The Calgary real estate market continued to favour sellers in May, as it did in April, but an increase in inventories signalled stabilization to come. Sales in May were 3,092 homes, a slight 1% drop from May 2023, but still 34% higher than long-term trends. The small year-over-year sales decline was primarily due to slower sales of lower-priced single-family and semi-detached homes, where there was limited supply choice compared to last year, says Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). "Although new listings have increased, much of this growth is in higher price ranges for each property type," said Lurie. “Our strong economic situation has supported sales growth in these higher price ranges.” “However, May's sales could not offset the declines in the lower price ranges due to a lack of choice of supply." New listings last month hit 4,333 homes, almost 19% higher than last year. “This increase in new listings compared to sales caused the sales-to-new listings ratio to drop to 71%, supporting a modest year-over-year inventory gain,” said Lurie. “Despite this, inventory levels remained nearly half what we typically see in May, with most gains driven by homes priced above $700,000.” “While inventories improved in May, conditions continue to favour sellers with one month of supply. Several districts continue to report less than one month of supply, while the city centre reported the highest supply-to-sales ratio at one and a half months.” Sellers’ market conditions drove price growth across all districts in the city in May, with the unadjusted aggregate benchmark price reaching $605,300, heavily influenced by the aggregate benchmark prices in the northwest sector ($664,900), the west end ($727,100 ) and city centre ($616,000). Areas falling below the aggregate benchmark price were: the north ($572,500); the northeast ($527,000); the east end ($441,700); the southeast ($594,100) and; the south ($596,400). The city-wide sales volume value last month was $1.9 billion, compared to $1.7 billion in May 2023. The year-to-date sales volume is $7.4 billion, compared to $6 billion in 2023. Here are Lurie’s overviews of the market by home type. Single-family The gain in detached sales for homes priced at more than $700,000 was not enough to offset pullbacks across the lower price ranges, as year-over-year sales declined by seven per cent. At the same time, new listings rose enough to cause the sales-to-new-listings ratio to drop to 68%, supporting inventory growth. However, inventory levels for homes priced at less than $600,000 continued to fall, accounting for only 13% of the single-family market. With slightly more than one month of supply, the single-family market continues to favour the seller and prices continue to rise. As of May, the unadjusted benchmark price reached $761,800, mor than one per cent higher than April and 13% higher than last year. Prices improved across all districts, with the most significant year-over-year gains occurring in the most affordable districts. Semi-detached The year-over-year decline in sales did not offset earlier gains, as year-to-date sales rose by nearly 11%. As in the single-familty sector, we have also seen improved levels of new listings come onto the market, causing the sales-to-new listings ratio to drop to 72% and driving some gains in inventory levels. Nonetheless, the market continues to favour the seller with one month of supply. The persistently tight market conditions continue to drive up prices. The benchmark price reached $678,000 in May, more than one per cent higher than last month and 13% higher than last May. Row/townhomes May reported 540 sales, a gain over last year that has contributed to the 16% year-to-date rise. At the same time, new listings also rose, supporting a gain in inventory levels. Inventory levels have declined for properties below $400,000, but the gains reported for higher-priced row properties were enough to support overall inventory gains. With a sales-to-new-listings ratio of 78% and a months of supply below one month, conditions continue to favour the seller, driving further price growth. In May, the benchmark price reached $462,500, nearly two per cent higher than last month and more than 19% higher than last year’s levels. Apartment Demand for affordable homes continues to drive growth for apartment condominium-style homes. May sales continued to rise, contributing to the year-to-date record high with a 19% gain. This was partly possible thanks to gains in new listings preventing a further drop in inventory levels. While inventory levels are similar to last year, the gains for products priced at more than $300,000 offset the steep declines for lower-priced homes. With a months of supply of just over one month, conditions still favour the seller, and prices continued to increase compared to last month's and last year’s levels. Year-over-year price gains exceeded 30% in the northeast and east districts, with the lowest price growth occurring in the City Centre at 13%
The Calgary real estate market continued to favour sellers in May, as it did in April, but an increase in inventories signalled stabilization to come. Sales in May were 3,092 homes, a slight 1% drop from May 2023, but still 34% higher than long-term trends. The small year-over-year sales decline was primarily due to slower sales of lower-priced single-family and semi-detached homes, where there was limited supply choice compared to last year, says Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). "Although new listings have increased, much of this growth is in higher price ranges for each property type," said Lurie. “Our strong economic situation has supported sales growth in these higher price ranges.” “However, May's sales could not offset the declines in the lower price ranges due to a lack of choice of supply." New listings last month hit 4,333 homes, almost 19% higher than last year. “This increase in new listings compared to sales caused the sales-to-new listings ratio to drop to 71%, supporting a modest year-over-year inventory gain,” said Lurie. “Despite this, inventory levels remained nearly half what we typically see in May, with most gains driven by homes priced above $700,000.” “While inventories improved in May, conditions continue to favour sellers with one month of supply. Several districts continue to report less than one month of supply, while the city centre reported the highest supply-to-sales ratio at one and a half months.” Sellers’ market conditions drove price growth across all districts in the city in May, with the unadjusted aggregate benchmark price reaching $605,300, heavily influenced by the aggregate benchmark prices in the northwest sector ($664,900), the west end ($727,100 ) and city centre ($616,000). Areas falling below the aggregate benchmark price were: the north ($572,500); the northeast ($527,000); the east end ($441,700); the southeast ($594,100) and; the south ($596,400). The city-wide sales volume value last month was $1.9 billion, compared to $1.7 billion in May 2023. The year-to-date sales volume is $7.4 billion, compared to $6 billion in 2023. Here are Lurie’s overviews of the market by home type. Single-family The gain in detached sales for homes priced at more than $700,000 was not enough to offset pullbacks across the lower price ranges, as year-over-year sales declined by seven per cent. At the same time, new listings rose enough to cause the sales-to-new-listings ratio to drop to 68%, supporting inventory growth. However, inventory levels for homes priced at less than $600,000 continued to fall, accounting for only 13% of the single-family market. With slightly more than one month of supply, the single-family market continues to favour the seller and prices continue to rise. As of May, the unadjusted benchmark price reached $761,800, mor than one per cent higher than April and 13% higher than last year. Prices improved across all districts, with the most significant year-over-year gains occurring in the most affordable districts. Semi-detached The year-over-year decline in sales did not offset earlier gains, as year-to-date sales rose by nearly 11%. As in the single-familty sector, we have also seen improved levels of new listings come onto the market, causing the sales-to-new listings ratio to drop to 72% and driving some gains in inventory levels. Nonetheless, the market continues to favour the seller with one month of supply. The persistently tight market conditions continue to drive up prices. The benchmark price reached $678,000 in May, more than one per cent higher than last month and 13% higher than last May. Row/townhomes May reported 540 sales, a gain over last year that has contributed to the 16% year-to-date rise. At the same time, new listings also rose, supporting a gain in inventory levels. Inventory levels have declined for properties below $400,000, but the gains reported for higher-priced row properties were enough to support overall inventory gains. With a sales-to-new-listings ratio of 78% and a months of supply below one month, conditions continue to favour the seller, driving further price growth. In May, the benchmark price reached $462,500, nearly two per cent higher than last month and more than 19% higher than last year’s levels. Apartment Demand for affordable homes continues to drive growth for apartment condominium-style homes. May sales continued to rise, contributing to the year-to-date record high with a 19% gain. This was partly possible thanks to gains in new listings preventing a further drop in inventory levels. While inventory levels are similar to last year, the gains for products priced at more than $300,000 offset the steep declines for lower-priced homes. With a months of supply of just over one month, conditions still favour the seller, and prices continued to increase compared to last month's and last year’s levels. Year-over-year price gains exceeded 30% in the northeast and east districts, with the lowest price growth occurring in the City Centre at 13%
