Calgary home sales have cooled so much a big milestone was just hit
Home sales in Calgary have cooled so much that the city just hit its highest inventory since the pandemic, according to the Calgary Real Estate Board’s (CREB) July statistics.
There were 6,917 units up for grabs last month, and the surge in supply is starting to bring prices down in some parts of the city.
The increase in available housing has started to shift the market, with benchmark prices now down almost four per cent from their peak in June 2024; however, this decline isn’t happening evenly across all neighbourhoods or types of homes.
“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, chief economist at CREB.
Detached homes saw the months of supply increase to three months, meaning that it would take three months to sell all of the available houses on the market if no new homes were added. This is the highest level seen since 2020, indicating a shift towards a buyer’s market in some parts of the city.
Sales activity of detached homes slowed to 1,031 units in July, while the number of new listings, despite being slower than last month, was still nearly 10 per cent higher than last year’s levels and above long-term trends.
As of July, the detached benchmark price was $761,800, down less than one per cent over last year.
CREB
New listings increased by more than eight per cent over the last year, while sales declined by 12 per cent in July.
As supply grows and prices adjust, Calgary’s housing market is entering a period of change, with apartment-style homes reporting the highest months of supply with over four months, while semi-detached homes are seeing conditions remain relatively stable at three months of supply.
You can read the full report from CREB online.