The Calgary housing market just set multiple records last month

The Calgary housing market shattered multiple records last month

It has been a record-breaking year in the Calgary housing market and that continued in June with multiple records set.

According to the latest report from the Calgary Real Estate Board (CREB), the first record was in the condo market. There were 3,146 sales in June in the apartment/condominium category which is a new record.

It is a bit of a correction for Calgary as year-to-date sales are 23% lower than last year, however, they are still quite a bit higher than they were before the pandemic.

The other record that was set was in detached homes. Inventory level in June only got to 1,651 which is a record low for the month.

For potential buyers, this was a particularly difficult record as the biggest decline in inventory was in homes priced below $600,000. Of all the available inventory in June, only 24% was below $600,000. Last year at this time that mark was at 45%.

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Overall inventory levels are down 36% year-over-year. The total inventory in the Calgary housing market was 3,458, which is the lowest level for June in nearly 20 years.

CREB Chief Economist Ann-Marie Lurie says those inventory numbers are having a major effect.

“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said Lurie.

“Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city. While new home starts are on the rise, it will take time to observe their impact on supply.”

Calgary Real Estate Board

Overall, we are sitting in a seller’s market right now with all of these conditions placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, which is up 4.4% from this time last year.