If the housing crisis was a matter of a lack of homes listed for sale, the crisis has ended in Calgary. At the end of July, there were 6,917 home listed for sale, according to a new report from the Calgary Real Estate Board (CREB). However, as of August 12, that number increased to 7,009 homes for sale, a 54% increase over the same time last year. The numbers are due mostly to an increased inventory of new homes and are levels not seen since before the COVID-19 pandemic, says Ann-Marie Lurie, CREB’s chief economist. “While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth,” says Lurie. “The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary, $582,900, has trended down over the past several months and is currently 4% below last year's peak price reported in June 2024. “ Price movement has not been consistent in all property types nor in all locations of the city and declines haven’t erased gains made over the past few years, says Lurie. ."The steepest price declines have occurred for apartment and row style homes, mostly in the northeast and north districts, which coincides with significant gains in new supply," she says. The increase in supply is a combination of slowing sales and new listings. “In July, there were 2,099 sales, a 12% decline over last year, while new listings reached 3,911 units, an 8.6% increase over last year,” says Lurie. “In addition to the persistent economic uncertainty due to tariffs, sales and new listings were impacted by no further reductions in lending rates and added competition from the new home market.” “Apartment-style homes are reporting the highest months of supply with more than four months, while both detached and semi-detached homes are seeing conditions remain relatively balanced at just three months of supply.” Here are Lurie’s overviews of the Calgary market by property type. .Single-family homes “For the first time since 2020, the months of supply for single-family homes rose to three months. Sales activity slowed to 1,031 units in July, while the number of new listings, despite being slower than last month, was still nearly 10% higher than last year's levels and above long-term trends.” “Conditions did vary significantly depending on location. In the northwest, west and south districts, the months of supply remained well below three months, whereas the northeast reported the highest months of supply at over four months.” “The single-family benchmark price in July was $761,800, down less than 1% over last year. However, there was a significant range of price adjustments. Both the northeast and east districts have reported the largest decline in price at 5%, though prices still rose in the city centre by nearly 2%.” .Semi-Detached “Sales activity in July continued to slow, contributing to the year-to-date decline of 11%. At the same time, new listings have generally been higher this year compared to last year. With 549 units in inventory and 187 sales, the months of supply in July rose to three months, something that has not happened since 2021.” “Although supply is improving in relation to sales, prices have remained relatively stable. The benchmark price was $697,500 in July, 1% higher than last July. Price growth did range throughout each district, with the highest gains occurring in the city centre, with nearly 3% growth. Meanwhile, prices declined over last year in the northeast, east and north districts. Row/townhomes “Sales have eased compared to last year, with new listings and inventories rising over last July. The months of supply in July was more than three months, with a range of under three months of supply in the city centre, northwest, south and southeast, to nearly five months of supply in the northeast district. Prices have generally been trending down over the past three months, and while they are nearly 4% lower than last year at this time, on a year-to-date basis they have remained similar to last year. Year-to-date price declines have been reported in the northeast and north, while prices have risen in all other districts. .Apartment Condominium“There were 1,014 new listings in July relative to 508 sales, keeping the sales-to-new listings ratio at 50% and inventory levels elevated at 2,097 units. Higher inventories and slower sales caused the months of supply to push above four months in July, the highest it has been since 2021. Added competition for new product combined with rising rental vacancy rates have impacted the resale condominium market.” “The additional supply choice is having a more significant impact on apartment style prices over any other property type. In July, the benchmark price was $329,600, down more than 1% compared to last month and nearly 5% lower than levels reported last year. Prices have remained stable compared to last year as gains in the west, south and northwest have offset declines occurring in the northeast, north, southeast and east districts.".Due to a high level of spam content being posted in our comment section below, all comments undergo manual approval by a staff member during regular business hours (Monday - Friday). Your patience is appreciated.
