Home prices in Calgary just hit a new record high
Just when it looks like things are levelling out, Calgary housing prices take another jump and set another record.
According to the latest report from the Calgary Real Estate Board (CREB), the benchmark price for Calgary is now at $550,800, a new record for April in Calgary.
This is a two percent increase from last month, making it the fourth straight month where Calgary housing prices have increased.
CREB Economist Ann-Marie Lurie says a few factors have come together to make this a seller’s market.
“While sales activity is performing as expected, the steeper pullback in new listings has ensured that supply levels remain low,” Lurie said. “The limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices.”
CREB says that in April, sales reached 2,690 units compared to the 3,133 new listings. Inventories declined by 34% compared to last year and are over 45% below long-term averages for April.
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As always, detached prices lead the way at $661,900, which is also an April record for Calgary and a 2.4% increase from this time last year.
They say new listings have eased across all price ranges in the detached market, but the area that was hit the most was listings under $700,000.
Semi-detached homes are seeing the lowest inventory they’ve had at this point in the year since 2007.
For most of the year, apartments and condos have been the most affordable. And while that remains the case, the price of those types of units took a big jump.
The new benchmark price reached $299,400, a significant gain over the $277,600 at the start of the year and over 10% higher than last April.
Recently, the Canada Mortgage and Housing Corporation (CMHC) stated that things are supposed to level out in Calgary before going up slightly at the end of the year into 2024.