Calgary Home prices reach new heights
Calgary is hot right now and people want to move here. The Calgary Real Estate Board’s chief economist, Ann-Marie Lurie, mentioned that “continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates, 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.” When there’s high demand and low supply, prices will inevitably continue to creep up, they are now over 4% higher than the previous peak in May of 2022. Here's a breakdown for each segment and surrounding areas:
The scoop on the detached market: With only 1,720 units available in this segment of the market, inventory levels are at the lowest ever reported for July. Inventory levels have declined across all properties priced below $1,000,000. While there’s slightly more supply today than in the last few months, conditions remain relatively tight, and prices continued to rise this month. In July, the unadjusted benchmark price rose to $690,500, a monthly gain of nearly 1% and over7% higher than last July. Both year-over-year and monthly price growth was strongest in the city's most affordable North East and East districts.
The scoop on the semi-detached market: With only 248 new listings in July and 211 sales, the sales-to-new-listings ratio once again pushed above 85 %. With no shift in the sellers’ market conditions, the unadjusted benchmark price continued to trend up in July, reaching $616,800. 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 prices was the City Centre.
The scoop on row houses: July reported 488 new listings and 467 sales, resulting in a sales-to-new listings ratio of 96 %. This prevented any additions to the inventory and left the months of supply below one month for the fourth consecutive month. The persistent sellers’ market conditions caused further price gains for row properties. As of July, the benchmark price reached $407,500, nearly 2% higher than last month and 14% higher than prices reported last July. Prices trended up across all districts, with the highest monthly gain occurring in the west district at nearly 4%. The slowest monthly gains happened in the City Centre.
The scoop on condos: July sales continued to rise over last year's levels, leaving year-to-date sales 16 %higher than levels reported last year. This is the only property type that has reported a year-to-date gain in sales activity. This has been possible thanks to recent gains in new listings. However, conditions remain tight for apartment condominiums with a sales-new-listings ratio of 84 % and a month's supply of 1.4 months. . While prices are higher than last year in every district, the city center has yet to see the same level of pressure on prices and has reported the lowest year-over-year growth at nearly nine %.
What’s happening around Calgary:
The scoop on Airdrie: New listings this month remained comparable to last month. Meanwhile, sales trended down, supporting a modest gain in inventory and a sales-to-new listings ratio of 84 %. This also helped push the months of supply back above one month. Despite the monthly gain in the months of supply, conditions remain exceptionally tight and continue to favour the seller. This caused further price growth as the unadjusted benchmark price rose nearly 1% over last month to $514,100. Prices have been improving across all property types, but the detached benchmark price has pushed above $600,000 in Airdrie for the first time.
The scoop on Cochrane: With 110 new listings and 85 sales, the sales-to-new-listings ratio remained at 77 % this month. This helped contribute to a modest gain in inventory levels, and the months of supply rose to nearly two months. Despite this shift, conditions remained exceptionally tight in the Centre, and prices continued to trend up. As of July, the unadjusted benchmark price reached $529,700, nearly 1% higher than last month and over 3% higher than last July. Price growth has occurred across all property types, and the detached benchmark price now sits at $626,100.
The scoop on Okotoks: July reported 78 new listings and 67 sales, keeping the sales-to-new-listings ratio elevated at 86% and preventing any significant shift in inventory levels. Nonetheless, the months of supply did rise to above one month following the exceptionally low levels reported over the past two months. While conditions are not as tight as last month, the market still favours the seller, and prices trended up over last month, with a benchmark price reaching $586,900. Prices now sit over 7% higher than last year, with the most significant year-over-year gain occurring in the semi-detached sector. Detached benchmark prices pushed up to $655,100 in July.
It's a seller's market out there if you're planning to list, reach out for your free home valuation and know what your home is worth in today's everchanging market.
---Claire LeFebvre
All data sourced from the Calgary Real Estate Board