The number of homes listed for sale in Calgary in April was twice as large as April 2024, according to Ann-Marie Lurie, chief economist at the Calgary Real Estate Board.“A boost in new listings in April, relative to sales, caused inventories to rise to 5,876 units,” said Lurie in a report this week. “Although this is more than double the number reported last year, last year’s supply was exceptionally low, and current inventory levels are consistent with what we typically see in April.” Meanwhile, sales in Calgary in April were 2,236 homes, in line with long-term averages, but a 22% decline from sales in April 2024. “Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Lurie. “This, in part, is related to our market's situation before the recent shocks.” “Previous gains in migration, relatively stable employment levels, lower lending rates and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.” The increase in inventory, almost three-months of supply, shifted the market into balanced conditions, that vary based on price ranges and types of home, said Lurie. "Lower-priced single-family and semi-detached properties continue to struggle with insufficient supply, while row and apartment-style homes are seeing more broad-based shifts to balanced conditions,” she said. .The more stable conditions in Calgary kept price increases to a minimum, as opposed to the steep increases over the last two years, which saw close to 170,000 people move into the Calgary census metropolitan area. "Benchmark prices for each property type remained relatively stable compared to March,” said Lurie. “However, compared to last year, single-family and semi-detached prices are over 2% higher than last year, while apartment and row-style home prices have remained relatively unchanged.” Here are Lurie’s overviews of the April market by housing type. Single-family Sales reached 1,102 homes in April, down 16% year-over-year, although the southeast quadrant of the city saw a rise in sales over last year. April saw 1,907 new listings come onto the market, and the sales-to-new-listings ratio remained balanced at 58%. Inventory rose to 2,511 units, marking a supply level of 2.3 months, based on April sales. “While this is a significant gain over the less than one month of supply reported last year at this time, conditions remain relatively tight, especially in the lower price ranges,” said Lurie. “The unadjusted benchmark price reached $769,300, 2% higher than April last year. The added supply, combined with uncertainty, has slowed the pace of price growth." .Semi-Detached The 190 sales were down 16%, year-over-year, while 350 new listings took the sales-to-new-listings ratio down to 54%, with inventory levels reaching 484 homes. In April there were 2.6 months of supply, a significant improvement over the less than one month reported in April last year. April’s unadjusted benchmark price was $691,700, similar to March and 3% higher than April last year. Row/townhomes To the end of April, sales were down 16%, year-over-year. New listings took inventory to 1,005 homes, the highest number since 2021, with close to three months of inventory, which has taken pressure off prices. “In April, the unadjusted row price was $457,400, a slight gain over March but relatively unchanged compared to April of last year and still below last year's peak price reported in June,” said Lurie. Apartment Condominium Sales dropped nearly 30% from last April’s record high, but still stronger than long-term trends. While sales have remained relatively strong, new listings in April reached 3,951, a record high for the month. “With three months of supply in the city, conditions are considered relatively balanced, however, activity does range significantly based on location, impacting price movements,” said Lurie.
