In July, the city saw an increase in new listings to 3,604, up 11% year-over-year, according to the latest data from the Calgary Real Estate Board (CREB).

The increase in supply has been a welcome change for prospective buyers who have been facing limited options and escalating prices. According to CREB, the months of supply have also jumped 32% year-over-year to an average of 1.8 months.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB.

“This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices,” she added.

As supply levels improved, the upward pressure on home prices has started to moderate, though the benchmark price in July was $606,700, similar to June but 8% above year-ago prices.

Overall, Calgary saw a 10% decline in home sales in the month to 2,380. CREB notes that the pullback has been driven by homes priced below $600,000.

Market performance by home type

Detached Homes In July, detached home sales dropped by 8%, with a 15% rise in higher-priced homes failing to offset a 50% decline in lower price ranges due to limited availability. Year-to-date sales are down just over 1% from last year. Inventories rose to 1,950 units from 1,098 sales and 1,721 new listings, pushing the months of supply to nearly two months and stabilizing prices. The unadjusted benchmark price in July was $767,800, up 11% from last year.

Semi-Detached Homes The semi-detached sector remains attractive due to relative affordability. Although sales slightly slowed compared to last year, year-to-date sales increased by 6% to 1,518 units, supported by new listings. The sales-to-new listings ratio is 76%, with 1.5 months of supply. The unadjusted benchmark price is $687,900, nearly 12% higher than last year, with the highest growth in the North East and East districts.

Row Homes Row home sales-to-new listings ratio fell to 73% due to increased new listings and a pullback in sales, raising the months of supply to 1.3 months. While seller conditions persist, monthly price gains were halted. The benchmark price is $464,200, up nearly 15% from last year, with year-over-year gains ranging from 13% in the City Centre and North districts to over 20% in the North East and East districts.

Alberta Ann-Marie Lurie Calgary calgary home prices calgary home sales Calgary Real Estate Board CREB Prairies Regional

Last modified: August 8, 2024