Detached
For the first time
since 2020, the months of supply for detached homes rose to three months.
Sales activity slowed to 1,031 units in July, while the number of new
listings, despite being slower than last month, was still nearly 10 per cent
higher than last year’s levels and above long-term trends. The wider gap
between sales and new listings led to a significant adjustment in inventory
levels and, with slower sales, the months of supply rose to three months.
However, conditions did vary significantly depending on location. In the
North West, West and South districts, the months of supply remained well
below three months, whereas the North East reported the highest months of
supply at over four months.
A shift to balanced conditions has taken much of the pressure off home
prices. As of July, the detached benchmark price was $761,800, down less than
one per cent over last year. However, there was a significant range of price
adjustments. Both the North East and East districts have reported the largest
decline in price at five per cent, though prices still rose in the City
Centre by nearly two per cent.
Semi-Detached
Sales activity in July
continued to slow, contributing to the year-to-date decline of 11 per cent.
At the same time, new listings have generally been higher this year compared
to last year, supporting inventory gains. With 549 units in inventory and 187
sales, the months of supply in July rose to three months, something that has
not happened since 2021.
Although supply is improving in relation to sales, prices have remained
relatively stable. As of July, the benchmark price in the city was $697,500,
one per cent higher than last July. Price growth did range throughout each
district, with the highest gains occurring in the City Centre, with nearly
three per cent growth. Meanwhile, prices declined over last year in the North
East, East and North districts.
Row
Like other styles of homes, sales have eased compared to last
year, with new listings and inventories rising over last July. The months of
supply in July was similar to last month at over three months, with a range
of under three months of supply in the City Centre, North West , South and
South East, to nearly five months of supply in the North East district.
Row prices have generally been trending down over the past three months, and
while they are nearly four per cent lower than last year at this time, on a
year-to-date basis they have remained similar to last year. When considering
activity by district, year-to-date price declines have been reported in the
North East and North, while prices have risen in all other districts.
Apartment Condominium
There were 1,014 new listings in July relative to 508 sales,
keeping the sales-to-new listings ratio at 50 per cent and inventory levels
elevated at 2,097 units. Higher inventories and slower sales caused the
months of supply to push above four months in July, the highest it has been
since 2021. Added competition for new product combined with rising rental
vacancy rates has impacted the resale condominium market.
The additional supply choice is having a more significant impact on apartment
style prices over any other property type. In July, the benchmark price was
$329,600, which is down over one per cent compared to last month and nearly
five per cent lower than levels reported last year. However, when considering
year-to-date figures, prices have remained stable compared to last year as
gains in the West, South and North West have offset declines occurring in the
North East, North, South East and East districts.
REGIONAL MARKET FACTS
Airdrie
Due to declines in
both row and apartment sales, July sales slowed by 14 per cent compared to
last July, contributing to the year-to-date decline of 12 per cent. While
sales have slowed, activity remains higher than levels reported prior to
2021. What has changed is the significant improvement in new listings,
resulting in inventory gains. As of July, inventory levels rose to 543 units,
the highest July reported since the peak in 2018. The higher inventory levels
kept the months of supply above three months in July, placing some downward
pressure on home prices. In July, the benchmark price was $532,800, nearly
four per cent lower than levels reported last year at this time. However,
last year’s gains were exceptionally high earlier in the year, and on a year-to-date
basis prices are only slightly lower than last year.
Cochrane
Unlike other areas,
Cochrane has not seen the same level of pullback in sales compared to
long-term trends. While July sales were down by seven per cent, year-to-date
sales are two per cent lower than last year and 23 per cent higher than
long-term trends. New listings in July did reach a record high for the month,
causing inventories to push to the highest level reported for the month since
2019 and causing the months of supply to rise above three months. While this
likely contributed to some of the monthly decline in price, unlike other
areas the July benchmark price of $590,000 was over two per cent higher than
last year, and four per cent higher on a year-to-date basis.
Okotoks
This market continues
to exhibit tighter market conditions than both Airdrie and Cochrane with a
sales-to-new-listings ratio of 71 per cent and months of supply at just over
two months. This is a significant improvement compared to the previous four
years, where the months of supply in July was just over one month. In July,
the benchmark price in the area was $628,500, slightly lower than last month,
but higher than last year’s level. Despite some monthly fluctuations,
year-to-date prices are over two per cent higher 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.
For more information, please contact:
Economic Analysis
Email: stats@creb.ca
Phone: 403-263-0530
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