Calgary, Alberta, December 2, 2024 – As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.

The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends 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.”

The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.

Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.

Detached
Rising sales for homes above $600,000 offset the declines in the lower price ranges caused by limited supply choice. While inventory levels did improve, 85 per cent of the supply was priced above $600,000.  Improving supply caused the months of supply to push above two months in November, with higher months of supply reported for homes priced above $700,000 and less than two months of supply for homes priced below that level. This variation within the market is likely to result in different price pressures.

The unadjusted detached benchmark price was $750,100, slightly lower than last month but over seven per cent higher than prices reported last year at this time. Year-over-year gains have ranged across the city, with slower growth reported in areas with the most competition from newer homes.   

Semi-Detached
There were 173 sales in November, an improvement over last year and contributing to the year-to-date growth of nearly five per cent. This was possible thanks to gains in new listings and higher supply levels. With two months of supply, conditions are not as tight as earlier in the year but still favour the seller, especially for properties priced below $700,000.

As of November, the unadjusted benchmark price was $675,100, nearly eight per cent higher than last November. The pace of price growth has eased over the past several months, primarily due to seasonal factors. Benchmark prices ranged from $926,800 in the City Centre district to $409,300 in the East district of the city. 

Row

Row home sales improved in November compared to last year, contributing to nearly three per cent of year-to-date gains. Sales have remained exceptionally strong over the past three years as purchasers seek more affordable options. At the same time, new listings have also improved relative to sales, supporting year-over-year gains in inventory levels. Despite inventory improvements, conditions remained relatively tight with nearly two months of supply. 

Following steep gains earlier in the year, the pace of price growth has eased. As of November, the unadjusted benchmark price was $454,200, nearly seven per cent higher than last year. Year-to-date average benchmark prices have improved by nearly 15 per cent. Row prices in the City Centre were the highest at $620,000, while the North East and East districts were the only areas to report benchmark prices below $400,000.

Apartment Condominium

Sales in November slowed over last year's record high. However, the 429 sales were still 47 per cent higher than long-term trends. New listings for apartment-style units have been on the rise. With 1,482 units available in November, more supply is available now than during the spring, and it is the only sector to see levels rise above long-term trends for the month.

The additional supply caused the months of supply to push above three months and is taking some of the pressure off home prices. As of November, the unadjusted benchmark price was $337,800, down over last month, but still nine per cent higher than last year. Supply has improved for units priced above $200,000, but most gains have been in the $300,000 to $500,000 range.   

REGIONAL MARKET FACTS

Airdrie
With 344 units available, Supply in Airdrie is returning to levels more consistent with activity reported prior to 2020. Supply levels have improved across all property types, with detached and row-style properties accounting for 84 per cent of the supply. While sales have remained strong relative to long-term trends, recent gains in new listings helped support improvements in supply levels.

Improved supply choice is taking some of the pressure off home prices. In November, the total residential benchmark price was $543,300, four per cent higher than last November. Apartment-style properties reported the largest year-over-year change at nearly 16 per cent. 

Cochrane

New listings in the town reached a record high for November. The rise in new listings was met with a surge in sales, as November sales were amongst the highest levels reported in November. Much of the growth in sales was driven by detached activity. Strong sales activity prevented a significant shift in inventory levels, which remain 18 per cent below the month's long-term trends.

The pace of price growth has eased over the past few months, which is not uncommon for this time of year. As of November, the unadjusted benchmark price was $568,600, nearly four per cent higher than levels reported last year at this time. While prices grew across all property types, the largest price gains were reported for apartment-style homes.

Okotoks

Unlike other centres, Okotoks reported a pullback in new listings to 47 units this month. At the same time, there were 52 sales, preventing any significant change to the low inventory situation in the area. Okotoks has struggled with supply since the end of 2020, keeping the months of supply low below two months throughout most of that time. 

In November, the unadjusted benchmark price was $624,000, six per cent higher than last year's levels. Prices have improved across all property types, with the largest gains occurring for row-style properties. Detached prices have also been on the rise and, in November, pushed up to $707,300. 

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

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

For more information, please contact:

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

So you are about to list your Calgary home and you think you have it right. We have given you our advice and some complimentary staging options, then you start to second guess, what the potential buyers will like or dislike this or that!. But this is where you have to relax because part of our service is to take away anxiety, and selling your home should not be stressful.

They are viewing because it is in their price range.

So usually they are ok with the price range or they would not see the value in your home and their realtor would not be showing it to them. Remember first impressions, the home has to have good curb appeal, grass cut and weed wacked, front door and entrance washed down and sparkling clean.

Is the Front Door Clean

If they have a negative at the front door, such as lack of TLC - it will follow them through the home and everything they look at! Blinds up for showings, remember it’s show time! Light and space is what most buyers like, and you already de-cluttered didn’t you?

Tick the Boxes:

They begin the walk-through and hopefully start to tick the boxes. Flooring, appliances, open concept. The floors look good and the job you did on cleaning the house is paying off. Nobody likes someone else’s dirt.

Projects:

Most people don’t mind one maybe two projects especially if they are cosmetic, but don’t have the “they can fix it attitude” because you are setting yourself up for a low ball offer.

Organised:

Features that help keep them organised are important to many Calgary home buyers. Having a laundry room where they can keep laundry out of sight in a separate room is good. In a recent survey 90% of those surveyed said it was a huge plus. An astounding 57% said they would be unlikely to buy a home without it.

Entertaining

They will picture their family and friends visiting, have they got the space, is there some outdoor living,  where is the BBQ going to be set up..

Efficiency:

A top priority for many buyers is the energy efficiency of the home, insulation, how are the windows, have the furnaces been maintained, and a bonus is if the home is energy-star rated.

Location:

Will the home work for them as the kids grow up, school location, travel time to work (check busy times of the day), is it close to the LRT, where is little Johnnies hockey club compared to the home location. These points you have to consider and can be a big plus or minus.

Storage

Ninety percent of buyers are looking for a linen closet in their bathrooms to help keep towels and toiletries organised. Is there a walk-in pantry off the kitchen, considered  desirable by 85% of respondents. 

The Garage

Garage space for storage of bikes, lawn care and sports equipment is high on a buyers wish list.  And the big one - will the cars/truck fit!

When buying or selling a home there are many features to consider of being the  "Top of Mind" of home buyers. 

Remember we are here to help! Text/Call:  Stewart:  403-850-0669.

  Home Evaluation  |  2025 Sellers Guide

GLOBAL & LOCAL REACH

Luxury Homes Affiliate

GET IN TOUCH TODAY

Great  Robyn Read Article

As we age, the space we occupy starts to shrink. Downsizing is a rollercoaster of memories

Downsizing to Canmore    |  Downsizing to Airdrie  |   Downsizing Calgary

The space is great but there are a couple of other things to keep in mind. Also you have to consider possible drawbacks associated with living further away from the City and amenities. If you have teenagers, consider. 

Remember it is a trade-off for the Country Life, You don't want to end up being an Uber for your teenagers, and when they learn to drive, make sure the roads around your acreage are well lit in the winter months. It has to be said that during a snowy winter both Municipalities are really good at clearing roads, especially on School Routes.  

Here are 7 things to consider when buying a rural property, so you can weigh the costs and benefits of investing in the countryside before you move forward. 

1. Logistics

Always consider the logistics for everyone in the family. Mom and dads work location for sure. But also schools and colleges if you have children. Consider the pick up and drop offs for Hockey, Rugby etc, after school and before they learn to drive. They grow up, so it won't be forever, but it needs to be considered.

2. Road Access

Year-round road access and maintenance are things to pay attention to when investing in a rural property. Especially in the winter months with our snowfalls, but both Rural Rocky View County and Foothills County are excellent at clearing the roads, and school routes take priority. 

3. Garbage Collection 

Garbage pick-up is no big deal on a rural property, most owners use a twice monthly pick up company and leave the bags on a scheduled day at the end of the drive. You also have the option to take it to the refuse dump yourself. Maybe burn it yourself in the yard, and in older homes you may have kitchen compactors, which come in very useful.   

4. Water Supply

Your water source is important,  you may be on a water coop or have your own water well, which will need to be serviced annually. Osmosis filters can be added to main supplies also, and in some cases you may be lucky enough to be connected to municipal water source. 

5. Septic Systems

Sewage and water waste in the country are much different than in a suburb or city. If you are building you will have the added cost of putting your own in. This may be a holding tank or tank and field, remember to chose a septic system big enough for your house and the subsequent amount of occupants.  

6. Energy Lines

Power lines and backup energy are things to ponder when looking at a rural property, but in Calgary and Area not many places have them above ground, power services here are pretty good, but you can still consider a power generator if the power lines get damaged given that you’ll be one of the last areas served for repairs.   

7. Your Neighbours

Your neighbours may be a fair distance away compared to the city. Look hard though at how they keep their property, what animals if any, they may have. Always be aware of your boundary lines and understand your property rights. 

Acreage living is certainly a different lifestyle, it does not work for everyone. But if you dream of the peace, quiet and relaxation, this could be perfect for you.

Sometimes finding the right rural property can take longer to find. You may consider a 2 acre property surrounded by similar sized homes a bit closer to the city, or go our further to get a bigger acreage.

Rural acreages can be a different buying process, but as always, we are here to help.

Questions Direct : Stewart 403-850-0669

https://calgarydreamhomes.com/institute-of-luxury-home-marketing-latest-report.html

1) Price Your Home Right!

Your home must be priced at market value for Calgary, your community and street. This is the most important tip of all. Price it to high and your home will sit on the market and become an old listing. Buyers then become suspicious and think there is something wrong with the property. We have a responsibility as licensed Realtors to prepare you a detailed Comparative Market Analysis (CMA). This will give you the market value price range of your home, based on relevant and Comparable Active and Sold homes in your community.

2) Choose An Experienced Listing Realtor

Get the job done in the quickest time with the best conditions and price. Make sure you have all the information. Let us give you the full picture based on what is happening in your community, and what you can expect. This includes price range, days on market and advice on preparing to sell.

3) Prepare The Home to Sell And Compete with Other Listings

Properties that sell quickly are well prepared, from de-cluttering to the cleaning. Follow our tips of getting the home ready. Make sure the outside is looking good to, when buyers are thinking of particular homes, they drive-by them and image themselves in the area. They can also dismiss them without even going in!

4) Online Marketing Can Go Two Ways

In today’s world of Internet Home searches and with 92% of buyers looking online. The online presence has to be good. Creb provide the facility for 50 MLS photos and additional remarks. When we list Rural properties we also include Aerial Drone Photographs, to make sure the potential buyer can see the surrounding land as well. But remember, buyers today are looking at your home online alongside many others, so it has to grab them and make them look further in depth

5) Professional Photographs & Glossy Brochures.

It goes without saying that the photographs of your home have to be first class. Gone are the days (well nearly!) when Realtors would take photos on their phone with the toilet seat up, and all the clutter around. Standards are high and you will no doubt be competing with a similar home down the road, so it has to have the best shot. That goes for brochures to! If a potential buyer has looked at a lot of homes, let them have a glossy brochure to take away so they can remember what they liked about yours.

6) Property Repairs.

Make sure repairs & maintenance jobs are done before the home is listed. Such as ceiling stains, loose door handles and railings, painting touch ups. As a potential buyers walks through your home, they have your “list Price” in their mind. But as they walk around they are looking at “jobs” that need doing. Most buyers don’t mind “a project” to do, but not too many! Remember that a job that needs doing is not too expensive for a seller to do, but twice as expensive when the buyer is viewing it.

7) Negotiating with Buyers.

When an Offer comes in ensure you look at all offers and you are reasonable and negotiate in “good faith”. Be sensible when Home inspection comes back with issues that the seller should have sorted out. Price reduction may be necessary to close the deal if there are repair issues, such as roof repairs!

8) Showing Your Home

Preparing to show your home and allow us to take appointments can be stressful, but our policy is always “day before notice” especially with Rural bigger homes. So the trick is to always keep the home part ready to show, so you only have to do a quick tidy, especially if you are going to work. Curtains back – blinds open, make sure the home has lots of lights. If you are only out for the period of the showing- make sure you leave lights on in darker rooms.

9) Make Sure your Out And Remove Pets For Showings

Pets should be removed for all showings, maybe if you have a smaller dog, pop them in a cage in the garage. Some buyers won’t even enter a home if they know there is a dog around. . Buyers are put off property very quickly when pets are in the house. The Seller ideally should not be at home, people will discuss and stay longer if there is no one at home.

10) Make Sure There Are No Odours!

Especially cigarette smells, pet smells, spicy food smells and basement smells. If it is not the middle of winter- open the windows and let some air in. Those Plug-in air fresheners can to ok but nothing too heavy and not too many of them.

GET IN TOUCH TODAY

Calgary, Alberta, November 1, 2024 – Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month.

“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller's market conditions in the lower to mid-price ranges of each property type.” 

The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000.

Adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67 per cent sales-to-new listings ratio, and the months of supply does vary significantly by price range and property type. For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type.

Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year's levels. The unadjusted benchmark prices did ease slightly over last month due to seasonal factors, as seasonally adjusted prices remained relatively stable in October compared to September. 

Detached
Home sales rose to 1,071 in October, a gain over last month and nearly 10 per cent higher than last year. While new listings were higher than last year, they slowed over last month, causing the sales to new listings ratio to rise to 69 per cent and preventing any further monthly gain in inventory levels. With 2,199 units available, the months of supply remained near two months, a gain over the under two months reported last year at this time, but slightly lower than last month.

The unadjusted detached benchmark price was $753,900 in October, slightly lower than last month but still eight per cent higher than levels reported last October. Additional supply choices in the higher price ranges have taken some of the pressure off home prices. However, the recent monthly pullbacks are more related to seasonal conditions, as seasonally adjusted prices have remained relatively stable over the past three months.

Semi-Detached
Sales in October rose over last month and were over six per cent higher than levels reported last year at this time, contributing to the year-to-date growth of over three per cent. New listings for semi-detached homes have also been on the rise, supporting some steady gains in inventory levels. The shift in supply compared to demand has helped push the market toward more balanced conditions, especially for higher-priced properties. However, with only two months of supply, the overall conditions still favour the seller.

The unadjusted benchmark price was $677,000 in October, similar to last month and over eight per cent higher than last year. Year-to-date prices have averaged an over 11 per cent gain. 

Row

Following a strong start to the year, sales activity has slowed since June. However, the pullback in sales is not due to a shift in demand but related to supply constraints. The declines in sales have been driven by homes priced under $400,000, the same segment of the market which reported a 35 per cent decline in new listings. Year-to-date sales have remained relatively stable compared to last year, as pullbacks in the lower range offset the gains in the upper price ranges. Over 70 per cent of the sales have occurred over $400,000, a significant shift from last year, where the upper end accounted for 47 per cent of all the sales.

Improvements in supply did cause the months of supply to push above two months in October, the first time that has happened since the end of 2021. Supply growth, especially in the upper price ranges, has helped take some pressure off prices. However, with an unadjusted benchmark price of $456,600, prices are still over eight per cent higher than last October and year-to-date, which have averaged an increase of nearly 16 per cent.

Apartment Condominium

While sales in October improved over last month, October marks the fifth consecutive month with a year-over-year decline. However, it is important to note that the 6,782 sales so far this year are only down slightly over last year's record high and nearly double the number of sales we have averaged over the previous decade. Higher lending rates, rising rents, and limited supply choices for lower-priced properties have fuelled demand for apartment condominiums. However, like other property types, sales declines were driven by pullbacks for lower-priced units due to a significant drop in supply. Inventory levels in October did rise over the previous year, with most of the gains occurring in the $300,000 - $500,000 range, supporting more balanced conditions in those price ranges. Meanwhile, conditions remained relatively tight for lower-priced condominiums.

The additional supply choices, especially in the higher ranges of the condominium market, are taking some of the pressure off prices. In October, the unadjusted benchmark price was $341,700, down over last month but still 11 per cent higher than last year's levels. While much of the monthly decline can be attributed to seasonal factors, areas with a relatively high number of newly constructed and completed projects are impacting resale activity, resulting in a slightly higher monthly decline. Nonetheless, on average, year-to-date prices are nearly 17 per cent higher than levels reported last year.

REGIONAL MARKET FACTS

Airdrie
While both sales and new listings improved over the levels reported last October, the monthly pullback in new listings was enough to cause the sales-to-new-listings ratio to rise over last month, reaching 67 per cent. While this slowed the growth in monthly inventory levels, the 365 units in inventory is a significant gain over the exceptionally low levels of 213 reported last year at this time. Following three consecutive years of low inventory levels, recent gains are helping shift the market toward more balanced conditions. 

A shift away from the extreme sellers’ market has reduced the pressure on home prices. The unadjusted benchmark price was down over last month in October, but it was still five per cent higher than last October. Some of the monthly decline is related to seasonal factors, as seasonally adjusted data indicates prices remained relatively stable over the past four months.

Cochrane

Sales this month improved over last year, keeping above long-term trends for the town. At the same time, new listings also improved, reporting the highest October total on record. Recent gains in new listings relative to sales have helped support some steady gains in inventory levels. However, with 178 units available in October, inventories are still below long-term trends, keeping the months of supply relatively low at 2.3 months. 

While conditions are not as tight as in the spring, the shift is slowing the pace of price growth. The unadjusted benchmark price in October was slightly lower than last month but still six per cent higher than last year's levels. Overall year-to-date average benchmark prices are over nine per cent higher than last year's levels.

Okotoks

Sales in October improved over last year's levels as recent gains in new listings provided choices for many buyers struggling with supply options. While the sales gain relative to new listings prevented further monthly gains in inventory levels, the 103 units available in October significantly improved over the near-record low of 66 units reported last October. 

With less than two months of supply, conditions continue to favour the seller. The persistent seller market conditions have driven price growth in this market throughout most of the year. While unadjusted prices did ease slightly over last month in October, levels are still over six per cent higher than last October and over eight per cent higher on a year-to-date basis. 

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

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

Calgary, Alberta, October 1, 2024 – Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year's record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.” 

New listings in September rose to 3,687 units, the highest September total since 2008. This rise in new listings compared to sales did support some inventory growth. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September.

Improving inventory levels compared to sales is continuing to shift our market toward more balanced conditions. In September, the months of supply reached 2.5 months. While this is a gain over last year’s record low, conditions are still tilted in favour of the seller.

Additional supply in the market has taken some of the pressure off home prices over the past few months, following stronger-than-expected gains throughout the spring. In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five per cent higher than last year’s levels. Year-over-year gains ranged from nearly nine per cent growth for detached homes to nearly 14 per cent gains in the apartment condominium market. The gains for each property type outpaced the growth in total residential prices, mostly due to the shifting composition of sales.

Detached

The nine per cent growth in sales over $700,000 was not enough to offset the steep pullbacks reported for homes priced below $600,000, causing September sales to total 942 units, a 17 per cent decline over last year. Improved sales for higher-priced homes were possible thanks to rising new listings, as that segment of the market is starting to demonstrate more balanced conditions for homes priced above $700,000.

As of September, the unadjusted detached benchmark price was $757,100, a slight decline over last month, but nearly nine per cent higher than levels reported last year. It is not unusual to see some monthly adjustments in the fall, especially following stronger gains in the spring. With tighter conditions being experienced for lower-priced products, price growth has also ranged within the detached sector. The North East and East districts continue to report the largest year-over-year price gains.

Semi-Detached

September reported 299 new listings and 182 sales, causing the sales-to-new listings ratio to trend up over last month to nearly 61 per cent. Despite the gain over the past several months, the improvements in new listings relative to sales have supported rising inventory levels. However, with less than 400 units available, inventory levels remain nearly 33 per cent below long-term trends for September. 

Like the other property types, recent gains in new listings are causing the months of supply to improve over last year's levels. However, with just over two months of supply in September, conditions continue to favour the seller. Following strong gains in the spring, in September, the unadjusted benchmark price eased slightly over last month, but at a price of $678,400, levels are over nine per cent higher than last year at this time.

Row

Over 600 new listings came onto the market in September, where over 70 per cent of the new listings were priced above $400,000. While new listings improved across most districts, 34 per cent of the new listings were in the North and South district, likely a reflection of the new home activity occurring in those areas. Sales in September totalled 377 units, slightly lower than last year's levels.

Inventories in September rose to 747 units, a significant improvement over the previous two years, but still below long-term trends. Nonetheless, the rise in inventory relative to sales did cause the months of supply to increase to nearly two months. Conditions continue to favour the seller, but improved choice did slow the pace of price growth. The unadjusted benchmark price in September was $459,200, 10 per cent higher than September 2023 levels.

Apartment Condominium

Strong gains in new listings continued into September, with 993 units entering the market. At the same time, sales dropped to 502 units, causing the sales-to-new listings ratio to drop to 50 per cent and inventories to rise to 1,623 units. Of the inventory in the market, over 72 per cent was priced above $300,000, a significant shift compared to last year, where less than 58 per cent of the listings were above that range. 

Gain in supply compared to sales caused the months of supply to rise to 3.2 months, the highest level seen since the end of 2021. Improving supply in the new home market is likely contributing to the rise in supply and has taken some of the pressure off home prices. In September, the unadjusted benchmark price was $345,000, 14 per cent higher than last year at this time. Year-to-date prices are still averaging a year-over-year gain of 17 per cent.

REGIONAL MARKET FACTS

Airdrie

Thanks to a boost in new listings relative to sales, inventory levels trended up in September, reaching 349 units, an improvement over the persistently low levels reported over the previous three years. With 151 sales in September, the months of supply rose to 2.3 months. While conditions still favour the seller, it is a significant improvement over the under two months of supply that has persisted since the start of 2021.

Improved supply choice has taken some of the pressure off home prices. However, with an unadjusted benchmark price of $551,000 in September, prices are nearly seven per cent higher than last year. 

Cochrane

Over the past few months, easing sales did not offset earlier gains, as year-to-date sales were nearly six per cent higher than last year. However, like other areas, new listings in Cochrane have been on the rise, and the 50 per cent sales-to-new listings ratio this month helped support a gain in inventory levels. With 174 units in inventory and 58 sales, the months of supply in September rose to three months, the first time it has reached three months since the end of 2020.

While supply levels are improving, they remain well below long-term trends. Nonetheless, the gain prevented any further upward pressure on home prices this month. In September, the unadjusted benchmark price was $578,300, similar to last month but nearly nine per cent higher than last year.

Okotoks

A boost in new listings compared to sales supported inventory gains. While inventory levels have trended up over the past three months, the 106 units still represent exceptionally low levels for the town. 

The months of supply reached two months in September, something we have not seen consistently since early 2021. While this is a significant improvement from levels seen in the spring, conditions still favour the seller. The unadjusted benchmark price in September reached $630,300, nearly one per cent higher than last month and nine per cent higher than levels reported 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.

For more information, please contact:

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

Row

New listings row for homes priced above $400,000, contributing to year-to-date growth of nearly 16 per cent. At the same time, slower sales over the past three months have contributed to inventory gains. In August, there were 660 units available, a 75 per cent increase over the exceptionally low levels reported last year. While inventories are still low by historical standards, as with other property types, this shift is helping ease pressure on home prices.

The unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than last August. Monthly adjustments were not consistent across districts, with adjustments in the City Centre, North West, North, and West districts mostly driving monthly declines. Despite the monthly adjustments, year-over-year prices remain higher than last year across all districts and range from a low of 10 per cent in the City Centre to a high of 26 per cent in the East district.
 

Apartment Condominium

New listings in August reached 1,001 units, a record high for the month. The gains in new listings were met with a pullback in sales, causing the sales-to-new-listings ratio to drop to 60 per cent and inventories to rise to 1,476 units. Unlike other property types, overall condominium inventory levels were relatively consistent with longer-term trends for the month.

Rising inventory and easing sales caused the months of supply to increase to nearly two and a half months, not as high as levels seen before the pandemic but an improvement over the extremely tight conditions seen over the past 18 months. In August, the unadjusted benchmark price was $346,500, similar to last month and nearly 16 per cent higher than last year’s prices.