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Low inventory and high demand drive price gains in February

City of Calgary, March 1, 2024 – New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79 per cent, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.

Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

In February, the unadjusted benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Our most affordable East district is experiencing the highest year-over-year price growth at 25 per cent, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under five per cent.

February Housing Stats

Detached

In February, 1,195 new listings came onto the market, of which 75 per cent were priced over $600,000. While new listings did improve over last month in line with seasonal expectations, levels are still below typical levels for February. At the same time, sales in February rose to 954 units, a year-over-year gain of 20 per cent. The growth in sales was driven by where we saw listings growth, but with a sales-to-new listings ratio of nearly 80 per cent, inventory levels were near record lows for February.

Exceptionally tight market conditions drove further price growth. In February, the unadjusted detached benchmark price rose to $721,300, nearly three per cent higher than last month and over 13 per cent higher than last February. While prices rose across every district, the most significant year-over-year gains occurred in the North East and East districts.

Semi-Detached

Last month’s rise in listings compared to sales was short-lived, as the 223 new listings this month were met with 191 sales, driving up the sales-to-new-listings ratio to 86 per cent. This prevented any significant change to the low inventory situation and caused the months of supply to fall to just over one month.

In February, the unadjusted benchmark price reached $639,100, a monthly gain of over two per cent and 13 per cent higher than last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre to over 26 per cent in the East district.

Row

New listings rose to 457 units in February, contributing to the year-to-date increase in new listings of 22 per cent. The rise in new listings supported sales growth, preventing any significant change to the low inventory situation. For the second consecutive month, the months of supply were below one month.

The exceptionally tight market conditions have contributed to strong price growth for row properties. In February, the unadjusted detached price reached $436,500, over 2 per cent higher than last month and nearly 19 per cent higher than levels reported last February. Prices rose across all districts, with the highest growth occurring in the most affordable districts.

Apartment Condominium

Sales in February reached 638 units, contributing to the year-to-date sales increase of 39 per cent. Relative affordability has supported the strong demand for apartment-style homes, and sales growth has been possible thanks to the continued growth in new listings. Inventory levels trended up over the last month in line with seasonal expectations. However, inventory levels declined by 12 per cent compared to last year, ensuring the market continued to favour the seller with just over one month of supply.

Persistently tight conditions continued to place upward pressure on home prices. Prices have steadily increased since January of last year, and as of February, they reached $329,600, a 17 per cent gain over last February. Prices rose across every district in the city, with year-over-year gains surpassing 19 per cent in all districts except the City Centre, which reported a year-over-year gain of 13 per cent.

 

REGIONAL MARKET FACTS

Airdrie

New listings in Airdrie improved in February. However, with 182 new listings and 135 sales, the sales-to-new listings ratio remained high, and inventory levels eased over last year's low levels. Inventory levels are half what we typically see in February and have not been this low since 2006.

The rise in sales compared to inventory levels caused the months of supply to drop to just over one month. Airdrie has struggled with limited supply over the past several years, driving home prices. In February, the unadjusted benchmark price reached $529,700, over one percent higher than last month and 10 per cent higher than the $479,700 price reported last February.

Cochrane

New listings rose to 105 units in February, the highest monthly total seen since July last year and contributing to the year-to-date gain of 22 per cent. At the same time, February sales improved over last year, with 65 sales.

With a sales-to-new listings ratio of 62 per cent, we did see some growth in inventory levels compared to last year. However, inventories remain well below what is typical for this market. Nonetheless, the months of supply remained relatively low for this market at two months, supporting further price growth in the town. As of February, the unadjusted benchmark price reached $548,300, an improvement over last month and over 11 per cent higher than levels reported last year.

Okotoks

For the second month in a row, new listings improved in Okotoks compared to last year. However, as sales also improved over the past two months, inventory levels in February remained stable compared to last month and only slightly higher than last year’s levels.  Inventory levels are near record lows for the month and are 63 per cent below long-term trends.

Okotoks has struggled to add enough supply to keep pace with demand, keeping conditions tight and driving home prices. As of February, the unadjusted benchmark price reached $605,500, nearly three per cent higher than last month and a 10 per cent gain over last year at this time.

 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

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CREB:January sees strong sales fueled by boost in new listings

Feb. 01, 2024 | CREB

January sees strong sales fueled by boost in new listings

City of Calgary, Feb. 1, 2024 – January sales rose to 1,650 units, a significant gain over last year's levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.

The rise in new listings relative to sales did little to change the low inventory situation in the city. With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month.

"Supply challenges have been a persistent problem since last year. This month's gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth," stated Ann-Marie Lurie, Chief Economist at CREB®.

The months of supply in January was 1.3 months, falling over last month's and last year's levels. The persistent tightness in the market contributed to further upward pressure on home prices. The unadjusted benchmark price in January reached $572,300, a gain over last month and ten per cent higher than levels reported last January.

Detached

A boost in new listings helped support stronger sales this month. However, with a sales-to-new-listings ratio of 77 per cent, there was minimal change in the low inventory situation reported in the detached sector. New listings rose for all homes priced above $500,000, but the largest gains occurred in the over $700,000 market segment. Low inventory levels compared to sales prevented any improvement in the months of supply, which at 1.4 months was lower than levels reported last month and last January.

The exceptionally tight market conditions continued to drive further price growth. In January, the unadjusted detached price reached $702,200, nearly one per cent higher than last month and nearly 13 per cent higher than prices reported last year. Year-over-year price gains ranged from a low of 10 per cent in the City Centre and South East districts to a 27 per cent gain in the East district of the city.

Semi-Detached

With 223 new listings and 131 sales, the sales-to-new listings ratio fell to 59 per cent, the lowest level reported since 2020 and significantly improved over the 82 per cent average reported in 2023. The sudden shift did cause inventories to improve over the last month, but they remain well below long-term trends.

The unadjusted benchmark price in January was $625,000, slightly lower than last month but over 11 per cent higher than last January. The monthly decline was driven mainly by adjustments in the higher-priced districts of the West and City Centre.

Row

Like other property types, new listings and sales rose in January over levels reported last month and last year. However, with 322 new listings and 297 sales, the sales to new listings ratio remained exceptionally high at 92 per cent. This contributed to further reductions in inventory levels, and the months of supply once again fell below one month.

Limited supply and strong demand contributed to a rise in prices. In January, the unadjusted benchmark price reached $426,400, up over last month and nearly 20 per cent higher than levels reported in January 2023. While year-over-year prices are higher in every district, the West and City Centre districts saw unadjusted benchmark prices ease slightly over December.

Apartment Condominium

Apartment-style properties continued to see the most significant gain in sales activity, rising to 488 sales in January, a year-over-year increase of 54 per cent. This was possible thanks to the growth in new listings. However, the gain in listings did little to supply levels; with 682 units, inventories were 40 per cent below long-term trends.

Tight market conditions continued to contribute to further price gains. In January, the unadjusted benchmark price reached $324,000, nearly one per cent higher than last month and 19 per cent higher than last January. Prices rose across all districts, with the largest year-over-year gains occurring in the most affordable districts of the North East and East.


REGIONAL MARKET FACTS

Airdrie

Stronger detached and row sales were enough to offset pullbacks in the semi-detached and apartment sectors, causing total residential sales to increase over levels reported last January. This, in part, was possible thanks to a boost in new listings. However, the boost in new listings and sales prevented any significant shift in inventory levels, which was half of the levels typically seen in the market.

While conditions remained tight, the unadjusted benchmark price remained stable over the last month but was nearly 10 per cent higher than levels reported in January 2023. The most substantial price gains have occurred for apartment-style homes, which are the most affordable property type.

Cochrane

Eighty-three new listings and 70 sales occurred in January, keeping the sales to new listings relatively high at 84 per cent. This prevented any significant change in inventory levels compared to last month but caused the months of supply to fall below two months once again. The drop in the months of supply is a shift over the last four months, where the months of supply was over two months.

Despite recent tightening, the unadjusted benchmark price did ease slightly over last month’s levels. Overall, the unadjusted benchmark prices across all property types remained over 10 per cent higher than last January.

Okotoks

Both sales and new listings rose in January compared to last month's and last year’s levels. This caused the sales to new listings ratio to fall to 75 per cent, which was still relatively high but an improvement over the 86 per cent average reported last year. Nonetheless, the sudden gain in new listings was insufficient to cause material changes to the low inventory levels.

With just over one month of supply, conditions remain tight in Okotoks, driving prices up. In January, the benchmark price reached $589,600, higher than last month's and year’s levels. Year-over-year price growth occurred across all property types, with gains ranging from a high of 15 per cent for row properties to a low of six per cent for apartment-style homes.


Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

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CREB: Increased listings, strong sales, and price growth

Increased listings, strong sales, and price growth

City of Calgary, Dec. 1, 2023 – New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.

“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”

As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent. 

City of Calgary November Housing Stats 

Detached

Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East. 

Semi-Detached

November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000. 

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.

Row

New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.

Apartment Condominium

Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices. 

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.


REGIONAL MARKET FACTS

Airdrie

Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26 per cent over last year's record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year's levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96 per cent, preventing any significant shift from the low inventory levels. 

With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.

Cochrane

With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59 per cent in November, the first time it fell below 60 per cent since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30 per cent below long-term trends.

Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over seven per cent.

Okotoks

November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months. 

While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a one per cent gain over last month and over eight per cent higher than last November. 

 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

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For more information, please contact:

Economic Analysis
Email: stats@creb.ca
Phone: 403-263-0530

Cid Hanna
Manager, Communication Services
Email: cid.hanna@creb.ca
Phone: 403-781-1326


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Calgary home sales at record highs in September, yet supply remains a challenge

City of Calgary, October 3, 2023 – Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year's levels.


New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.


Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.


“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”


In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.


Detached

Inventory levels remained at record lows for the month as the sales-to-new listings ratio remained relatively high at 76 per cent. The decline in inventory levels has been driven by homes priced below $700,000, as supply levels show some improvement for homes priced above this level. While detached sales improved over levels reported last year, much of the gains were driven by the higher-priced properties with some supply options. Overall, homes priced below $700,000 continue to struggle with less than one month of supply.


Despite persistently tight market conditions, the unadjusted benchmark price remained relatively stable this month compared to last month, as a monthly price adjustment in the West end of the city offset monthly gains in all other districts. Overall, at a benchmark price of $696,100, prices are still over 11 per cent higher than levels reported last year at this time, with year-over-year gains ranging from a high of 20 per cent in the East district to a low of nine per cent in the City Centre.


Semi-Detached


September reported a boost in new listings compared to sales activity as the sales-to-new listings ratio dropped below 70 per cent, the first time it has done that since September of last year. The one-month shift supported a monthly increase in inventory levels, but with 295 units available, inventories have not been this low since September 2005.


Following ten consecutive monthly price gains, benchmark prices in September did ease slightly over the last month. However, at a benchmark price of $621,300, prices are still 11 per cent higher than last year’s levels. The monthly pause in price was primarily driven by adjustments in the West and North West districts, which saw the months of supply rise above levels reported last year and last month.


Row


The pullback in monthly sales outpaced the pullback in new listings, causing the sales-to-new listings ratio to fall to 84 per cent. While conditions are still exceptionally tight, it is an improvement over the 90 per cent average reported since April. The shift also prevented any further monthly declines in inventory levels. However, with less than one month of supply, the persistently tight conditions continue to place upward pressure on prices.


The benchmark price in September reached $419,400, a 1.5 per cent monthly gain and 17 per cent higher than levels reported last year. Price gains have occurred across all districts, with the most significant gains occurring in the most affordable districts in the city.


Apartment Condominium


New listings in September were at the highest levels reported for September, contributing to the record-high sales this month. Year-to-date apartment condominium sales reached 6,286 sales, a 25 per cent gain over last year and a record high for the city. Higher lending rates and tight rental market conditions have kept demand for apartment-style products strong. While inventory levels did see a modest gain compared to last month, thanks to a lower sales-to-new-listings ratio, conditions remain exceptionally tight with 1.5 months of supply.


The persistently tight market conditions have continued to drive further price gains. In September, the unadjusted benchmark price reached $312,800, a 1.2 per cent increase over last month and nearly 15 per cent higher than last year.


REGIONAL MARKET FACTS


Airdrie


With 204 new listings and 144 sales, the sales-to-new-listings ratio dropped to 70 per cent, the first time that has happened since 2020. Improved new listings compared to sales helped support a modest monthly gain in inventory levels. However, September inventory levels are still amongst the lowest levels reported since 2005, keeping the months of supply exceptionally low with just over one month.


The persistently tight market conditions have continued to drive further price gains in the city. In September, the unadjusted benchmark price reached $518,000, reflecting a year-over-year increase of over eight per cent. Price gains have occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector.


Cochrane


Both sales and new listings eased in September, leaving inventory levels relatively stable this month. While inventories are nearly 40 per cent lower than long-term trends for the month, they are not at the record lows seen. The pullback in sales compared to inventory levels also caused the months of supply to push up above two months, the first time we have seen that since February.


While conditions remain relatively tight, the shift likely prevented further upward pressure on monthly home prices. The unadjusted benchmark price in September was $532,700, slightly lower than last month due to pullbacks in the detached, semi-detached and row sectors. Despite the monthly pause, total residential prices are still over five per cent higher than September 2022 levels.


Okotoks


With 69 new listings and 52 sales, the sales-to-new listings ratio dropped to 75 per cent in September, the lowest ratio seen since August 2022. The gain in new listings relative to sales prevented any further monthly declines in inventory levels. However, with only 70 units available in September, inventory levels are still amongst the lowest reported monthly levels in over 20 years.


The modest adjustment in both inventory and sales did cause the months of supply to rise over last month’s levels. Still, conditions remain relatively tight, especially for semi-detached, row and apartment-style properties. As of September, the unadjusted benchmark price was $580,200, nearly nine 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.


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