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.

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

As posted by the CALGARY REAL ESTATE BOARD

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

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

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

.

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.

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.

City of Calgary, December 1, 2020 –

For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.

Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over three per cent lower than last year's levels.

New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly ten per cent and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.

"The gains in sales in the latter part of this year have been a bit surprising considering the job losses and unemployment rate in our city," said CREB® chief economist Ann-Marie Lurie.

"However, it is important to note that the shift to more balanced conditions has been mostly driven by the reduction of supply."

Tighter conditions in the housing market have contributed to some of the recent gains in benchmark prices. As of November, the benchmark price was $423,600. This is nearly two per cent higher than last year's levels.

However, conditions vary depending on price range. There is not a lot of supply for affordable homes in each product type because of high demand. This is likely causing differing price trends in the lower end of the market versus the higher end.

HOUSING MARKET FACTS 

Detached

November sales activity improved across every district, contributing to a year-over-year citywide increase of 26 per cent. Improving sales over the past six months have helped offset some of the pullbacks from earlier in the year, as year-to-date sales were only two per cent lower than last year's levels.

Like other sectors, inventory in the detached market has also eased due to the sharp decline in new listings. This has kept the months of supply below three months for the past three months. The tighter market conditions are supporting price gains. As of November, the detached benchmark price improved by nearly three per cent compared to last year for a total of $492,000. However, prices did not improve across all districts, as the City Centre continues to record prices that are one per cent lower than last year's levels.

Activity for this product type does vary significantly depending on location and price range. The pullback in new listings relative to sales has caused significant reductions in inventory for homes priced below $500,000. Higher price ranges have also seen some declining inventory, but the degree of decline has not been as significant. In fact, the market is exhibiting sellers' market conditions for homes priced below $500,000, while still favouring the buyer for homes priced above $700,000.

Semi-Detached

Year-over-year gains in sales were met with slower new listings, resulting in inventory reductions and a month of supply of three months. While conditions are not as tight in the semi-detached market as they are in the detached market, the reductions in supply relative to demand were enough to support further monthly gains in the benchmark price.

As of November, the benchmark price was $395,100, which is one per cent higher than last year's levels. Activity did vary depending on location, as price gains were the highest in the South East district, while prices remained just below last year's levels in the City Centre.

There have also been notable differences within this market depending on price range. The months of supply has declined significantly for product priced below $400,000. This decline is likely contributing to some of the differing price trends throughout the districts of the city.

Row

Year-over-year gains in the row sector continued in November and were enough to cause year-to-date sales to remain at levels similar to last year. Bucking the trend from other sectors, new listings rose compared to last year, easing some of the downward pressure on inventory levels. The months of supply stayed above four months, higher than levels seen in both the detached and semi-detached sectors, but a significant improvement from the nearly six months of supply recorded last November.

Row prices also showed signs of stabilizing, as November prices remained comparable to last year's levels. Despite some of the monthly gains, on a year-to-date basis, prices remain nearly two per cent lower than last year's levels and have eased across all districts except the City Centre, West and East.

Apartment Condominium

Following seven months of year-over-year declines, apartment condo sales improved over last year's levels. However, last November was an exceptionally weak month for apartment sales. Year-to-date apartment sales totalled 2,209, a 13 per cent decline from last year and nearly 30 per cent lower than longer-term averages.

New listings did ease slightly this month, placing some downward pressure on inventory that was missing earlier in the year. However, inventory remains higher than last year's levels and the months of supply is still elevated at nearly eight months. The oversupply in this market continues to place downward pressure on prices, which not only eased relative to last month, but remain one per cent lower than last year's prices. The only district to see some positive momentum is the North, where prices rose slightly compared to last year.

REGIONAL MARKET FACTS

Airdrie

Sales continue to record strong gains in November as year-to-date sales reached 1,318, a 15 per cent increase over last year. The rise in sales was also met with a pullback in new listings. This is causing further declines in inventory levels and is keeping the months of supply just over two months. This is the tightest months of supply figure recorded for November since 2014 where the months of supply was below two months.

Persistently low months of supply, especially in the detached sector of the market continue to place upward pressure on prices. In November, the benchmark price was $342,900, trending up over last month and over two per cent above last year's levels.

Cochrane

For the sixth consecutive month, sales activity rose over last year's levels causing year-to-date sales to total 651. This is a 12 per cent increase over last year. However, unlike other areas the level of new listings in Cochrane also rose. The months of supply rose to nearly four months. However, this is still relatively low for November as the town has typically averaged seven months over the past five years.

With generally tighter market conditions in the town, prices have trended up for the past six months. As of November, the benchmark price was $417,800 and is four per cent higher than last year. Despite the recent gains, year-to-date figures remain nearly one per cent below last year's levels.

Okotoks

Despite the decline in new listings, sales continued to improve causing further inventory declines. Inventory in November dropped to 95 units and is nearly half the levels we typically see this time of year. With a sale to new listings ratio above 100 per cent and a months of supply of just over two months, this is one of the tightest Novembers recorded since 2014.

The general tightness in the market has been driven by the detached sector and is the only category that has seen year-over-year gains in prices. As of November, the detached benchmark price was $441,100, nearly two per cent higher than last November.

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

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

City of Calgary, November 1, 2020 –

With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.

The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.

“Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand,” said CREB® chief economist Ann-Marie Lurie.

“This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all product type and price ranges and downside risk still hangs over future conditions.”

Improving sales over the past four months were not enough to offset the pullbacks in the second quarter, leaving year-to-date sales nearly six per cent below last year’s levels.

The same is also true for prices. Benchmark prices have trended up over the past four months and October prices were slightly higher than 2019. On a year-to-date basis, prices are one per cent lower than last year’s levels and nearly 10 per cent below previous highs.

HOUSING MARKET FACTS

Detached

Detached sales totalled 1,139 in October, a year-over-year gain of 35 per cent. Unlike earlier this year, October’s largest gains in sales occurred for homes priced above $600,000. Easing prices for more expensive homes could be supporting this rise in sales.

There were more new listings this month than levels recorded last year, but inventories still eased, causing the months of supply to drop below three months. This is a significant improvement from the four-plus months recorded over the past several years.

There is, however, significant variation by location and price range. Detached homes priced under $500,000 are reporting less than two months of supply, supporting some price gains depending on location.

When looking at price movements by district, the only city district to record further price declines was the City Centre. The South and South East districts recorded year-over-year price gains of around four per cent. Despite recent price movements, prices in all districts remain far from recovery and are well below previous highs.

Semi-Detached

Sales activity trended up over the last month and new listings eased. This is causing inventories to decline and the months of supply to fall to just above three months.

The tighter market conditions continued to support some monthly gains in prices. Despite these gains, the October benchmark price remained nearly one per cent below last year’s levels. However, activity varies significantly based on location. Year-over-year prices eased in the City Centre, North West and West districts, offsetting the price gains in the other districts.

Despite improvements over the past several months, year-to-date sales remain over six per cent below last year’s levels and over seven per cent below long-term averages. Slower sales activityhas been mostly driven by pullbacks in the City Centre, North West, South, West and East districts of the city.

Row

There were significant year-over-year declines in the City Centre and West districts, but citywide row sales improved over last year’s levels and year-to-date activity sits only two per cent below last year.

Inventory remained relatively stable this month, keeping the months of supply around four months.

Citywide benchmark prices were $274,400 in October. This is a slight improvement over last month, but nearly six per cent below last year’s levels. The price decline was mostly caused by the significant drop in row prices in the West district of the city.

Apartment Condominium

For the seventh consecutive month, apartment condominium sales eased compared to last year’s levels, resulting in year-to-date sales of 1,999 units.

This represents a 15 per cent decline from last year and is nearly 30 per cent below longer-term averages. The only sector of this market showing signs of improvement is the under-$200,000 segment. Sales have improved in this segment, but it has not been enough to offset declines in all other price ranges.

Citywide sales have been easing, but new listings have been on the rise. This is causing year-over-year inventory gains and is halting positive momentum in prices. As of October, the benchmark price totalled $248,600, similar to last month and over one per cent below last year’s levels.

Overall, apartment condominium prices remain over 17 per cent below previous highs.

Airdrie

With significant gains in the detached sector, sales once again improved this month compared to last year. The increased activity contributed to the year-to-date sales of 1,199 units. This is a 13 per cent increase over last year’s levels.

The year-over-year gain in new listings was not enough to outpace the sales gains. As a result, inventories continue to trend down compared to the previous month and remain well below last year’s levels. This caused the months of supply to remain just above two months.

Citywide year-to-date benchmark prices remained relatively stable compared to last year. However, activity does vary by product type. Detached year-to-date benchmark prices have increased by one per cent, while prices in all the other sectors remain below the previous year’s levels.

Cochrane

Sales activity this month rose compared to last year’s levels, contributing to a year-to-date increase of nearly ten per cent. Meanwhile, new listings have not kept pace with sales, causing reductions in inventory and the months of supply, which dropped to three months

.

Tighter housing market conditions are supporting price gains. Benchmark prices trended up for the fourth consecutive month and, as of October, were over two per cent higher than last year’s levels. Despite the recent gains, year-to-date prices remain one per cent below last year’s levels.

Okotoks

Improving sales in October were enough to push year-to-date sales up by one per cent. However, new listings contracted by a significant amount, causing inventory levels to ease and the months of supply to fall below two months.

Persistent tightness in this market is supporting further monthly gains in prices. After five consecutive months of rising prices, October benchmark prices rose above last year’s levels. However, price gains have been driven by improvements in the detached market.

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

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

City of Calgary, October 1, 2020 –

September sales activity jumped to 1,702 units, the strongest September total since 2014.

New listings in September improved over last month, but levels remained comparable to the previous year. The increase in sales relative to new listings did prevent any monthly gains in inventory levels, but supply in the market is still down 12 per cent compared to last year.

"The recent rise in new listings, combined with low lending rates and softness in prices, has helped support some of the recent upward trend in sales," said CREB® chief economist Ann-Marie Lurie.

"However, conditions vary significantly based on the price range and property type."

The adjustment in supply relative to demand has caused the housing market to move toward more balanced conditions. The current 3.7 months of supply represents the most balanced conditions seen for September in over five years. This has helped support some of the recent monthly gains in prices.

Total residential benchmark prices have trended up over the past three months, resulting in September prices that are similar to prices recorded at the same time last year.  

Despite some of the recent improvements, the impact of COVID-19 is still present. Year-to-date sales remain nearly nine per cent below last year's levels, while city-wide prices are still over one per cent lower than last year. Considerable risk also weighs on the housing market due to economic uncertainty and a struggling labour market.

HOUSING MARKET FACTS

Detached

With significant gains in the $400,000 - $600,000 range, September sales are the highest they have been since 2014.

Improving sales and easing new listings resulted in further reductions in inventory levels and caused the months of supply to ease to balanced territory. Recent improvements in the supply/demand balance have supported some upward price movements. As of September, the benchmark price was nearly one per cent higher than last year.

However, the year-over-year gains have been driven by the more affordable end of the market, as prices remain well below last year's levels in both the City Centre and West districts of the city.

Semi-Detached

Given some recent monthly gains in new listings, sales in this sector improved in September, but at a slower pace than both the detached and row sectors. This could be related to the significant pullback in inventory.

September inventory levels were nearly 21 per cent lower than last year, the largest percentage decline in inventory among all property types. This shift in supply, along with improving sales, has started to help reduce the oversupply in this sector and ease the downward pressure on prices.

September prices remain nearly two per cent lower than last year's levels, but prices have started to improve in the South, South East and East districts of the city.

Row

Sales in this sector have continued to trend up for the past several months and September sales were significantly higher than last year's levels.

While it was not enough to offset the pullback that occurred during the COVID-19 shutdown, row sales activity is four per cent lower than last year's levels. The growth in sales could be related to the significant price adjustment that has occurred in this sector.

Prices in this sector have eased by seven per cent compared to last year and remain nearly 17 per cent below previous highs.

Apartment Condominium

All other sectors have seen some recent year-over-year gains in sales, but this sector continues to trend in the other direction. Year-to-date sales declined by 16 per cent, the largest decline among all property types.

At the same time, new listings continue to rise, which is causing further inventory gains. This is keeping the months of supply above seven months.

There have been some districts showing signs of price stabilization, but overall, year-to-date prices have eased by more than two per cent, amounting to a total adjustment from 2014 highs of over 18 per cent.

REGIONAL MARKET FACTS

Airdrie

For the fourth consecutive month, year-over-year sales improved. As a result, year-to-date sales for the city total 1,055 units, a nine per cent increase over the previous year.

While new listings did rise this month, the improvement in sales outpaced the gains in new listings, preventing any significant shift in monthly inventory levels.  However, inventory levels are over 20 per cent lower than last year's levels. And the months of supply has fallen to levels not seen since 2015. While prices remain below previous highs, tighter market conditions over the past four months have supported several months of price growth and September price levels are nearly one per cent higher than last year. These price gains were enough to cause year-to-date levels to stabilize relative to last year.

Cochrane

A reduction in new listings limited sales growth in September compared to August. However, September sales remain higher than last year and contributed to a year-to-date gain of nearly nine per cent.

Rising sales and easing inventories have kept the months of supply below four months, the lowest level seen since 2014. Tighter market conditions have supported an upward trend in prices over the past three months. The recent price gains did translate to year-over-year gains in September, but were not enough to offset earlier pullbacks, as year-to-date prices remain nearly two per cent lower than last year's levels.

Okotoks

September sales continued to improve from the low levels recorded earlier in the year and levels recorded last September.

However, recent improvements were not enough to offset earlier pullbacks. Sales remain three per cent lower than last year's levels, but this could be related to reduced inventory in the market.

Reductions in supply relative to demand have caused the months of supply to decline to three months. The tighter market conditions have caused prices to trend up over the past four months. However, both September and year-to-date prices remain lower than previous year's levels.

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

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

Information provided by: 

Terence Leung 
Manager, External Relations & Media
Calgary Real Estate Board 

City of Calgary, June 1, 2020 –
by:Terence Leung 
Manager, External Relations & Media

Calgary Real Estae Board 

Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary. May sales totalled 1,080 units, a 44 per cent decline from last year's figures.

"The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down," said CREB® chief economist Ann-Marie Lurie.

"Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range."

Sales are down in all price ranges, but a greater share of sales are priced below $500,000.

In the higher price ranges the drop in inventory has not been enough compared to the drop in sales. Additionally, the months of supply is far higher than the already elevated levels seen during the past five years.

The shift in sales toward lower-priced product is contributing to steep average price declines in the Calgary market.

Benchmark pricing, which reflects comparisons of the same type of home, has eased by over two per cent compared to last year and 0.4 per cent compared to last month. This does not come as a surprise as the market continues to struggle with more supply than demand.

COVID-19 and social distancing measures have contributed to rising unemployment rates and job losses throughout many economic sectors. This is weighing on consumer confidence and the housing market. Some of this job loss is temporary, but the energy sector remains the largest concern.

Significant job loss throughout the typically higher-paid professional and technical services sector points to a longer adjustment period in the housing market, particularly in the higher end of the market.

HOUSING MARKET FACTS

Detached

• Detached sales eased across the city, with the largest declines occurring in the West district.
• May sales totalled 670 units. This is a 43 per cent decline over the previous year.
• The decline was met with lower inventory levels. However, it was not enough to change the oversupply situation. Citywide months of supply remained above four months.
• For the higher-priced districts – the West and City Centre – the months of supply rose to seven months.
• Detached home prices trended down in May compared to the previous month and remained nearly two per cent below last year's levels. Declines varied across the city, with the highest price declines occurring in the City Centre, West, North West and North East districts.

Apartment

• Apartment sales totalled 137 units in May, an improvement from the 95 units last month. However, this is still nearly 60 per cent below last year's levels. The pullback in inventory was not enough to offset the slower sales, and the months of supply jumped to 10 months.
• The benchmark price continued to fall and is now more than two per cent lower than last year's levels. The average and median prices fell at a significant rate. This is because a large share of the sales occurred in the under-$200,000 price range.
• Benchmark prices eased across all districts, but the year-over-year decline was the highest in the North East district, with declines of over five per cent.

Attached

• Mirroring the trend from other property types, sales for attached product slowed by 35 per cent compared to last year for a total of 273 units. Inventory levels eased to 1,503 units and months of supply totalled 5.5 months. The months of supply has eased from the levels recorded last month, but it remains elevated relative to historical levels for this time of year.
• The benchmark price trended down for attached product, declining by nearly one per cent over the previous month and nearly four per cent compared to the previous year.

REGIONAL MARKET FACTS

Airdrie

• Sales in Airdrie totalled 99 units in May. Activity has slowed compared to previous years, but the decline has not been as steep as what has been recorded in Calgary. The region has also seen a similar decline in new listings and inventory levels. This has helped push the months of supply back to four months, which is similar to the levels recorded prior to the COVID-19 outbreak.
• Benchmark prices have eased slightly compared to last month and are relatively stable compared to last year. However, there has been a notable decline in both the average and median prices. The decline in average and median prices is mostly related to the significant shift in activity by price range, as sales continued to improve for product priced below $300,000.

Cochrane

• Sales in Cochrane have slowed, but the pullback in new listings has outpaced the easing sales. This is causing inventories to fall and lowering the months of supply to under five months, a decline of 9 per cent compared to last year.
• However, the impact of previous months oversupply has weighed on benchmark prices, which have eased by two per cent compared to last year. However, unlike other areas, the average and median prices have been rising, as sales in the $400,000 - $499,999 range remained stable compared to last year and represent a larger share of overall sales compared to last year.

Okotoks

• While improving slightly compared to last month, Okotoks sales have remained relatively weak in May. At the same time, inventory decline has helped offset the slower sales, leaving the months of supply at four months.
• The benchmark price trended down for the third month in a row and year-to-date levels are now two per cent lower than 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.