The city saw 1,797 homes sold in November, matching last year’s sales and remaining 20% above long-term trends for the month, according to the latest data from the Calgary Real Estate Board (CREB).
Inventory levels rose to 4,352 units, a significant increase from 3,000 units in November 2023. However, supply is still below long-term averages for the month.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”
However, seasonally adjusted sales were up 1.4% on a month-over-month basis following a 4.7% jump in October.
“Transactions were at their highest level since January and, despite remaining below their post-pandemic peak, they continued to be elevated on a historical basis,” noted National Bank economist Daren King. “The pick-up in sales that continued in November comes as the Bank of Canada accelerated the pace of its policy rate cuts in October, combined with a decline in fixed mortgage rates since the summer.”
Price growth slows as supply improves
Improved supply has slowed the pace of price growth across Calgary’s housing market.
Year-over-year gains ranged from 7% for row homes to 9% for apartment-style units. The total residential benchmark price reached $587,900, up 3.5% from last year. This slower growth is partly due to a shift towards more affordable row and apartment-style homes.
While unadjusted prices have trended down seasonally, seasonally adjusted prices have remained stable over the past four months.
How different home types performed in November
- Detached homes
Sales of detached homes above $600,000 helped offset slower sales in the lower price ranges. Inventory levels rose, with more than two months of supply for higher-priced homes. The unadjusted benchmark price for detached homes was $750,100, an increase of over 7% from last November. - Semi-detached homes
Sales in this category were up by 5% compared to last year. With two months of supply, conditions are tighter than earlier this year, but there are still more options for buyers compared to before. The benchmark price for semi-detached homes was $675,100, which is nearly 8% higher than last year. - Row homes
Row homes saw a modest increase in sales, contributing to overall year-to-date gains. New listings have helped boost inventory, but conditions are still somewhat tight, with around two months of supply. The benchmark price for row homes was $454,200, up 7% from last November. - Apartment condominiums
Condo sales slowed compared to last year’s high, but still remained 47% above long-term trends. Inventory in the condo market has been rising, with more supply available now than in the spring. The benchmark price for condos was $337,800, up 9% from last year, with more options available in the $300,000-$500,000 range.
Alberta Ann-Marie Lurie Calgary calgary home prices calgary home sales Calgary Real Estate Board CREB Prairies real estate Regional
Last modified: December 2, 2024
