Detached
Sales
in June were 1,194 units, six per cent lower than both last year and last
month's activity. Sales activity did vary depending on location and price
range, with declines in resale sales mostly for higher priced homes that
likely face more competition from new homes. On a location basis, the
steepest declines in sales occurred in the City Centre and the North East
at over 20 per cent, while year-over-year gains were reported in the
West, and South East districts.
While sales did vary, inventories and new listings improved across most
price ranges and districts in the city. However, it is only the North
East district that is experiencing conditions that favour the buyer,
causing prices to decline by four per cent compared to last June. As of
June, the unadjusted benchmark price in Calgary was $764,300, less than
one per cent lower than both last month and last year’s price.
Semi-Detached
Sales
activity continued to slow this month, contributing to the year-to-date
decline of nearly 12 per cent. At the same time new listings have
generally been rising compared to last year, supporting inventory gains
and a shift to balanced conditions. As of June, the months of supply was
2.6 months, a significant improvement over the tight conditions reported
last year.
Additional supply choice has slowed the pace of price growth for
semi-detached homes. As of June, the benchmark price in the city was $696,400,
similar to last month, and over one per cent higher than last June. Price
movements did range by district, as homes in the City Centre are over
three per cent higher than last year and at record high levels, while
prices in the North, North East, and East districts are all over two per
cent lower than last year and three per cent lower than last year’s peak
price.
Row
New listings continue to rise relative
to the number of sales in the market, as the sales-to-new listings ratio
in June dropped to 50 percent. This contributed to further inventory
gains with 1,167 units available at the end of the month. While sales are
still higher than long-term trends, the recent gains in inventory levels
have caused the months of supply to push above three months. Within the
city, conditions range with nearly six months of supply in the North East
and two and a half months of supply in the North West.
Higher supply levels relative to demand are weighing on prices which, at
a June benchmark price of $450,300, are down over last month and three
per cent lower than last year’s levels. However, as the level of
oversupply does range across the districts, so too do the price
movements. The City Centre has seen the most stability in prices this
month and is only one per cent below last year’s peak. Meanwhile, the
North East is reporting year-over-year price declines of nearly six per
cent.
Apartment
Condominium
June new listings and sales both eased
over last month’s and last year’s levels. However, with 1,024 new
listings and 532 sales, inventories continued to rise and the months of
supply pushed up to nearly four months. Slower international migration
numbers are weighing on housing demand just as supply levels are rising,
which is having a larger impact on apartment style homes.
The rising supply choice, both in new and resale markets, has caused
resale prices to trend down again this month, leaving June’s benchmark
price of $333,500 over three per cent lower than last year’s levels.
While prices have eased across all districts in the city, the largest
year-over-year declines are occurring in the North East, North and South
East districts.
REGIONAL MARKET FACTS
Airdrie
Thanks
to a sharp decline in detached activity, sales in June fell to 164 units.
The pullback in sales was met with 324 new listings, causing the
sales-to-new listings ratio to drop to 51 per cent, the lowest ratio
reported in June since 2018. The wider spread between sales and new
listings drove further inventory gains and for the first time since 2020
the months of supply was above three months. The additional supply choice
has weighed on resale prices, which have trended down for the second
consecutive month. In June the benchmark price was $538,300, nearly three
per cent lower than levels seen last year at this time.
Cochrane
Gains
for detached and semi-detached sales were offset by pullbacks for row and
apartment units, as June sales remained relatively unchanged over last
year. The 101 sales in June were met with 171 new listings and the
sales-to-new listings ratio rose to 59 per cent. This slowed the pace of
inventory growth, keeping the months of supply just below three months.
While conditions are more balanced than they have been, prices in the
area continue to rise albeit at a slower pace. As of June, the unadjusted
benchmark price was $593,700, nearly one per cent higher than last month
and four per cent higher than last June.
Okotoks
While
levels are better than last year, both sales and new listings trended
down in June, causing the sales-to-new listings ratio to rise to 87 per
cent. This prevented any further monthly inventory gains and ensured that
the months of supply remained below two months in June. While conditions
remain tight in Okotoks, more supply in the broader region has likely
prevented stronger price growth in the Town of Okotoks. As of June, the
unadjusted benchmark price was $632,800, similar to last month and nearly
three per cent higher than last year.
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For more information, please
contact:
Economic
Analysis
Email: stats@creb.ca
Phone: 403-263-0530
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