Calgary housing prices stay high as sales start to slow
Calgary housing sales slowed a bit in October compared to this time last year, but we are still ahead of pre-pandemic rates.
According to a report from the Calgary Real Estate Board, the benchmark price in Calgary is up to $523,900 which is up almost 10% from last year.
It is down a bit from the record levels we saw in May, but still well ahead of last year.
That price continues to trend up while the number of sales dipped by 15%.
Even with the dip in year-to-year sales, Calgary’s housing market is still ahead of pre-pandemic levels for sales.
The report states Calgary is on track to post a record number of sales in 2022.
CREB Chief Economist Ann-Marie Lurie says there are a number of factors playing into that.
“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows, and a stronger commodity market are helping offset some of that impact.”
The report also says we are seeing a decline in available houses for under $500,000.
A big part of that was in the detached market.
In October, inventory levels for detached homes were under 2,000 units, nearly 35% lower than typical levels reported for the month. Along with that, over 42% of the inventory falls in the upper-price ranges of the market.
Townhouses and condos are picking up the slack in the sales department.
Townhouse sales are up nearly 42% while apartment sales increased 56% year over year. As the sales have gone up, so have the prices.
Both row-style housing and apartment prices are up over 10% from this time a year ago.