Calgary's housing prices are exploding with a big record set last month
If you are on the hunt for a house in Calgary, be prepared to battle other buyers as YYC’s housing market prices continued to soar in July.
The CREB says July saw the seventh consecutive monthly gain in home prices in Calgary, with 2,647 sales representing a year-over-year gain of 18%, reflecting the strongest July levels reported on record.
A large portion of the record-setting pace was attributed to significant gains in the apartment condominium sector and, despite recent gains, year-to-date sales have declined by 19% over last year.
The Calgary housing market remains a seller’s market, with inventory levels remaining near the July record low set in 2006.
In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over 4% higher than the previous peak in May of 2022.
CREB
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB Chief Economist Ann-Marie Lurie in a news release. “At the same time, we continue to struggle with supply in the resale, new home, and rental markets resulting in further upward pressure on home prices.”
July saw 1,197 sales and 1,587 new listings, with detached inventory levels trending up over the last month. However, with 1,720 units available, inventory levels are at the lowest ever reported for July.
With only 248 new listings in July and 211 sales, the sales-to-new-listings ratio for semi-detached once again pushed above 85%. Monthly gains were strongest in the North East and East district as both rose by over 2% compared to June. The only district that experienced stability in monthly housing prices was the City Centre.
CREB
July sales of apartment condominiums continued to rise over last year’s levels, leaving year-to-date sales 16% higher than levels reported last year. The CREB says this is the only property type that has reported a year-to-date gain in sales activity.
You can read the full CREB report here.