Calgary’s resale homes market slowed down a bit in July, compared to June, which is common for this time of year. Sales reached 2,380 homes in July compared to 2,738 in June, while there were 3,604 new listings last month, down from 3,789 in June, taking the sales-to-new listings ratio to 66%, a number that favours buyers, according to Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). “Inventories rose to 4,158 units, still 33% below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years,” says Lurie. “Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.” While more inventory leans the market toward buyers, Lurie says the inventory of homes for sale remains an issue. “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,” she says. “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.” The 2,380 sales in July were 10% lower than July 2023, which was a record year for the month. “Like June, the pullback in sales has been driven by homes priced below $600,000. Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year,” says Lurie, adding the increase in supply moderated the pace of monthly price growth. “Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, slightly lower than $608,000 in June and up from $605,300 in May. Here is Lurie’s overview of the Calgary market in July by property type. Single-family homes Sales in this sector dropped 8% in July, as the rise for homes priced above $600,000 was not enough to offset the 50% decline in the lower price ranges. “The decline in the lower price ranges reflects limited availability as inventories and new listings continue to fall for lower-priced homes. Year-to-date single-family sales have eased by just over one per cent compared to last year,” says Lurie. “With 1,098 sales and 1,721 new listings in July, inventories rose to 1,950 units. Inventories are still low based on historical levels, but the gain did help push the months of supply up to nearly two months and supports some stability in prices. The unadjusted benchmark price in July was $767,800, similar to June but 11% higher than July 2023." Semi-detached homes “Relative affordability continues to attract purchasers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year,” says Lurie. “The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76% sales-to-new listings ratio and months of supply of 1.5 months.” The pace of the unadjusted benchmark price slowed, reaching $687,900, nearly 12% higher than July 2023. The highest price growth continues to be in Calgary’s most affordable north east and east districts. Row/townhomes “Gains in new listings relative to a pullback in sales caused the sales-to-new listings ratio to fall to 73% in July. This supported gains in inventory levels, and the months of supply rose to 1.3 months,” says Lurie, adding conditions still favour sellers. “The shift prevented further monthly price gains in July,” she says. “Nonetheless, at a benchmark price of $464,200, levels are still nearly 15% higher than last year. Year-over-year price gains have ranged from a low of 13% in the city centre and north districts to more than 20% in the northeast and east districts.” Apartment condominiums Sales in July slowed to 659 units, due to a significant drop in sales occurring for properties priced below $300,000. “Like the other property types, limited supply choices for the lower-priced units prevented stronger sales activity,” says Lurie. “New listings in July were 1,043 units, high enough to cause the sales-to-new listings ratio to fall to 63%. This supported inventory gains and months of supply of over two months.” “Improved supply relative to sales helped slow the pace of monthly price growth, however, the unadjusted benchmark price of $346,300 is still 17% higher than levels reported last year at this time.”
Calgary’s resale homes market slowed down a bit in July, compared to June, which is common for this time of year. Sales reached 2,380 homes in July compared to 2,738 in June, while there were 3,604 new listings last month, down from 3,789 in June, taking the sales-to-new listings ratio to 66%, a number that favours buyers, according to Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). “Inventories rose to 4,158 units, still 33% below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years,” says Lurie. “Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.” While more inventory leans the market toward buyers, Lurie says the inventory of homes for sale remains an issue. “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,” she says. “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.” The 2,380 sales in July were 10% lower than July 2023, which was a record year for the month. “Like June, the pullback in sales has been driven by homes priced below $600,000. Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year,” says Lurie, adding the increase in supply moderated the pace of monthly price growth. “Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, slightly lower than $608,000 in June and up from $605,300 in May. Here is Lurie’s overview of the Calgary market in July by property type. Single-family homes Sales in this sector dropped 8% in July, as the rise for homes priced above $600,000 was not enough to offset the 50% decline in the lower price ranges. “The decline in the lower price ranges reflects limited availability as inventories and new listings continue to fall for lower-priced homes. Year-to-date single-family sales have eased by just over one per cent compared to last year,” says Lurie. “With 1,098 sales and 1,721 new listings in July, inventories rose to 1,950 units. Inventories are still low based on historical levels, but the gain did help push the months of supply up to nearly two months and supports some stability in prices. The unadjusted benchmark price in July was $767,800, similar to June but 11% higher than July 2023." Semi-detached homes “Relative affordability continues to attract purchasers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year,” says Lurie. “The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76% sales-to-new listings ratio and months of supply of 1.5 months.” The pace of the unadjusted benchmark price slowed, reaching $687,900, nearly 12% higher than July 2023. The highest price growth continues to be in Calgary’s most affordable north east and east districts. Row/townhomes “Gains in new listings relative to a pullback in sales caused the sales-to-new listings ratio to fall to 73% in July. This supported gains in inventory levels, and the months of supply rose to 1.3 months,” says Lurie, adding conditions still favour sellers. “The shift prevented further monthly price gains in July,” she says. “Nonetheless, at a benchmark price of $464,200, levels are still nearly 15% higher than last year. Year-over-year price gains have ranged from a low of 13% in the city centre and north districts to more than 20% in the northeast and east districts.” Apartment condominiums Sales in July slowed to 659 units, due to a significant drop in sales occurring for properties priced below $300,000. “Like the other property types, limited supply choices for the lower-priced units prevented stronger sales activity,” says Lurie. “New listings in July were 1,043 units, high enough to cause the sales-to-new listings ratio to fall to 63%. This supported inventory gains and months of supply of over two months.” “Improved supply relative to sales helped slow the pace of monthly price growth, however, the unadjusted benchmark price of $346,300 is still 17% higher than levels reported last year at this time.”
