The three words most often heard in Calgary’s real estate market are: sold, sold and sold, as buyers continued to keep the spring selling season strong in April. Home sales reached 2,881 in April, up from 2,664 in March and a seven percent increase from April 2023. While the rate of year-over-year growth slowed compared to earlier this year, April’s sales were still 37% higher than long-term trends for the month, said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). “Much of the growth in sales has occurred for relatively more affordable, higher-density products,” said Lurie. There were 3,491 new listings in April and while that’s an 11% increase, year-over-year, it is only three percent higher than long-term trends. “The rise in new listings compared to sales prevented any further deterioration of the inventory situation,” said Lurie. “However, with 2,711 units in inventory, levels are 16% below last year and half of what is traditionally seen in April.” “While supply levels are still declining, much of the decline has been driven by lower-priced homes. Homes priced below $500,000 have reported a 29% decline in supply.” Conversely, supply in the $700,000+ category has increased. “Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.” The sales to new listings ratio is still quite high in Calgary, at 83% and the average time from a home being put up for sale and selling is 20 days, which is quick by any measure. Benchmark prices are on the rise, with the city-wide price sitting at $603,700, a one-point increase from March, and a jump of 10% over last year's levels. “Price gains occurred across all property types and districts of the city,” said Lurie. “The strongest price growth occurred in the more affordable districts of the city. Here’s Lurie’s look at the market by home types : Single-family Sales reached 1,321, up from 1,151 in March. The benchmark price was $749,000, compared to $739,700 in March. Sales gains in the higher price ranges offset the decline for homes priced below $600,000, which is related to the lack of listings in the lower price ranges. Semi-detached April’s sales were 255 homes, up slightly from 250 in March. The persistently tight market conditions caused price gains, with the benchmark price reaching $668,400 in April, up marginally from $658,000 in March. Year-over-year price gains ranged from a high of 23% in the East district to a low of 10% the City Centre. Row housing Sales were 488 homes in April compared to 448 in March. Tight supply, especially in lower price ranges, is contributing to price increases. April’s benchmark price was $458,100, up from $448,700 in March. Both monthly and year-over-year gains were the highest in the most affordable districts of the northeast and east, where resale row homes are still priced below $400,000. Apartment condominiums Apartment condominium sales have risen more than any other property type and now represent nearly 30% of all resale activity, reaching 822 units, up from 814 in March. April’s benchmark price was $346,200, up from $337,700 in March. Like other property types, year-over-year supply declines are driven by the lower-priced segments of the market, which for apartment condominiums is units priced below $300,000.
The three words most often heard in Calgary’s real estate market are: sold, sold and sold, as buyers continued to keep the spring selling season strong in April. Home sales reached 2,881 in April, up from 2,664 in March and a seven percent increase from April 2023. While the rate of year-over-year growth slowed compared to earlier this year, April’s sales were still 37% higher than long-term trends for the month, said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). “Much of the growth in sales has occurred for relatively more affordable, higher-density products,” said Lurie. There were 3,491 new listings in April and while that’s an 11% increase, year-over-year, it is only three percent higher than long-term trends. “The rise in new listings compared to sales prevented any further deterioration of the inventory situation,” said Lurie. “However, with 2,711 units in inventory, levels are 16% below last year and half of what is traditionally seen in April.” “While supply levels are still declining, much of the decline has been driven by lower-priced homes. Homes priced below $500,000 have reported a 29% decline in supply.” Conversely, supply in the $700,000+ category has increased. “Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.” The sales to new listings ratio is still quite high in Calgary, at 83% and the average time from a home being put up for sale and selling is 20 days, which is quick by any measure. Benchmark prices are on the rise, with the city-wide price sitting at $603,700, a one-point increase from March, and a jump of 10% over last year's levels. “Price gains occurred across all property types and districts of the city,” said Lurie. “The strongest price growth occurred in the more affordable districts of the city. Here’s Lurie’s look at the market by home types : Single-family Sales reached 1,321, up from 1,151 in March. The benchmark price was $749,000, compared to $739,700 in March. Sales gains in the higher price ranges offset the decline for homes priced below $600,000, which is related to the lack of listings in the lower price ranges. Semi-detached April’s sales were 255 homes, up slightly from 250 in March. The persistently tight market conditions caused price gains, with the benchmark price reaching $668,400 in April, up marginally from $658,000 in March. Year-over-year price gains ranged from a high of 23% in the East district to a low of 10% the City Centre. Row housing Sales were 488 homes in April compared to 448 in March. Tight supply, especially in lower price ranges, is contributing to price increases. April’s benchmark price was $458,100, up from $448,700 in March. Both monthly and year-over-year gains were the highest in the most affordable districts of the northeast and east, where resale row homes are still priced below $400,000. Apartment condominiums Apartment condominium sales have risen more than any other property type and now represent nearly 30% of all resale activity, reaching 822 units, up from 814 in March. April’s benchmark price was $346,200, up from $337,700 in March. Like other property types, year-over-year supply declines are driven by the lower-priced segments of the market, which for apartment condominiums is units priced below $300,000.
