The average price of a typical Calgary home rose 13% year-over-year
Inventory levels remain low in Calgary’s housing market, even with a rise in new listings — relative to sales — in January.
That’s according to the most recent report from the Calgary Real Estate Board (CREB) for the first month of 2024.
Sales rose to 1,650 units, according to the board’s numbers, a significant gain over last year’s levels and long-term trends.
“The growth was possible thanks to a rise in new listings totalling 2,137 units in January,” reads the report.
CREB noted that the rise in new listings relative to sales did little to change the low inventory situation in the city, however.
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With 2,150 units in inventory, those levels are also near the January record lows set in 2006 and are nearly 49% below the long-term average for the month.
CREB notes that new listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.
The average price for a detached home in Calgary in January was $758,957, according to the board.
That’s a 13.13% increase from what it was at this time last year.
An apartment in the city, on average, came in at $337,011, which is 18.45% higher than it was in January 2023.
Calgary Real Estate Board
“The growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth,” Ann-Marie Lurie, chief economist at CREB, said in a statement.
“Supply challenges have been a persistent problem since last year.”
The ongoing tightness in the market added further pressure on home prices.
The unadjusted benchmark price in January reached $572,300 — a gain over last month and 10% higher than levels reported last January, CREB’s report says.
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