Calgary homes are sitting on the market for nearly DOUBLE the amount of time
The housing market in Calgary is cooling, with the average number of days on the market for homes at 38, nearly double the time compared to last year.
New data from an August report by the Calgary Real Estate Board (CREB) shows apartment and row-style homes saw the steepest price adjustments as supply rises and sales slow. Detached and semi-detached homes are seeing declines, but not as significantly.
As of August, the citywide benchmark price was $577,200, down over four per cent compared to last year, and lower than the price in July.
The average days on market landed at 38, a 41.1 per cent increase since this time last year.
CREB
Apartments led the decline with a benchmark price of $326,500, nearly six per cent lower than this time last year. Row homes dropped to $439,600, seeing a five per cent year-over-year decline.
Detached homes only saw a 0.9 per cent decline from last year, with the benchmark price sitting at $755,600, and semi-detached homes saw a 0.9 per cent increase in prices compared to last year.
The price decline in apartments and row-style homes comes from a rising supply and slow sales. With more choices on the market, buyers have more options, which is keeping prices from rising.
“Perspective is needed when it comes to price adjustments. The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice,” said Ann-Marie Lurie, chief economist at CREB, in a release.
In August, sales dropped nearly nine per cent compared to 2024, while inventory levels rose 48.2 per cent, pushing the inventory to 6,661, the highest amount in August since 2018.
It would currently take 3.4 months to sell all of the homes currently listed, which is more than the past four years, but still well below the buyer market conditions seen before the pandemic.