Detached
Detached home sales eased to 995 units in August,
while new listings rose to 1,748 units, keeping the sales-to-new
listings ratio below 60 per cent. This prevented any significant
shift in inventory, as the 3,051 units were the highest levels
reported in August since 2020. Higher inventory levels and easing
supply have helped balance out the detached market. However,
districts like the North East, North and East are experiencing buyer
market conditions.
The unadjusted benchmark price in August was $755,600 down by nearly
one per cent over last month and last year's levels. While prices
have eased there is significant variation depending on location.
Compared to last year, prices reported the largest decline in the
North East and East district at five per cent, while prices in the
city centre were over two per cent higher. As many of the adjustments
have occurred over the past few months, year-to-date Calgary prices
remain two per cent higher than last year.
Semi-Detached
August sales improved over last year’s levels, but it
was not enough to offset earlier pullbacks with year-to-date sales of
1,557—eight per cent lower than last year—but higher than long-term
trends. At the same time, new listings slowed compared to sales
pushing the sales-to-new listings ratio up to 67 per cent and
preventing any further monthly inventory gains. Inventory gains have
not been as high for this product type, and the months of supply
remained below three months in August. This is one of the reasons
that the prices have not seen the same adjustment.
In August the unadjusted benchmark price was $687,200 down over last
month, but nearly one per cent higher than last year, and nearly four
per cent higher on a year-to-date basis. Price growth has varied
across the city, with the largest year-over-year gains occurring in
city centre. Meanwhile the largest declines have occurred in the
North East, East and North districts.
Row
Sales in
August slowed, contributing to the year-to-date decline of nearly 16
per cent. While new listings did ease in August compared to last year
and last month, they have generally been on the rise pushing up
inventory levels. In August, there were 1,103 units in inventory,
reaching the second highest level on record for August, only slightly
lower than the record high in reported in 2018. Due to the relatively
strong sales, the months of supply has only pushed slightly above
three months, far more balanced than last year, but not as high as
the 6.4 months report back in 2018.
Nonetheless, additional supply choice has weighed on prices. In
August, the unadjusted benchmark price in the city was $439,600,
reflecting the fourth consecutive monthly decline and nearly five per
cent lower than last August. While prices eased across all districts,
price declines exceeded five per cent in the North East, North, South
and East districts. These districts generally reported high levels of
supply in the resale sector or had significant competition from new
home supply.
Apartment Condominium
Sales
continue to slow in August contributing to a year-to-date pullback of
nearly 30 per cent. While sales are still above long-term trends,
they have not been high enough to offset the level of new listings in
the market. In August alone there were 877 new listings compared to
the 449 sales, keeping the sales-to-new-listings ratio relatively low
at 51 per cent. The low ratio that has persisted throughout this year
has contributed to the higher inventory levels seen in the market.
While August inventory levels did not rise over last month, with
1,979 units available, this is the highest August inventory ever
reported.
The months of supply for apartment condos have remained around four
months since June. The excess supply relative to demand has been
weighing on prices. As of August, the unadjusted benchmark price was
$326,500, reflecting the fifth consecutive monthly decline and nearly
six per cent lower than levels reported last August. Most of the
supply is concentrated in the City Centre, which reported a
year-over-year decline of five per cent, slightly higher than the
rate of decline reported in the West district at three per cent.
Meanwhile, the highest price declines occurred in the North East
district at over 11 per cent.
REGIONAL MARKET FACTS
Airdrie
Easing sales in August contributed the year-to-date
decline of 12 per cent for 1,248 sales so far this year. The 152
sales this month was met with 265 new listings, pushing the
sales-to-new listings ratio up to 57 per cent and preventing any
further monthly inventory gains. As of August, there was 535 units in
inventory, above long-term trends and the highest levels reported
since before the pandemic. The rise in supply has helped shift the
market to more balanced conditions. However, with more supply options
in both the new home, resale markets and in competing locations,
there has been some downward pressure on prices in Airdrie. In
August, the unadjusted total residential benchmark price was
$531,100, down over last month and four per cent lower than levels
reported last August.
Cochrane
The 70 sales this month were met with 139 new listings
causing the sales-to-new listings ratio to fall to 50 per cent, the
lowest ratio reported for August since 2015. The pullback in sales
compared to new listings prevented any significant shift in inventory
levels, pushed the months of supply up above four months. Despite the
shift this month, prices in Cochrane remained relatively stable in
August, with the unadjusted benchmark price sitting at $589,100,
similar to last month and nearly two per cent higher than last year.
On a year-to-date basis prices are four per cent higher than the
previous year.
Okotoks
New listings in August reported a significant pullback
relative to sales and the sales-to-new-listings ratio pushed up to 80
per cent. While sales have generally remained in line with long-term
trends, new listings have not had the same increase that other areas
have reported, preventing significant gains in inventory levels. As
of August, there was 116 units in inventory, a 29 per cent gain over
last year, but still 30 per cent lower than levels traditionally seen
in August. Despite tighter conditions, prices have reported some
monthly declines. However, year-to-date benchmark prices remained two
per cent higher than last year’s levels, with gains reported across
each property type.
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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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