In August, Calgary home sales eased further to 2,186, reflecting a decline from July and marking a 19.5% drop compared to the same time last year.
However, sales are still 17% higher than long-term averages for the month, according to new figures from the Calgary Real Estate Board (CREB)
While the number of new listings on the market was down slightly from July at 3,536, easing sales pushed the months of supply to 2.05 months in August, a level not seen since the end of 2022.
“Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring,” the report noted.
And despite the number of new listings expected to increase over the remainder of the year, “it’s important to note that supply levels remain low, especially for lower-priced properties,” said Ann-Marie Lurie, chief economist at CREB. “It will take time for supply levels to return to those that support more balanced conditions.”
After stronger-than-expected gains earlier this year, price growth is beginning to moderate.
In August, the unadjusted residential benchmark price reached $601,800, marking a 6% increase from last year and a slight dip from the previous month. Year-to-date, the average benchmark price has risen by 9%.
Market performance by home type
Detached homes
Detached home sales dropped by 14% compared to last year, as gains in homes priced above $600,000 couldn’t offset the declines in lower-priced categories, which are still constrained by limited supply. In August, 2,011 detached homes were available, with over 85% priced above $600,000.
Improved supply at the higher end compared to sales pushed the months of supply to nearly two months. While conditions remain tight, this is a marked improvement from the under-one-month supply seen in the spring, easing some pressure on prices. The unadjusted detached benchmark price in August was $762,600, slightly down from last month but still over 9% higher year-over-year.
Semi-detached homes
With 297 new listings and 172 sales, the sales-to-new-listings ratio in August dropped to 58%, a level more in line with pre-pandemic trends. This shift led to increased inventory, pushing the months of supply to nearly two months.
While conditions are still relatively tight, the increase in new listings has helped alleviate some of the upward pressure on prices. In August, the unadjusted benchmark price was $681,200, down from last month but nearly 10% higher than last year.
Row homes
New listings for row homes priced above $400,000 contributed to year-to-date growth of nearly 16%. Meanwhile, slower sales over the past three months have led to inventory gains, with 660 units available in August—a 75% increase over the exceptionally low levels reported last year. Although inventories remain low by historical standards, this shift is helping to ease pressure on prices.
The unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12% higher than last August. Monthly price changes varied across districts, with the City Centre, North West, North, and West districts driving the declines. Despite these monthly adjustments, year-over-year prices remain higher across all districts, ranging from a 10% increase in the City Centre to a 26% rise in the East district.
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Last modified: September 3, 2024