale market. While inventory levels remain low, the recent pullback in sales has resulted in more balanced conditions taking some of the pressure of price growth seen over the last four months of the year.

On an annual basis, the benchmark price reached $504,067 in the town, nearly 17 percent higher than last year’s prices. Price gains were the strongest in both the detached and semi-detached sectors, where prices rose by 19 percent, establishing 2022 as the new record-high price.

Okotoks

Sales activity eased in December, but the year-over-year pullback over the past few months has not offset the gains reported earlier in the year, as year-to-date sales activity rose by nearly two percent. This growth in sales was met with additional new listings in the market, helping support higher inventory levels over last year’s record lows. Even with some inventory growth, conditions continue to remain tight with under two months of supply, placing limits on the price adjustments.

While prices have trended down from the high seen in May, on an annual basis, benchmark price growth in the town was nearly 16 percent. Price growth was strongest in the detached sector, which for the first time, pushed above $600,000 on an annual basis.
 

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Dec. 01, 2022 | CREB

2022 on track to be a record year for sales

City of Calgary, Dec. 1, 2022 – Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.

The pullback in sales over the past six months was not enough to erase gains from earlier in the year as year-to-date sales remain nearly 10 per cent above last year’s record high. The year-to-date sales growth has been driven by a surge in both apartment condominium and row sales.

“Easing sales have been driven mostly by declines in the detached sector of the market,” said CREB® Chief Economist Ann-Marie Lurie. “Higher lending rates are impacting purchasers buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.”

A decline in sales was met with a pullback in new listings and inventories fell to the lowest level reported in November since 2005. The pullback in both sales and new listings kept the months of supply relatively tight at below two months. The tightest conditions are occurring in the lower-price ranges as supply growth has mostly been driven by gains in the upper-end of the market.

Despite the lower supply levels, prices have trended down from the peak reached in May of this year. Even with the adjustments that have occurred, November benchmark prices continue to remain nearly nine per cent higher than levels reported last year.

Detached

Detached sales slowed across every price range this month, contributing to the year-over-year decline of nearly 34 per cent and the year-to-date decline of five per cent. On a year-to-date basis, sales have eased for homes priced under $500,000 as the level of new listings in this price range has dropped by over 36 per cent limiting the options for purchasers looking for affordable product. 

Meanwhile, new listings and supply selection did improve for higher-priced properties creating more balanced conditions in the upper-end of the market. This has different implications on price pressure in the market.

The benchmark price in November slowed to $619,700, down from the high in May of $648,500. While prices have eased over the past several months, they continue to remain nearly 11 per cent higher than levels reported last year.

Semi-Detached

The pullback in sales this month was enough to cause the year-to-date sales to ease by nearly one per cent compared to last year. Despite the recent declines, year-to-date sales remain 37 per cent above long-term averages for the city.

Easing sales this month were also met with a pullback in new listings, causing further declines in inventory levels and ensuring market conditions remained relatively tight with a month of supply of 2 months and a sales-to-new-listings ratio of 100 per cent.

Unlike the detached sector, the tight conditions prevented any further retraction in prices this month. In November, the benchmark price reached $562,800, slightly higher than last month and nearly 10 per cent higher than last year’s levels.

Row

Further declines in new listings likely contributed to the slower sales activity this month as the sales-to-new-listings ratio remained high at 99 per cent. Inventory levels fell to 383 units, making it the lowest level of November inventory recorded since the 2013. This low level of inventory ensured that the months of supply remained below two months.

Despite the persistently tight market conditions, prices trended down this month reaching $358,700. While prices have eased from the June high, they are nearly 14 per cent higher than prices reported last November. The strongest price growth was reported in the North East, North and South East districts where prices have risen by over 18 per cent. 

Apartment Condominium

Despite a pullback in new listings this month, apartment condominium sales continued to rise, and inventories fell to the lowest November levels seen since 2013. This caused further tightening in market conditions as the sales-to-new-listings ratio pushed above 100 per cent and a months of supply dropped to two months. 

Recent tightening in the market has put a pause on price adjustments for apartment condominiums. In November, prices remained relatively stable at $277,000 compared to last month. While prices have reported a year-over-year gain of nearly 10 per cent, prices are still below their previous highs set back in 2014.

REGIONAL MARKET FACTS

Airdrie

November sales eased mostly due to the significant pullback in detached sales. While sales this month are down over last year’s record levels, overall activity is still far stronger than long-term trends and year-to-date sales are still on pace to reach a new record high.

New listings did improve over the previous year, thanks to gains in row, semi and apartment style product. While the growth in new listings did cause November inventories to rise over last year’s low levels, inventory levels remain nearly 40 per cent below long-term trends in the area.

Despite persistently tight conditions, benchmark prices continue to trend down from the record high level reported in April of this year. Despite some adjustments, prices remained over 13 per cent higher than last year’s levels. 

Cochrane

Further declines in November sales contributed to the six per cent year-to-date decline in sales. However, with 1,091 sales so far this year, this is still 69 per cent above long-term trends for the town. 

Meanwhile, new listings have remained relatively low compared to sales, preventing a more significant shift in inventory levels. In November, inventory levels did rise above the low levels seen last year, but remained 35 per cent below longer term trends for the area.

Following significant gains reported earlier in the year, benchmark prices continue to trend down in November. However, the adjustments did not erase previous gains as the benchmark price remained over 12 per cent higher than levels reported last year.

Okotoks

Both sales and new listings eased in November preventing any significant change to inventory levels. While inventory levels are higher than last year, they remain 54 per cent below long-term trends for the area. Overall year-to-date sales activity has improved over last year and are 41 per cent higher than long-term trends. 

As conditions have remained relatively tight this month, we saw a reversal of some of the price adjustments recorded over the previous two months. The benchmark price in November reached $549,100, a two per cent gain compared to last month, and a year-over-year gain of nearly 16 per cent.

  

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Sales remain stronger than pre-covid levels

City of Calgary, Nov. 1, 2022 – October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.

However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.

“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.

While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.

As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.

oct 2023 stats


Detached

Sales growth in the over $700,000 price range this month were not enough to offset the declines in the lower-price ranges, causing detached sales to ease by over 29 per cent compared to last year. Limited supply growth in the lower-price ranges continue to keep conditions exceptionally tight for lower-priced detached homes.

In October, inventory levels for detached homes were under 2,000 units, nearly 35 per cent lower than typical levels reported for the month. Moreover, over 42 per cent of the inventory falls in the upper-price ranges of the market. This is likely creating a situation where pricing trends will vary depending on price range.

Overall, detached prices did trend down relative to last month and peak levels in May but remain nearly 12 per cent higher than levels reported last October. The strongest year-over-year price gains have occurred in the North and South East districts.

Semi-Detached

While sales remain lower than last year’s levels in October, recent pullbacks have not offset gains from earlier in the year and year-to-date sales improved by nearly three per cent. A pullback in new listings relative to sales caused the sales-to-new-listings ratio to push above 80 per cent this month and inventories to ease, leaving the months of supply just over two months.

The benchmark price, while easing slightly compared to last month, remained over nine per cent higher than last year’s levels. Year-over-year price gains have varied from a low of nearly eight per cent in the City Centre to a high of 16 per cent in the North district.

Row

Row sales continue to rise relative to last year supporting a year-to-date gain of nearly 42 per cent. At the same time, new listings this month eased ensuring that the sales-to-new-listings ratio remain exceptionally tight at 106 per cent. Falling inventories and improving sales have ensured this market continues to favour the seller with less than two months of supply. This has also prevented the same adjustment in price.

As of October, the benchmark price was $361,200, less than one per cent lower than the peak achieved in June of this year. Overall, prices remained nearly 15 per cent higher than last year’s levels. The strongest price gains occurred in the South East, North East and North districts.

Apartment Condominium

Apartment sales continue to rise over levels reported last year contributing to the year-to-date increase of over 56 per cent. Improving sales were also met with gains in new listings, but as the growth in sales outpaced the new listings activity, inventory levels continue to trend down. As of October, the months of supply remained just below three months, the lowest level recorded in October since 2013.

In October, the benchmark price was $277,800, similar to last month and nearly 11 per cent higher than last year’s levels. Some of the strongest price gains have occurred in areas outside of the City Centre. Despite persistent price growth, overall prices remain nine per cent below previous highs set back in 2014.

REGIONAL MARKET FACTS

Airdrie

Easing sales over the past several months have not been enough to offset earlier gains as year-to-date sales reached 2,269 units, over 11 per cent higher than last year and on pace to hit a new record high. The growth in sales was possible thanks to a boost in new listings this year. However, the gains in new listings did little to impact inventory levels which remained well below levels traditionally seen in the market in October.

While conditions are not as tight as they were earlier in the year, the months of supply remained exceptionally tight at one and a half months. Despite persistently tight conditions, prices have trended lower from the earlier highs. Airdrie hit a record high price back in April of this year at $510,700, prices have since fallen by six per cent since then yet remain over 14 per cent higher than levels reported last year.

Cochrane

A pullback in new listings relative to sales activity caused the sales-to-new-listings ratio to push up to 90 per cent once again, causing inventories to trend down relative to last month. While overall inventories still remain higher than the exceptionally low levels seen last year, levels are still well below what is typically seen in the market.

While prices have eased off recent highs, at a benchmark price of $507,000, prices remain over 16 per cent higher than last years levels. Price growth has been mostly driven by the detached and semi-detached sector which have reported year-over-year gains exceeding 18 per cent.

Okotoks

A pullback in new listings likely weighed on sales this month as the sales-to-new-listings ratio pushed above 100 per cent causing inventories to remain exceptionally low for October. While conditions are still not as tight as they were earlier in the year, the shift this month did little to support more balanced conditions.

Persistently tight conditions did slow the pace of adjustment in prices as the benchmark price was $537,800 in October. While prices have eased from the high reported in May, they remain over 11 per cent higher than last years levels.



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Demand shifting to more affordable options

City of Calgary, October 3, 2022 – Strong sales for condominium apartment and row properties was not enough to offset declines reported for other property types. This caused city sales to ease by nearly 12 per cent compared to last year.  


However, with 1,901 sales in September, activity is still far stronger than levels achieved prior to the pandemic and is well above long-term trends for September. Despite recent pullbacks in sales, and thanks to strong levels earlier in the year, year-to-date sales remain 15 per cent higher than last year’s levels.


“While demand is easing, especially for higher priced detached and semi-detached product, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions.”


In September, new listings declined by ten per cent. With a sales-to-new-listings ratio of 72 per cent, it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21 per cent lower than last year’s levels. The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than three months.


The shift to more balanced conditions is causing some adjustments to home prices. While prices have slid from the highs seen in May, as of September, benchmark prices remain 11 per cent higher than last year and six per cent higher than levels reported at the beginning of the year.


Detached


For the sixth consecutive month, sales activity has slowed in the detached market and is now offsetting the gains recorded in the first quarter. The recent decline in sales has been mostly driven by a reduction in the under $500,000 segment of the market, as a significant reduction in supply for those price ranges have left little options for potential purchasers.


At the same time, detached sales continue to improve for homes priced between $600,000 - $999,9999. This higher price range group has reported the largest growth in new listings and overall supply levels.


While the overall detached market is far more balanced than it was earlier this year, for homes priced below $500,000 conditions remain relatively tight. This is likely causing divergent trends in pricing activity based on price range.


Overall, detached prices eased by nearly one per cent over the last month with the largest monthly decline occurring in the City Centre district. Despite monthly adjustments, prices remain nearly 13 per cent higher than last year.


Semi-Detached


Further pullback in sales this month was not enough to offset gains from earlier in the year as year-to-date sales remained six per cent higher than last year’s levels. While new listings in this segment can vary month-to-month, year-to-date new listings have remained just slightly lower than levels achieved last year. This kept inventories at levels that are still far below long-term trends.


The recent pullback in sales was enough to cause the months of supply to push up relative to levels seen earlier in the year. However, with less than three months of supply, conditions remain relatively tight for this property type.


While conditions do remain tight, prices still trended down following higher than expected gains earlier this year.Overall, benchmark prices remain over 10 per cent higher than levels reported last year.


Row


Row sales activity improved over last year’s levels, contributing to the year-to-date record high pace of sales. Recent pullbacks in new listings and strong sales activity have caused inventory levels to remain low, keeping the months of supply below two months. 


With conditions remaining tight, prices stay mostly unchanged compared to last month and are 15 per cent higher than prices reported in September 2021. The highest year-over-year price gains occurred in the North district.


Apartment Condominium


With a new September record, apartment condominium sales continue to rise relative to last year, contributing to year-to-date sales of 5,026, a 60 per cent gain over last year. While new listings also improved so far this year, it has not been enough to prevent some easing in inventory levels.


Unlike the other sectors, since 2016, inventories have generally been higher for apartment condominium. It is only the strong demand this year that has caused this market to shift from buyers’ market conditions reported throughout most of last year to one that is now relatively balanced.


Relatively balanced conditions prevented any significant shift in prices this month compared to last month and overall, apartment condominium prices remain over 10 per cent higher than last year’s levels. Despite recent gains, prices remain below the 2014 high.


REGIONAL MARKET FACTS


Airdrie


Both sales and new listings eased in September, preventing any significant shift in inventory levels this month. With a sales-to-new-listings ratio of 89 per cent and a months-of-supply still below two months, conditions remain relatively tight in the market.


While inventory levels remain low, purchasers are more cautious than they were a few months ago which is weighing on home prices. In September, the benchmark price eased by nearly two per cent compared to last month but remains 16 per cent higher than the previous year.


Cochrane


Sales eased for the sixth consecutive month in September. This caused year-to-date sales to reach 970 units, a three per cent decline over the previous year. At the same time, new listings have risen relative to the low levels seen last year, helping support gains in inventory levels.


As of September, there were 165 units available in inventory. While this is higher than last year’s levels, this is still nearly 30 per cent lower than levels traditionally seen in September.


Shifts in both supply and demand are causing the market to shift toward more balanced conditions and it is also taking some of the pressure off home prices. In September, the benchmark price eased by nearly two per cent, totaling to $508,800. Despite the monthly pullback, prices are still over 16 per cent higher than September 2021 prices.


Okotoks


Supply levels continue to be a challenge in Okotoks. While new listings have improved over last year, sales have generally kept pace as the sales-to-new-listings ratio remained elevated at 81 per cent. At the same time, inventories remain nearly 50 per cent lower than levels traditionally seen in September, keeping the months of supply below two months.


While conditions remain relatively tight, purchasers are more cautious than they were earlier this year, causing monthly prices to ease by nearly two per cent. Despite the downward trend recorded over the past four months, prices remain over 12 per cent higher than last year.


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Supply levels ease with fewer new listings in August

City of Calgary, September 1, 2022 – August sales activity was comparable to the strong levels recorded last year and well above long-term trends for the month.

While sales have remained relatively strong, there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.

“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said CREB® Chief Economist Ann-Marie Lurie. “This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”

At the same time, new listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply.

Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.

For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year.

 

Aug stats

 

Detached

Sales continued to trend down compared to levels seen earlier in the year and August of last year. While the recent declines have not offset the strong gains reported earlier in the year, conditions are changing in this segment of the market. At the same time, we have seen listings continue to ease in for lower-priced homes. This is causing persistently tight conditions for homes priced below $500,000. Meanwhile, supply gains in the higher price range of the market are supporting more balanced conditions.

Easing demand has had an impact on prices which have trended down relative to the high levels achieved in May. However, with a benchmark price of $633,000, levels are still over 13 per cent higher than last year.

Semi-Detached

There was a significant pullback in new listings relative to a slight easing of sales for semi-detached properties this month. This caused the sales-to-new-listings ratio to push above 80 per cent for the first time since April while total inventory dropped relative to levels seen over the past several months and last year. Like the detached sector, conditions do vary depending on price ranges with the lower-price ranges continuing to see relatively tight market conditions.

Despite the adjustment this month, prices still trended down compared to May levels. However, like other property types, price levels are over 10 per cent higher than last year with a benchmark price of $569,300.

Row

Despite sales trending down relative to levels seen earlier in the year, the row-home market remains strong and year-to-date levels are nearly 50 per cent higher than last year. At the same time, there was a notable decline in new listings this month causing a decline in inventory levels. This prevented any significant adjustments to the months of supply which remained below two months.

While market conditions remain relatively tight, home prices have remained fairly stable over the past few months. Overall, the benchmark price for row properties in August was over 14 per cent higher than levels reported last year.

Apartment Condominium

Sales activity improved in August, contributing to year-to-date record sales of 4,576 units, which is an increase of 65 per cent compared to last year. Some of this growth was possible thanks to this segment of the market having more supply. However, the recent growth in sales relative to new listings has caused the supply gap to narrow.

Though conditions have shifted over the past month, prices remain relatively stable compared to July but are over 10 per cent higher than last year’s prices. Despite the recent gains in prices, apartment condominium sales remain below peak prices set back in 2014.


REGIONAL MARKET FACTS

Airdrie

Sales in Airdrie continued a downward trend that began in April. While new listings have also trended down compared to earlier in the year, there are still more new listings on the market this month than there were last year. Overall, inventory levels are starting to rise from the exceptionally low levels, causing the months of supply to shift away from the strong seller market conditions.

Despite recent shifts in supply demand balances, with less than two months of supply conditions still remain tight.  Nonetheless, prices continue to trend down from earlier in the year as purchasers become more cautious. While this has slowed the pace of growth, prices still remain over 18 per cent higher than last year’s levels.

Cochrane

In August, easing sales were met with gains in new listings, causing the sales-to-new-listings ratio to drop to 70 per cent in Cochrane. The rise in new listings compared to sales caused inventory gains, but levels are still far below what is typical for our market.

The gains in inventory did support a shift toward more balanced conditions, but with a month of supply still averaging just over two months, conditions remain tight. Benchmark prices in the centre remain relatively stable this month but is still nearly 17 per cent higher than levels reported last year.

Okotoks

In Okotoks, the residential benchmark price was $549,300, reflecting the third consecutive month where prices trended down. However, recent pullbacks have not offset earlier gains and prices are still 16 per cent higher than last year.

Home sales in Okotoks continued to trend down despite a gain in new listings supporting slightly higher inventory levels. These recent shifts in the market are supporting a shift away from the exceptionally strong sellers market conditions seen earlier in the year.  However, with less than two months of supply market conditions still remain tight.


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For more information contact:

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

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Detached home sales decline as apartment condominium sales rise

City of Calgary, Aug. 2, 2022 – Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and row sectors. This left July sales three per cent lower than levels recorded last year. While this is the second month where sales activity has slowed, total residential sales this month are still amongst the strongest levels recorded in our market.

Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” said CREB® Chief Economist Ann-Marie Lurie.

Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”

Residential new listings in the city declined compared to what was seen in 2021, but when considering the dynamics between price ranges, we are seeing a different trend play out. Listings for homes priced below $500,000 fell by 18 per cent, while levels rose by 20 per cent for homes priced above $500,000. This has left conditions to remain relatively tight in the lower-end of the market while conditions are shifting toward more balanced levels in the upper-end of the market.

When considering the relationship between the supply and demand, the months of supply has continued to trend up from the exceptionally tight conditions seen earlier in the year. However, with just over two months of supply, the market remains far tighter than anything experienced throughout the recessionary period experienced prior to the pandemic.

As expected, the benchmark price did see some slippage relative to levels seen earlier in the year and rising lending rates have cooled much of the bidding war activity that was driving significant gains earlier in the year. However, prices currently remain over 12 per cent higher than last year’s levels, still outpacing forecasted price growth for the year.

“As we move forward, we do anticipate further rate gains will weigh on housing activity and prices, but not enough to completely offset the exceptionally strong gains recorded over the first half of the year,” said CREB® Chief Economist Ann-Marie Lurie.

Detached

In July, detached sales reached 1,136, which is 19 per cent lower than last year’s levels. Higher lending rates are driving more consumers to look for affordable product, however, the detached sector has struggled with supply levels for lower-priced homes. While we are seeing balanced conditions in the upper-end of the market, conditions remain exceptionally tight in the lower-end of the market.

The decline in sales was mostly driven by pullbacks in the lower-price ranges due to lack of availability. Nearly 80 per cent of the inventory available is priced over $500,000 and new listings for homes priced under $500,000 are half of the levels seen last year.

With a benchmark price of $643,600 in July, levels are still nearly 15 per cent higher than last year. However, we are seeing some monthly adjustments as prices trended down across all districts in July compared to last month.

Semi-Detached

For the third month in a row, semi-detached sales saw less sales than levels reported a year ago. While year-to-date sales remain over 11 per cent higher than last year’s levels, this is a significant shift from the 40 per cent growth recorded after the first quarter of the year. This pullback in sales was met with lower listings levels, but not enough to prevent some upward trend growth in inventory levels and the months of supply. The months of supply pushed up to 2.5 months in July, the first time it has pushed above two months since October of last year.

While conditions remain relatively tight in the lower-price ranges, the benchmark price did trend down relative to levels seen earlier in the year. However, like the detached market, prices remained significantly higher than levels reported last year.

Row

While levels cooled relative to the spring, row sales reached a new record high for July contributing to year-to-date sales growth of 54 per cent. Most of the gains were driven by product priced between $300,000 to $500,000, which also saw the biggest boost in new listings so far this year.

Both new listings and sales have trended down from levels seen earlier the year. However, the gap between sales and new listings narrowed over the past few months causing inventories to trend down compared to earlier in the year. This has ensured that the months of supply remained below two months. The persistently tight conditions prevented any significant adjustment in monthly prices in July.

Apartment Condominium

Like row properties, apartment condominium sales trended down from earlier in the year but maintained a record high level for July, contributing to a year-to-date gain of 66 per cent. Rising lending rates and available supply in the condominium sector helped support the year-over-year sales growth seen so far this year.

While trending down from earlier in the year, new listings in July remain 24 per cent higher than last year’s levels supporting a sales-to-new-listings ratio and a months of supply that reflect relatively balanced conditions. With conditions not as tight as earlier in the year, the pace of price growth has also slowed. In July, the benchmark price reached $278,800, slightly higher than last month and nearly 10 per cent higher than last year’s levels.

REGIONAL MARKET FACTS

Airdrie

Thanks to a pullback in mostly detached activity, sales in Airdrie slowed compared both to levels seen earlier in the year and levels recorded last year. These declines were met with some mixed results for new listings. New listings have trended down from earlier in the year but remained higher than the levels recorded last year. However, much of the growth in new listings, especially in the detached market, have been from homes priced above $500,000. Despite some shift in new listings over the past few months, the sales-to-new-listings ratio remains tight at 83 per cent and the months of supply is still below two months.

Although prices have trended down over the past three months, they remain 20 per cent higher than levels recorded last year. The monthly slippage does not come as a surprise given the pace of growth seen earlier in the year. While conditions remain tight, more caution amongst consumers is weighing on their willingness to bid well above list prices.

Cochrane

Year-to-date sales activity in the town of Cochrane remains similar to levels reported last year. This is thanks to gains in the row and apartment sector. Higher lending prices and substantially less supply for affordable detached product has contributed to slower detached and semi-detached sales in the market.

Though conditions generally favor the seller, we are seeing some monthly adjustments in prices. Despite the adjustment, with a July benchmark price of $515,100, prices are still over 14 per cent higher than levels reported last year.

Okotoks

While easing from earlier in the year, sales activity in Okotoks remained consistent with levels reported last year, contributing to a year-to-date gain of nearly 12 per cent. The pullback in new listings likely prevented stronger sales in the town as the sales-to-new-listings ratio pushed up to 97 per cent and inventory levels trended down.

Although conditions remain relatively tight, home prices did trend down relative to previous months. Home prices in Okotoks rose far above expectations earlier in the year and despite recent adjustments that have occurred over the past two months, July prices are still over 16 per cent higher than levels seen last year and nine per cent higher than levels reported in January.

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May 02, 2022 | CREB

Sellers' market conditions continue in April

City of Calgary, May 2, 2022 – Following an all-time record high month of sales in March, activity slowed down in April. However, with 3,401 sales, it was still a gain of six per cent over last year and a record high for the month of April.

“Despite some of the monthly pullback, it is important to note that sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said CREB® Chief Economist Ann-Marie Lurie. “While further rate increases will likely start to dampen demand later this year, more pullbacks in new listings this month are ensuring the market continues to favour the seller, resulting in further price gains."

New listings trended down relative to last month and levels recorded last year. With the sales-to-new listings ratio remaining above 74 per cent, there was not much of a shift in overall inventory levels.

With 4,850 units in inventory, we are nowhere near record low inventory levels, however, levels are far lower than what was recorded in April since 2014. What has changed in the market is the composition of the inventory levels. When comparing inventories today to what was available in 2014, we can see that detached homes comprise of a smaller share of the inventory levels especially for properties priced below $500,000.

Overall, the Calgary market has seen the months of supply remain below two months since November of last year, placing significant upward pressure on prices. The benchmark price in April reached $526,700, which is nearly two per cent higher than last month and 17 per cent higher than last year.

Detached

For the first time since spring of 2020, year-over-year sales slowed down. While sales have dropped, it is important to note that with 1,815 sales, this is still far stronger than long term trends. A decline in sales occurred for homes priced under $600,000. This pullback in sales for lower priced homes was likely related to further supply declines driven from reductions in new listings in those price ranges. Inventories in the detached sector have not been this low for the month of April in nearly 15 years.


While the slightly slower sales compared to inventory levels did help push the months of supply back above one month, conditions continue to remain exceptionally tight with 1.3 months of supply. This continues to place upward pressure on prices, but at a slower pace than the last three months. The detached benchmark price rose to $628,900 in April, which is 19 per cent higher than last year.

Semi-Detached

A decline in new listings in April likely contributed to slower sales compared to last month. However, sales are still relatively strong and on a year-to-date basis and remain nearly 30 per cent higher than last year and nearly double the long-term average. As the slower pace of sales was met with a decline in new listings, there was little change in the inventory situation and this segment continues to favour the seller.

Tight market conditions caused further price gains in the semi-detached sector. In April, the benchmark price reached $487,900, nearly two per cent higher than last month and over 16 per cent higher than last April.

Row

While levels trended down from the previous month, new listings reached 781 units this month. This is a year-over-year gain of 24 per cent and the highest level ever seen in April. The improvements in new listings helped support stronger sales activity which rose over last year’s levels and set a new April high. This boost in new listings did cause inventories to trend up compared to earlier in the year, but it was not enough to pull the market out of the sellers’ market conditions.


With just over one months of supply, persistently tight market conditions continue to place upward pressure on prices. Thanks to gains across every district, row prices rose by over two per cent compared to last month and are nearly 17 per cent higher than last year.

Apartment Condominium

Like other property types, apartment condominium sales did ease relative to last month’s record highs. But with 642 sales this month, activity still improved by over 46 per cent compared to last year reaching a record high for April. This in part was possible thanks to the 893 new listings that came onto the market. While it was not enough to dramatically change the supply levels in the market, the months of supply did edge up to nearly two months.


Tighter market conditions continued to cause prices to trend up in April. The apartment benchmark price rose across all districts and currently sits eight per cent higher than levels recorded at this time last year. The strong price gains over the past three months have helped narrow the spread from the 2014 record high price.

REGIONAL MARKET FACTS


Airdrie

Once again, sales nearly surpassed the level of new listings coming onto the market in April, causing further declines in inventory levels and ensuring the market continues to favour the seller with less than one month of supply. This is the sixth consecutive month where the months of supply has remained below one month.

The benchmark price reached $480,600 in April, reflecting a year-over-year gain of 29 per cent. Prices have improved across all property types, but the largest gains are in the detached sector with an April price pushing just above $550,000. This is nearly 33 per cent higher than levels recorded last April.

Cochrane


A slight pullback in sales relative to the new listings helped push the sales-to-new listings ratio below 80 per cent. This is the first time that has happened since March of last year. While this did support inventory levels that were better than anything seen since November of last year, conditions still remain exceptionally tight and favour the seller.


While the pace of growth has slowed slightly compared to the last few months, the April benchmark price in Cochrane reached $530,900, over two per cent higher than last month and 21 per cent higher than last year’s levels. Price gains in Cochrane have been driven mostly by the detached and semi-detached sector.

Okotoks

The boost in new listings last month did not continue this month, as April sales exceeded the number of new listings coming onto the market. This caused further declines in inventory levels and the months of supply. This is the fifth consecutive month where the months of supply was below one month, which is continuing to weigh on prices.


The benchmark price in April rose to $538,300, reflecting a year-over-year gain of 13 per cent. Like many other areas, the strongest price growth has occurred for both detached and semi-detached homes.



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

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For more information, please contact:


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

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Provided by the Calgary Real Estate Board 

Record high sales seen again in March

City of Calgary, April 1, 2022 – For the second month in a row, sales activity not only reached a monthly high but also hit new record highs for any given month. Gains occurred across every property type as they all hit new record highs.

An increase in new listings this month helped support the growth in sales activity. However, inventories have remained relatively low, ensuring the market continues to favour the seller. 

“While supply levels have improved from levels seen over the past four months, inventory levels are still well below what we traditionally see in March, thanks to stronger than expected sales activity,” said CREB® Chief Economist Ann-Marie Lurie. “With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices.”

With an unadjusted benchmark price of $518,600 this month, the monthly gain increased by another four per cent. After three consecutive gains, prices have risen by nearly $55,000 since December and currently sit nearly 18 per cent higher than last year’s levels.

Despite the strong start to the year, price gains and rising lending rates are expected to weigh on demand in the second half of this year. Nonetheless, persistently tight conditions will likely continue to impact the market over the next several months.

Detached

Sales continued to surge in March reaching record highs, thanks to a boost in new listings. Year-over-year sales growth occurred in every district of the city except the City Centre. The pullback in the City Centre is likely related to the significant drop in new listings, providing less choice for potential buyers.

The months of supply for detached homes has been below one month since December. The exceptionally tight conditions have had a significant impact on home prices. The benchmark price for detached properties rose to $620,500 in March, which is over $73,000 higher than December levels and 20 per cent higher than levels recorded last year. Gains in prices have also caused a significant shift in the distribution of homes, where over 57 per cent of the available supply is priced over $600,000.

Semi-Detached

Semi-detached sales posted another record month of sales and year-to-date sales are over 43 per cent higher than last year. Improvements in new listings helped support some of the growth in sales but did little to improve the inventory situation.

Inventory levels remain relatively low, causing the months of supply to remain nearly 70 per cent lower than long term trends for this time of year. Tight conditions caused prices to trend up again this month, for an unadjusted monthly gain of nearly four per cent. Prices trended up across all districts and are 16 per cent higher than last March. Year-over-year price gains have ranged from a low of nine per cent in the City Centre to a high of nearly 22 per cent in the North district.

Row

Row sales reached an all-time record high this month, contributing to year-to-date sales of 1,550 units, which is a 96 per cent increase over last year. An increase in new listings helped support the strong sales. However, inventory levels have been steadily declining compared to the previous year and are at the lowest March levels seen compared to the past seven years. Strong sales this month combined with the lower inventory levels saw the months of supply push below one month.

The persistently tight conditions have placed significant upward pressure on prices. In March, the benchmark price reached $335,400, which is over four per cent higher than last month and nearly 17 per cent higher than last year. While strong gains have occurred across all districts of the city, the North East, North West, South and East districts have not yet recorded full price recovery from their previous highs.

Apartment Condominium

Apartment sales continued to surge in March, contributing to the best start of the year on record. The sudden shift in demand could be related to less supply choice in lower price ranges for other property types, causing many to turn to the condominium market. The rise in sales has outpaced the growth in new listings, causing inventories to ease compared to last year and the months of supply to drop to the lowest recorded since 2007.

After several months of tight conditions, we are seeing upward pressure on prices. In March, the benchmark price rose to $265,900 – nearly three per cent higher than last month and six per cent higher than last year. The recent gain in price has helped support some price recovery in this sector, but prices remain over 11 per cent below previous highs.

REGIONAL MARKET FACTS

Airdrie

For the second month in row, new listings in Airdrie reached a record high for the month. This helped support further sales growth in the city. The sales to new listings ratio has eased to 75 per cent, providing some opportunity to see inventory levels improve relative to figures recorded over the previous five months. However, inventory levels remain exceptionally low relative to sales, keeping the months of supply below one month.

There has been less than one month of supply in this market since November of last year. The exceptionally tight conditions have caused significant gains in prices. In March, the benchmark price rose to $473,400, nearly 10 per cent higher than last month and 30 per cent higher than last year. The highest gains occurred for both detached and semi-detached homes.

Cochrane

Sales this month reached new record highs and are more than double the levels traditionally seen in March. Like most markets, Cochrane has struggled with strong demand relative to the supply. Inventory levels did edge up over last month but with only 86 units available, it is still among the lowest levels of March inventory recorded for the town. It was also the fifth consecutive month that the months of supply remained below one month.

The persistently tight market conditions resulted in further price gains. In March, the benchmark price reached $520,000, which is nearly six per cent higher than last month and 23 per cent higher than last year’s levels.

Okotoks

Like Airdrie and Calgary, sales in Okotoks reached a new all-time record high this March. Improving sales were possible thanks to a gain in new listings. The increase in new listings this month also helped support some modest gains in inventory levels compared to what has been available in the market over the past seven months. However, with only 99 units available and 113 sales, the months of supply still remains exceptionally tight at under one month.

Persistently tight market conditions have caused persistent upward pressure on prices. After five months of consecutive gains, the benchmark price in March reached $534,200, nearly 13 per cent higher than last year.


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Sellers' market conditions continue to impact prices

City of Calgary, Feb. 1, 2022 – Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months. 


The tight market conditions contributed to further upward pressure on prices. The unadjusted benchmark price in January reached $472,300, a monthly gain of nearly two per cent and a year-over-year gain of 12 per cent.


“Expected gains in lending rates are contributing to persistently strong demand in the housing market, as purchasers are eager to get ahead of any increases,” said CREB® Chief Economist Ann-Marie Lurie.  


“We did see more listings this month, but it did little to change the market balance or take any pressure off prices. This was expected, as these conditions should persist for several more months.” 


There were 2,009 sales in January, well below record levels, but over 98 per cent higher than long-term trends. At the same time, 2,476 new listings came onto the market, resulting in a sales-to-new-listings ratio of 81 per cent. This is far higher than levels traditionally recorded in January.  


Detached 

New listings improved in January, reaching 1,295 units. However, with 1,148 sales in the month, inventory levels continued to fall. Limited levels of supply are likely preventing stronger sales growth for this property type. Detached inventory levels fell to a new record low at 895 units and for the second month in a row the months of supply remained below one month. 


The exceptionally tight conditions caused prices to rise. In January, the unadjusted benchmark price rose by $12,000 compared with December, a monthly gain of over two per cent and a year-over-year gain of 14 per cent. While the gains compared with January 2021 are significant, much of last year’s price growth did not occur until the spring. 


Semi-Detached

January saw a boost in new listings compared to the low levels seen at the end of 2021. This helped support further gains in sales. Despite the increase in new listings, inventory levels remained relatively low. With only 242 units in inventory, levels are 46 per cent lower than longer-term trends. Low inventories and strong sales resulted in a months of supply of just over one month, far lower than both last year and longer-term averages.


The tight market conditions caused prices to trend up compared with last month, resulting in a January benchmark price of $439,900. Prices trended up in every district, but the monthly gains were not as high in the North West and City Centre as they were in the rest of the city.


Row

January row sales rose to 305 units, more than double the levels traditionally seen at this time of year. The improvement in sales was related to the level of new listings this month. New listings are still lower than traditional levels, but they did rise from figures seen over the last few months of 2021. Inventories eased slightly compared to last month, but with only 422 units in inventory, supply levels remain well below long term-trends. As a result, the market continues to favour the seller.


Persistently tight market conditions caused prices to increase for row-style properties. However, the pace of growth was not as high as what we’ve seen in the detached segment of the market. January’s benchmark price reached $305,600, nearly two per cent higher than last month and nine per cent higher than last year.


Apartment Condominium

With 357 sales in January, levels were the highest they have been for the month since 2007. The improvement in sales was supported by the number of new listings that came onto the market. In January, there were 551 new listings added to the market. With just over 1,000 units in inventory, there is more supply available in the apartment condominium sector than in any other sector. Despite the improvement in sales, the months of supply has remained at three months, reflecting relatively balanced conditions.


With fewer supply challenges in this market, prices have remained relatively unchanged compared to last month. The unadjusted benchmark price of $251,200 in this sector is over two per cent higher than last year.


REGIONAL MARKET FACTS

Airdrie

Despite persistently low inventory levels, sales activity rose to near-record highs for January. The gains in sales were possible due to the boost in new listings in January compared with levels recorded over the past few months. However, given the persistently low inventory levels, the market remains in strong sellers’ market conditions with less than one month of supply. 


Persistently tight market conditions continue to place upward pressure on prices. In January, the total residential benchmark price rose by nearly three per cent over last month to $408,900. Most of the increase was due to significant gains recorded for both detached and semi-detached homes. 


Cochrane

Sales in Cochrane hit record high levels for January. The growth was supported by gains in new listings relative to what was available over the last few months of 2021. The monthly gains in new listings helped keep inventory levels relatively stable, but with only 62 units available in inventory, levels are over 70 per cent lower than what we traditionally see in the market. The strong sales and low inventory levels kept the months of supply below one month, the lowest ever recorded for January in Cochrane.


The tight market conditions continue to place upward pressure on prices. In January, the benchmark price for a detached home rose to $512,900. Due to strong monthly gains occurring at the end of last year, the monthly growth was not as high as what was seen in some other regional markets.


Okotoks

Sales activity remained relatively strong in Okotoks, despite persistently low inventory levels. In January, there were 38 units in inventory, the lowest levels ever seen for the month and 76 per cent lower than long-term averages. With 43 sales this month and 38 units in inventory, the months of supply remained exceptionally tight at under one month. 

Okotoks has not faced conditions this tight since 2006 and it is causing upward pressure on prices. In January, the detached benchmark price rose to $515,100, a significant increase compared with last month and over eight per cent higher than last year.


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2021 record year for home sales

City of Calgary, Jan. 4, 2022 – 


Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 per cent higher than the 10-year average.

“Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case in many other cities, the supply has not kept pace with the demand, causing strong price growth,” said CREB® Chief Economist Ann-Marie Lurie.


As of December, the unadjusted benchmark price rose by nearly one per cent over last month and was sitting over 10 per cent higher than last year’s figures. Overall, the 2021 benchmark price rose by more than eight per cent compared to last year for a total of $451,567, just shy of the annual record high set back in 2015.


We are entering 2022 with some of the tightest conditions seen in over a decade. As of December, inventory levels are nearly 25 per cent lower than long-term averages for the month. This will have an impact on our housing market as we move through 2022. More details on the housing market forecast for 2022 will be released on Jan. 25.

HOUSING MARKET FACTS

Detached


With 17,038 sales in 2021, home sales remained slightly lower than the record high set in 2005. While a new record was not set, sales are still over 40 per cent higher than long-term averages and supply challenges likely prevented stronger sales this year. New listings rose, but it was not enough to offset sales, causing inventories to ease. In the detached sector, average inventory levels were over 23 per cent lower than long-term trends. With only 898 units in inventory in December, we are entering 2022 with the lowest detached inventory on record. 


Strong sales relative to inventory levels caused the months of supply to dip below one month, which is tighter than levels recorded in the spring market. Tightening conditions over the past several months once again weighed on prices. The detached benchmark price rose by nearly one per cent compared with last month and is nearly 12 per cent higher than last year’s levels. Overall, the detached sector has recorded the largest annual price gain at nearly 10 per cent, not only recovering from the 2015 annual high, but exceeding it by nearly three per cent.

Semi-Detached


In 2021, there were 2,571 semi-detached sales, an annual gain of 55 per cent and over 47 per cent higher than longer-term trends. Relative affordability and less supply choice in the detached sector caused many to consider semi-detached properties. However, like other property types, semi-detached sales growth outpaced new-listings growth, especially at the end of the year, causing significant declines in inventory levels and the months of supply, which has remained below two for the past three months.


Tight conditions have caused further price growth, as December prices were nearly 10 per cent higher than last year. Overall, on an annual basis, semi-detached home prices improved by eight per cent, reaching a new record high. However, prices have not recovered across all districts, as the City Centre, North East and South districts have not seen full price recovery,

Row


Over the past few months, row properties have increased in popularity, reporting strong sales growth that has outpaced the growth in new listings. This has created much tighter conditions and is supporting stronger price growth. 


Inventories were not as much of a challenge earlier in the year, so the pace of price growth was not as high as the growth seen among some of the other property types during that time. However, benchmark prices rose by six per cent on an annual basis, supporting some price recovery. Despite the gains, prices remain nearly nine per cent lower than the previous high. 

Apartment Condominium


Record sales in December were not enough to support annual record-high sales for this property type. Unlike the other property types, the apartment condominium sector has not experienced many supply challenges, as inventories this year generally remained above historical levels. However, the growth in sales was enough to help shift the market from one that favoured the buyer to one that was relatively balanced. 


The balanced conditions did support modest annual price growth of just over two per cent. Each district saw some improvement in price this year, varying from less than one per cent growth in the City Centre to over six per cent growth in the West district. Despite these price gains, prices are still recovering across all districts and citywide prices remain 14 per cent lower than previous highs recorded in 2014. 


REGIONAL MARKET FACTS


Airdrie


December sales reached record levels despite further reduction in new listings. The strong sales have caused inventory levels to drop to a mere 82 units, which is the lowest they’ve been since 2005. Overall, Airdrie recorded a record 2,299 sales this year. This is 78 per cent higher than activity recorded over the past 10 years and is 36 per cent higher than the previous record set in 2014. 


Airdrie’s strong growth in housing demand could be related to the relative affordability of detached homes there compared to Calgary and less concern among consumers over commute times, as some companies shift toward hybrid work options. Bringing on new supply has been a challenge in Airdrie, and this has driven some significant price gains in the city. Overall, annual benchmark prices hit a new record at $380,867 in 2021, nearly 12 per cent higher than last year’s levels and two per cent higher than the previous annual record. 

Cochrane


Despite persistently low levels of new listings relative to sales, Cochrane’s sales reached record levels in 2021. However, the sales-to-new-listings ratio has exceeded 100 per cent for four of the past six months, causing inventories to drop to the lowest levels seen in over a decade. 


This has caused further tightening in the market, as the months of supply has remained below one month over the past two months. The exceptionally tight conditions, especially over the past few months, have caused further price gains. As of December, the benchmark price was nearly 10 per cent higher than levels reported last year. Overall, on an annual basis, the benchmark price has increased by seven per cent, reflecting a new record high for the town.

Okotoks


Despite persistent challenges with supply levels, sales in Okotoks reached record levels in 2021. However, the strong sales weighed on inventory levels, which on average eased by 41 per cent this year and remain over 50 per cent lower than what the market typically has available. 


Easing inventory and strong sales left the months of supply atecord-low levels in December with less than one month of supply. With sellers’ market conditions throughout the year, there have been some significant gains in prices. On an annual basis, the benchmark price hit a new record high at $474,842, which is an annual gain of nearly nine per cent.


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Persistent sellers' market conditions drive up prices

City of Calgary, Dec. 1, 2021 – Driven by growth in demand for all property types, there were 2,110 sales in November, just shy of the record for the month set in 2005.


“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB® Chief Economist Ann-Marie Lurie.


“At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.” 

New listings in November totalled 1,989 units, which was fewer than the number of sales this month. With a sales-to-new-listings ratio of over 100 per cent, inventory levels dropped to 3,922 units and the months of supply dipped below two months. 


It is not unusual to see new listings and inventories trend down at this time of year, but slower sales are also typical. Instead, sales have remained at roughly the same levels seen since August.


Persistent demand and slow supply reaction caused the benchmark price to trend up this month to $461,000, an increase compared with last month and nearly nine per cent higher than levels recorded last year.


HOUSING MARKET FACTS

Detached

Conditions in the detached home sector continued to tighten in November, with a sales-to-new-listings ratio that pushed up to 118 per cent and the months of supply dropping to 1.2 months. These are levels not seen since the spring. 


More than half of sales occurred in the $400,000 – $600,000 price range, but the largest sales gains occurred for properties price above $600,000. This is, in part, related to more supply choice in the upper end of the market compared with the lower end. On a year-to-date basis, homes priced above $600,000 now reflect nearly 31 per cent of all sales, far higher than the 23 per cent recorded last year.


Benchmark prices rose to $542,600, a new monthly record and nearly 11 per cent higher than last year’s levels. Year-over-year price gains have occurred in every district, with the strongest growth occurring in the West, where gains exceeded 13 per cent. The City Centre remains the only district where prices remain below 2014 highs.


Semi-Detached

Another record-high month of sales pushed year-to-date sales to 2,436 units. This is not only a year-to-date record, but also 13 per cent higher than the annual record set in 2014. 


With less supply choice in the detached sector, many buyers have shifted their focus to semi-detached homes. However, like the detached sector, semi-detached supply levels have been struggling to keep up, as the months of supply dipped below two months in November. 


So far this year, most sales have occurred in the $300,000 – $400,000 range, but activity has increased at the upper end of the market, where semi-detached homes priced above $700,000 now reflect more than 20 per cent of all sales. This is a significant shift compared to last year, where this segment represented only 15 per cent of semi-detached sales.


Thanks to gains in all districts, the semi-detached benchmark price rose to $429,800, which is nearly nine per cent higher than last year. On a year-to-date basis, prices have recovered in all districts except the City Centre, North East and South.


Row

Row properties have not faced the same supply challenges as semi-detached properties so far this year. As a result, the row sector has seen the largest growth in sales, which have already surpassed the annual record high. 


Row properties often offer a more affordable alternative to detached homes for consumers who are looking for more space than an apartment condominium. Nearly 83 per cent of all sales that occurred in this sector were priced below $400,000.


While row supply levels have not been as tight as in the detached or semi-detached sectors, strong demand has caused inventories to fall. This is contributing to tighter market conditions in this segment as well. 


With less supply/demand pressures for this property type, prices have not experienced the same gains seen among detached or semi-detached homes. On a year-to-date basis, the benchmark price was six per cent higher than last year, but it remains lower than previous highs set in 2015.


Apartment Condominium

The apartment condominium sector recorded another month of strong growth, contributing to year-to-date sales of 3,834. Sales remain far from record highs, but this is still the highest level of activity seen since 2014.


Improving sales led to slightly tighter conditions in this market, but inventory levels were high relative to historical levels, making this segment an outlier compared with the other property types.


Supply challenges have not been as prevalent for apartment condominiums, so prices growth and recovery in the sector have remained far lower than the other property types. However, on a year-to-date basis, prices have improved by more than two per cent in a reversal of the steady annual decline recorded since 2015.


REGIONAL MARKET FACTS

Airdrie

November sales reached record levels despite limited inventory in the market. There were only 106 new listings this month compared with 144 sales, driving the sales-to-new-listings ratio up to 136 per cent. This caused inventories to fall to 137 units and the months of supply to drop below one month.


Airdrie has faced sellers’ market conditions since the middle of last year and this has had a significant impact on prices. On a year-to-date basis, benchmark prices have risen by nearly 12 per cent, with the strongest gains occurring in the detached sector.


Cochrane

Like Airdrie, Cochrane experienced another record month of sales in November. Year-to-date sales reached 1,163 units, which is double the long-term average for the town. 


Like many other areas, Cochrane’s housing supply is struggling to keep up with demand. New listings eased this month, pushing the sales-to-new-listings ratio above 146 per cent, and inventories fell to 77 units. This caused the month of supply to drop below one month, the lowest ever recorded for November.


Persistently tight conditions continue to impact prices. On a year-to-date basis, prices have risen by nearly seven per cent, with gains recorded for every property type. 


Okotoks

New listings were higher this month than last year’s levels, but they could not keep pace with sales. The sales-to-new-listings ratio remained above 100 per cent for the second month in a row, causing further declines in inventory levels and the months of supply.


Persistently strong demand and easing supply levels have ensured the market continues to favour the seller. This has resulted in upward pressure on prices.


Driven by strong gains in the detached sector, prices have improved by nearly nine per cent on a year-to-date basis.


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Market continues to favour the seller in October

City of Calgary, Nov. 1, 2021 – There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.
 

“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie. 


“Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”


New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but much of the decline in the months of supply has been related to the strong sales levels. As of October, the months of supply dipped to just over two months. 


Persistently tight market conditions did cause some benchmark price gains this month. The benchmark price in October reached $460,100, slightly higher than last month and nearly nine per cent higher than the $422,600 recorded last October.


HOUSING MARKET FACTS

Detached

Thanks to gains in most districts, detached home sales improved by 17 per cent compared to last year. The strongest sales growth this month occurred in the North East and East districts, which are the most affordable districts in the city.


New listings improved relative to last year’s levels, but with 1,350 new listings in October and 1,333 sales, the sales-to-new-listings ratio for detached homes rose to 99 per cent, inventories fell to 2,063 units and the moths of supply dipped below two months. 


Further tightening in the detached market resulted in upward pressure on home prices. In October, the detached price reached $540,900, up nearly one per cent compared with last month and over 10 per cent higher than levels reported last October. On a year-to-date basis, price growth has been the strongest in the North and South East districts, where prices have increased by over 11 per cent.


Semi-Detached

Sales continued to improve this month, contributing to the year-to-date record high. However, new listings eased and the sales-to-new-listings ratio rose to 98 per cent as inventories fell. The months of supply, which has trended down over the past several months, once again placed upward pressure on prices in the sector. 


The semi-detached benchmark price rose to $427,800 this month, nearly nine per cent higher than last year’s levels. So far this year, sales have improved across every district, but the tightest conditions have been in the South East and North districts. These two districts have also seen the highest year-to-date price gains, which have exceeded 10 per cent.


Row

Thanks to improvements across most districts, row sales remained relatively strong in October, contributing to the year-to-date record high. However, unlike other sectors, the row sector did see a significant increase in new listings compared with last year’s levels, preventing a large decline in inventory. This helped push the months of supply back above three months. The market is not as tight as it was last month, but conditions are still far tighter than levels typically seen during this time of year and vary significantly by district. The months of supply remained below three months in the North, South, South East and East districts in October. 


Row prices have not recovered from previous highs, but prices did trend up this month. So far this year, the largest gains have been for row homes in both the East and North East districts, where benchmark prices have averaged less than $200,000 in 2021.


Apartment Condominium

Thanks to improvements across the city, October condominium sales were strong relative to both last year’s levels and long-term averages. Nearly half of the condo sales occurred in the City Centre, which was the only district to see monthly sales trend up significantly relative to last month. Some of the sales gains could be related to price


adjustments in the district, as October benchmark prices were over three per cent lower than last year’s levels and trended down from last month. The decline in the City Centre prices offset the gains recorded in other parts of the city, causing citywide figures to remain relatively unchanged from levels recorded last October. 


Despite some of the monthly shifts on a year-to-date basis, condominium prices have improved by over two per cent compared with last year, with gains ranging from less than one per cent in the City Centre to over six per cent in the West district. Price gains for apartments are far lower than other property types, as the same supply challenges have not existed in this sector.


REGIONAL MARKET FACTS

Airdrie

October was another record high month for sales. This contributed to year-to-date sales of 2,039, nearly 81 per cent higher than average activity from the past five years. Lifestyle choices, low interest rates and Airdrie’s relatively affordable detached homes compared with Calgary have supported the strong sales.


While new-home starts are ramping up, it has done little to ease the supply shortages facing the resale market. In October, sales outpaced new listings, causing further declines in inventory levels and a months of supply that eased to one month.


Benchmark prices in October were over one per cent higher than last month and over 14 per cent higher than levels reported last year. Gains have been exceptionally strong in the detached segment of the market, where prices are nearly 16 per cent higher than last October.


Cochrane

Thanks to a jump in sales for higher-density product, sales this month rose to new record highs. Year-to-date sales have pushed to 1,081 units, which is nearly 95 per cent higher than average activity from the past five years. 


There was also a turnaround in new listings, which improved in October after several months of easing. This helped improve some of the supply-demand balances, but the Cochrane housing market continues to struggle with sellers’ market conditions. 


While conditions remain tight, there was no additional upward pressure on monthly prices in October compared with previous months. As of October, year-to-date total residential benchmark prices have improved by nearly seven per cent across the entire resale market. 


Okotoks

For the second time this year, sales outpaced new listings this month, dropping inventory levels to 74 units. This is nearly 60 per cent lower than traditional levels and resulted in the lowest months of supply ever recorded in October.

Conditions remain exceptionally tight, but prices trended down slightly compared to previous months. However, it is important to note that on a year-to-date basis, total residential prices have improved by over nine per cent.


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

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


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

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Inventory rises, but sellers' market conditions persist

City of Calgary, June 1, 2021 – With 2,989 sales, housing market activity hit a new May record.Despite strong levels of sales, they did trend down relative to last month. Additionally, there were 4,562 new listings, causing seasonally adjusted inventory levels to increase over last month.


"The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation," said CREB® chief economist Ann-Marie Lurie.


"However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising, but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs."


The months of supply did trend up slightly this month to just over two months, but it was not enough to halt the upward pressure on prices. The unadjusted benchmark price in May reached $455,200. This is one per cent higher than last month and nearly 11 per cent higher than prices recorded last year. 


Sales have been rising across all product types, but homes priced above $600,000 represent a larger-than-usual share of all sales. The upper end of the market only reflected 16 per cent of city sales last May, compared with this year where it now reflects nearly 26 per cent of all sales.   


HOUSING MARKET FACTS


Detached


Seasonally adjusted figures show detached home sales trending down slightly from last month, but levels remained the best recorded for May.


Due to relatively strong new listings, inventories are trending up relative to both the previous month and the previous year. This caused the months of supply to increase to 1.7 months and reflects some easing of the extremely tight market conditions seen over the past several months. However, the detached market continues to favour the seller and prices continue to rise.


Detached home prices rose across each district, with the largest year-over-year gains occurring in the North, North West and South East districts. 


The gains in prices have been supporting price recovery for detached homes. As of May, only the City Centre and North East districts have seen prices remain below previous highs.


Semi-Detached


Year-to-date sales totalled 1,169 units, which is the strongest five-month total on record for this product type. Despite some adjustments in new listings, the sales-to-new-listings ratio rose to nearly 75 per cent.


Overall, the months of supply remained below two months for semi-detached housing, supporting further price gains on a monthly and year-over-year basis.


Benchmark prices have seen double-digit price gains compared to last year's levels in all districts except the City Centre.


The highest gains have occurred in the South East, South and North districts. While the city total is showing a recovery in price based on monthly levels, there are several districts where prices continue to remain below their previous highs.


Row


Inventory levels trended up compared to last month and levels seen last year. This is due to further gains in new listings relative to sales and caused the months of supply to rise to 2.5 months.


However, conditions continue to favour the seller, which is causing further price gains this month. The unadjusted benchmark citywide price totalled $296,400. This is a one per cent increase over last month and nearly eight per cent higher than last year.


Prices continue to improve across most districts, but they remain well below previous highs. Depending on the location, prices remain anywhere from five to 20 per cent below previous highs.


Apartment Condominium


Year-to-date condominium sales totalled 1,659 units.


This is highest number of sales seen since 2014. Despite the improvements, seasonally adjusted sales did trend down relative to last month.


Recent price increases are likely supporting some of the strength in new listings. While levels have been trending down compared to a few months ago, they do remain elevated based on what we typically see in May. As the sales-to-new-listings ratio eased to 48 per cent, we saw inventories trend up this month, pushing the months of supply to over five months

.

Slightly higher supply levels compared to sales did impact the pace of monthly gains in the benchmark price. However, May prices remain nearly five per cent higher than last year's levels. Price movements also varied depending on location, but no district has seen prices recover to previous highs.


Currently, the citywide price remains nearly 16 per cent below 2014 levels.


REGIONAL MARKET FACTS


Airdrie


Sales activity in Airdrie continues to increase, trending up over last month and hitting a new May record high. Meanwhile, new listings have not kept pace and trended down from last month.  


This has caused the sales-to-new-listings ratio to rise to 95 per cent this month, the highest level seen since the end of last year. This caused inventory levels to trend down to the lowest levels seen in May since 2014.


Unlike Calgary, there has been no lull in the Airdrie market and the months of supply fell to just over one month, causing further price gains.  


After 11 consecutive months of increasing prices, the May benchmark price totalled $379,000, nearly 12 per cent higher than last year's levels. While prices have not recovered across all product types, detached home prices have hit a new high at $425,100.


Cochrane


Sales this month are at record levels for the month, but they did trend down compared to last month. However, this could be related to the low levels of new listings in contrast to high market demand. The sales-to-new-listings ratio dropped when compared with last month, but at 82 per cent it did little to change the inventory situation in the market. There were only 180 units in inventory and the months of supply was 1.5 months. This is well below levels typically seen this time of year.


Persistent sellers' market conditions are causing further price gains in the market. The unadjusted benchmark price rose to $451,700 in May. This is nearly three per cent higher than last month and over nine per cent higher than last year's levels. This also reflects a full recovery in prices, fueled by the detached and semi-detached property types.


Okotoks


Year-to-date sales in Okotoks are at record levels. New listings have also been generally on the rise, but this has not been enough to push the market out of sellers' market conditions, which continue to push prices upwards.


The unadjusted benchmark price rose to $483,400 in May. This is a significant gain over last month's price and is nearly 14 per cent higher than last year's levels.


With 12 consecutive months of price increases month over month, prices in this market have recovered relative to previous highs.


However, this is primarily driven by the detached properties in the market.

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

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As posted by the CALGARY REAL ESTATE BOARD


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Calgary housing market sees best March sales in over a decade 

Persistent sellers’ market conditions contribute to price gains


City of Calgary, April 1, 2021 – The initial impact of COVID-19 on the housing market began last March.


One year later, it is not a surprise that March sales in 2021 were higher than in 2020. However, at 2,903 sales, this was the highest March total since 2007.   


“Low lending rates and improved savings have supported sales activity,” said CREB® chief economist Ann-Marie Lurie.


“However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.” 


Inventory levels pushed above 5,400 units, but citywide months of supply fell below two months. This reflects the lowest months of supply for March since 2014 and these tight conditions have contributed to price gains.


In March, the benchmark price trended up over last month to $441,900, over six per cent higher than last year’s levels. The price gains have moved the market closer to recovery, but prices remain over five per cent lower than 2014 highs.


“Improving prices will likely support further gains in new listings, as sellers try to capitalize on the recent shift toward rising prices,” said Lurie.


“Eventually, this will help support more balanced conditions, but it could take time before we see this shift in the market.”


HOUSING MARKET FACTS


Detached


Like last month, detached sales activity improved across most price ranges and all districts in the city. While new listings did improve, inventory levels remained relatively low at 2,409 units, causing the months of supply to drop to just over one month.


The citywide detached benchmark price rose by nearly eight per cent compared to last year. Year-over-year gains ranged from a low of nearly three per cent in the City Centre to a high of nearly 11 per cent in the North and South East districts.


Prices in most districts remain below previous monthly highs, but recent gains in both the North and South East have supported full price recovery in those areas.


Product priced under $400,000 recorded the lowest sales growth, as limited inventory weighed on that segment of the market. However, rising sales and easing inventory resulted in tighter market conditions across all price ranges. This is likely supporting price gains, not only in the mid and lower price ranges, but also the upper price ranges in the market.


Semi-Detached


Steady gains in sales caused first quarter sales totals to reach nearly record highs for this property type. Improving new listings were not enough to offset the sales and the months of supply fell below two months for the first time since 2014. Low supply levels relative to sales contributed to further gains in prices, which, as of March, were nearly six per cent higher than last year’s levels.


Benchmark prices trended up across all districts and prices remained higher than last year’s levels across most districts. The largest year-over-year price gains occurred in the North district, with an increase of nearly 10 per cent.


Row


Echoing the results of other property types, sales activity for row properties has risen far above long-term averages. However, it is the first time since 2014 that the months of supply has fallen below three months. The row-property market has taken longer to see tighter conditions, but the recent tightening is starting to have a more significant impact on price.


As of March, row benchmark prices rose to $288,800, nearly three per cent higher than last year. However, activity was not consistent across all districts.  The largest price gains occurred in the City Centre and West districts.  Despite recent gains, prices remain well below previous highs.


Apartment Condominium


For the third month in a row, sales activity was stronger than the previous year. New listings also rose and is causing some inventory gains. Despite the inventory gains, sales have been far better than levels seen over the past six years and the months of supply did trend down to the lowest March levels since 2014.


Tightening conditions did support some year-over-year price gains in this segment. After experiencing falling prices for the better part of five years, this change is a welcome shift for most sellers. However, prices remain nearly 17 per cent below the 2014 highs.


REGIONAL MARKET FACTS


Airdrie


Strong sales activity continued into March. New listings also rose, but it was not enough to cause any significant shift in inventory and the months of supply fell to just over one month.


The low levels of supply relative to demand have been persistent in this market since the second half of 2020, causing steady gains in prices. As of March, the benchmark price was $355,800, an increase from last month and nearly eight per cent higher than last year’s levels.



Cochrane


Cochrane reached a record high level of sales and new listings in March. The increase in new listings likely contributed to some of the sales gains and was high enough to support some monthly gains in inventory. However, inventories remained low relative to what we traditionally see at this time of year and the months of supply dropped to levels not seen since 2006.


Persistent sellers’ market conditions supported further price gains in March, as the benchmark price rose to $423,800, nearly five per cent higher than last year’s levels.


Okotoks


New listings in this market continue to trend up from the lower levels recorded at the end of last year. However, the gains this month were accompanied by strong sales growth, pushing the sales-to-new-listings ratio back over 90 per cent.


Inventories remain exceptionally low for March and the months of supply eased to just over one month. These exceptionally tight conditions have supported further price gains this month. The benchmark price trended up over last month and currently sits over seven per cent higher than March 2020 figures.

 

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

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


From: Terence Leung 
Manager, External Relations & Media
Phone: 403-781-1349
Email: terence.leung@creb.ca


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Sellers' market in February leads to rising prices

City of Calgary, March 1, 2021 – 


With gains in every price range, residential sales activity in February totalled 1,836. This reflects the best February since 2014.


“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.

“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.” 


New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.


Conditions are far tighter in the detached sector of the market, especially for product priced below $600,000, where strong sellers’ market conditions are present with less than two months of supply.


The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels. 


Detached product has the lowest months of supply and is also exhibiting the most significant gains in prices. On the opposite end of the spectrum, the apartment condominium segment still has a relatively high level of inventory compared to sales, which is impacting price recovery for this property type.


HOUSING MARKET FACTS


Detached

Detached sales improved across every price range this month, but the lack of choice in the lower price ranges likely placed limits on the gains in sales.


New listings did rise, but it was not enough to prevent further tightening in the market, as the sales-to-new-listings ratio rose to 71 per cent and the months of supply fell to under two months. This is the lowest months of supply recorded in February since 2007.


Tighter market conditions occurred across all price ranges, but properties priced below $600,000 saw the months of supply fall to just above one month. These conditions are supporting significant price gains in the detached sector, which recorded a February benchmark price of $502,500. This is nearly two per cent higher than last month and five per cent higher than last year. It is also the first time since 2018 detached prices have risen above $500,000, and currently sits under five per cent below previous highs recorded in 2014.


Prices increased compared to last month and last year in every district of the city. However, the magnitude of those increases varied, with the largest year-over-year gains occurring in the South East district at nine per cent, and the lowest gains occurring in the City Centre at under two per cent. 


Semi-Detached

Semi-detached sales in February recorded significant gains, pushing sales activity to the highest February levels seen in nearly 13 years. However, like the detached sector, the improvements in new listings were not enough to offset sales, ensuring this sector continues to favour the seller.


With lower levels of supply relative to sales, benchmark prices improved over both last year and last month. However, this was not consistent across all districts. The West district continues to see prices that remain over two per cent lower than last year’s levels. The strongest year-over-year price gains were reported in the South East and North districts.


Row

Despite a significant increase in new listings, improving sales offset the gains and the months of supply fell to three months.

Conditions for row properties are not as tight as what we have seen in both the detached and semi-detached sectors. However, they do reflect an improvement relative to the oversupplied conditions recorded last year. However, when considering activity by price range, pockets of oversupply persist in this market.


Citywide reductions in inventory relative to sales supported some price improvements in this segment. The benchmark price trended up from last month and currently sits just over one per cent higher than last year’s levels. Year-over-year gains did not occur across all districts, as prices remain lower than last year’s levels in the North, North West, South and South East districts.


Apartment Condominium

Driven by product priced mostly under $300,000, apartment condominium sales improved to best February levels recorded over the past six years.


However, the gain in sales was not enough to cause any significant changes in inventory levels. February inventory remained elevated compared to levels we typically see at this time of year.


While the months of supply has trended down in this sector, it remains above five months. This is preventing the same type of price recovery seen in other sectors. On a year-to-date basis, the benchmark price remains similar to levels recorded last year.


REGIONAL MARKET FACTS


Airdrie

February sales reached new record highs for the month.


The largest gain in sales occurred in the $400,000 - $500,000 price range. New listings also increased, but the sales-to-new listings ratio remained elevated at 71 per cent and the months of supply dropped to under two months in February. This is the tightest level seen since 2014.


Persistent sellers’ market conditions have resulted in further price gains in the market. The benchmark price has trended up for the past eight months and, as of February, it isover seven per cent higher than last year’s levels. Most of the price growth has been driven by the detached sector.


Cochrane

Cochrane sales more than doubled compared to last February. This represents the strongest February ever recorded for the town.


New listings also rose for the month, but it was not enough to cause any substantial change in inventory levels and the months of supply fell to below two months. This is the lowest months of supply for February seen since the record low in 2006.


Tight conditions supported price growth in February, as the benchmark price rose to $413,700, a four per cent increase from last year’s levels.


Okotoks

New listings have been trending up from the lows seen at the end of 2020, helping to support a significant improvement in sales in February. February sales reach levels not seen for the month since the record high in 2007. 


Inventory levels remain exceptionally low relative to sales and the months of supply dropped below two months. Like other towns around Calgary, the sellers’ market conditions caused prices to trend up. In February, the benchmark price reached $442,600, nearly five per cent higher than levels recorded last year.

 

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

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


For more information, please contact: 

Terence Leung 
Manager, External Relations & Media
Phone: 403-781-1349
Email: terence.leung@creb.ca

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January sales signal strong start to 2021

City of Calgary, February 1, 2021 –

By Calgary Real Estate Board 

Terence Leung


January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021

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Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.


Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two per cent.


Average and median prices recorded higher year-over-year gains, likely due to larger gains in sales in the higher end of the market. Those segments do not have the same inventory constraints as  lower-priced product.


HOUSING MARKET FACTS


Detached

January sales activity improved across most prices ranges. However, limited inventories for homes priced below $500,000 ensured conditions in those segments remained firmly in sellers’ market territory. This likely prevented stronger sales improvements in this portion of the market.


However, with better supply options at the upper end of the market, sales activity improved.


The citywide months of supply was just over two months, a significant drop from last January where levels were nearly five months. The tighter conditions in this segment supported further gains in prices, which currently sit nearly three per cent above last year’s levels.


Year-over-year price gains range significantly throughout the districts of the city. The largest gains occurred in the North and South East districts. Prices remained relatively unchanged over the previous year in the City Centre and West districts.


Semi-Detached

January sales activity rose over last year’s levels due to gains across most districts. The West end district continues to see slower activity than the previous year. 


New listings improved from December levels. This is causing some monthly gains in inventories, but inventory remains well below levels seen last year and the months of supply remained below three months.


Price activity did vary depending on location. Year over year, prices remain over one per cent higher than last year’s levels thanks to strong gains in the North and South East districts. However, persistently high levels of inventory compared to sales contributed to the significant price decline occurring in the West district.


Row

Thanks to gains across nearly every district, sales activity improved compared to the previous year. Unlike the detached and semi-detached sectors, row new listings trended up relative to last month and levels recorded last year.


The rise did result in some monthly gains in inventory levels and caused the months of supply to rise to nearly five months. This is not entirely unusual activity for January. The months of supply remains well below last year’s levels at nearly seven months.


Citywide row pricing remained relatively stable compared to last year and last month. However, there was significant variation depending on location. Year-over-year price gains exceeded four per cent in the City Centre, West and East districts.  Meanwhile, prices eased by over three per cent in the North and South East districts.


Apartment Condominium

For the third month in a row, apartment condominium sales rose above levels recorded in the previous year. January levels are the best we have seen since 2014. While new listings have eased compared to last year, they recorded a significant jump over December levels, keeping inventories elevated relative to sales activity.


While prices remain well below previous highs, there were some districts that recorded year-over-year gains. The strongest gains occurred in the North East, East and South districts. However, prices continue to fall in the City Centre, West and South East districts.


REGIONAL MARKET FACTS


Airdrie

Sales activity stayed strong in January. With 103 sales, this was the best January since 2007. New listings improved compared to last month, resulting in some monthly gains in inventory levels. However, the months of supply has remained relatively tight.


With conditions continuing to favour the seller, benchmark prices trended up relative to last month. At $349,100, benchmark prices are over five per cent higher than levels recorded last January. The strongest year-over-year price gains occurred in the detached and semi-detached sectors.


Cochrane

Cochrane sales improved from last January’s levels, but we also saw a notable rise in new listings. This caused the sales-to-new-listings ratio to ease to 63 per cent.


This is a significant improvement over last month, which saw sales levels exceed the level of new listings in the market. Overall, conditions remain relatively tight, with the months of supply staying below three months.

Benchmark prices recorded year-over-year gains across all property types. Overall, benchmark prices remained over four per cent higher than last January’s levels.


Okotoks

After several months of relatively weak new listings, January saw some pickup in new listings relative to the last quarter of 2020.


Sales remained relatively consistent with last year’s levels, causing the months of supply to trend up to three months. This is higher than the extremely tight levels seen at the end of 2020, but it is still significantly lower than the six-plus months recorded in January of last year.


Benchmark prices remained stable compared to last month, but they are over three per cent higher than last January. The gains were driven by the detached sector, as prices continue to ease in the semi-detached, row and apartment sectors.


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

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

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Amidst economic challenges housing market ends 2020 on a high note

City of Calgary, January 4, 2021 –


With December sales of 1,199, this is the highest December total since 2007.


"Housing demand over the second-half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring. Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year," said CREB® chief economist Ann-Marie Lurie.


Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remain well below long-term averages.


New listings in December increased by 11 per cent. However, the number of sales exceeded the number of new listings in December contributing to further declines in inventory.


Reductions in supply and improving demand in the second half of the year have contributed to some of the recent price improvements in the market. However, the recent gain in the benchmark price was not enough to offset earlier pullbacks as the annual residential benchmark price in Calgary declined by one per cent over last year.


The pandemic has resulted in a significant shift in economic conditions, yet the housing market is entering 2021 in far more balanced conditions than we have seen in over five years. This will help provide some cushion for the market moving into 2021, but conditions will continue to vary depending on price range, location, and product type.


More information about the 2021 housing market forecast for Calgary will be available at the CREB® Forecast on Tuesday, January 26, 2021.   For more event details, please visit crebforecast.com


HOUSING MARKET FACTS


Detached

Stronger sales in the second half of the year were enough to offset earlier pullbacks as detached sales totalled 9,950, just slightly higher than last years' levels. Despite the modest gain, detached sales activity remains at the lower levels recorded since the more stringent stress test was introduced in 2018.


Supply adjustments is causing sellers' market conditions for detached homes across all districts except the West and City Centre. This has helped support some price recovery in the market over the past several months.


Annual city-wide price remains relatively flat compared to last year, but there were notable annual gains in both the South and South East districts which both recorded price gains of nearly two per cent. Despite some of the annual shifts seen, prices remain well below previous highs in all districts of the city.


Semi-Detached

Sales growth in the North East, North, West and South East district were offset by declines in the City Centre, North West, South and East districts. Sales this year of 1,663 were similar to levels recorded last year.  


While sales did not improve across each district, there were reductions in supply across all districts and is helping to reduce the months of supply.


These reductions are starting to impact prices, but it was not enough to offset earlier pullbacks. City wide semi-detached prices eased by over one per cent in 2020, with the largest declines occurring in the City Centre, North West and West areas.


Row

Slower sales in the west district were not enough to offset the gains recorded in the rest of the city. Row sales totalled 2,145 in 2020, nearly two per cent higher than last years' levels. Despite the gains, levels continue to remain below long-term averages for the city.


Rising sales were generally met with a reduction in supply. This is causing the months of supply to trend down, especially over the second half of the year.


The decline in the months of supply was enough to help support some stability in prices. However, the adjustment did not occur soon enough and annual prices eased by nearly two per cent compared to the previous year and remain nearly 14 per cent below previous highs.


Price adjustments did vary depending on location. The steepest decline occurred in the North East with a year-over-year decline of five per cent. The strongest gain occurred in the West district with a two per cent rise.


Apartment Condominium

Sales this month were the best December since 2014. However, it was not enough to offset earlier pullbacks as apartment condominium sales eased by ten per cent in 2020. This is the slowest year for apartment condo sales since 2001 and the only property type to record a significant annual decline in sales.


Unlike other property types, supply levels have not adjusted in the same way and this segment remains oversupplied. Prices have trended down over the past two months due to excess supply. On an annual basis, the benchmark price declined by over two per cent this year and is over 16 per cent below the highs set in 2015.


REGIONAL MARKET FACTS


Airdrie

December sales reached a new record high for the month. Improving sales throughout the second half of the year contributed to the annual sales of 1,407, a year-over-year gain of 18 per cent. 


New listings also rose in December and is likely contributing to some of the monthly gains in sales. Overall, new listings have remained well below last year. Along with improving sales, this is causing inventories to decline.


Months of supply has remained below three months since June and prices have trended up. By December, the benchmark price had risen by nearly five per cent compared to last year.


On an annual basis, the gains in price were enough to offset the earlier pullbacks and is creating stability in prices. However, this was not the case for all product types. Detached prices rose by nearly two per cent on an annual basis. Benchmark prices for row and apartment style product eased by a respective seven and one per cent compared to last year.


Cochrane

Record sales in December contributed to the annual gain of 16 per cent, making it the best year of sales compared to the past five years. New listings in 2020 also eased compared to last year. Rising sales and less new listings on the market caused inventories to ease to the lowest levels recorded since 2014.


With months of supply of only two months, prices continued to trend up. December benchmark price was $419,900 and is a 5 per cent gain over last year. Prices have trended up over that past six months but remain relatively stable compared to last year. This is due to easing prices for higher density products offsetting gains in the detached sector.

Okotoks


Despite further declines in new listings, December sales improved. Year-to-date sales increased by nearly eight per cent. The lack of new listings and stronger sales caused inventories to drop to 63 homes in December, the lowest level for any month seen since 2006.


The lack of inventory and high demand has supported increasing prices for the second half of the year. As of December, the benchmark price was $434,700, nearly two per cent above last years' levels. Despite the recent gains, 2020 benchmark prices remain over one per cent below last years' levels.


However, this could be due to steeper price declines for semi, row and apartment style product.

 

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

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


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