Calgary’s housing market saw the second record month in a row for sales in June, reaching 3,146 homes sold, up slightly from 3,120 sales in May. .Sales for the first six months of 2023 are 23% below last year’s pace, which was expected, but are higher than pre-pandemic levels, says Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB). .“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” says Lurie.“Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city. While new home starts are on the rise, it will take time to observe their impact on supply.” .Lurie says new listings increased slightly in June, but remain historically low. .“Despite these improvements, the inventory for June stood at 3,458 units, marking a decline of more than 36% from last year and reaching the lowest levels for June in nearly two decades,” she says. .The supply of resale homes on the market in Calgary is slightly more than one month, which favours sellers, as upward pressures are on placed on prices. .“In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of 1% and 4% higher than last year's levels,” says Lurie. .Here are Lurie’s market overviews by housing type. .Single-family .A monthly gain in new listings supported a monthly increase in inventory levels. However, with only 1,651 units available and sales of 1,525 in June, levels hit a new record low for the month. .Inventories declined across most price ranges, but the steepest declines occurred in homes priced below $600,000. .Of all the inventory in June, only 24% was priced below $600,000, a significant drop from last year, where that market segment represented 45% of the supply. .Limited inventory, especially in the lower price ranges, ensured that the market continued to favour sellers, driving further gains in home prices. As of June, the single-family benchmark price reached $685,100, an unadjusted monthly gain of nearly 2% and a year-over-year increase of 6%. Year-over-year gains were the highest in the most affordable northeast and east districts. .Semi-detached .New listings in June improved, helping support modest monthly gains in inventory levels. .However, with 268 units in inventory and 240 sales, the months of supply remained exceptionally tight at just over one month. .The persistently tight market conditions have contributed to further price gains. As of June, the benchmark price reached $613,100, more than 2% higher than last month and nearly 6% higher than levels reported in June last year. .Year-over-year price growth ranged from a low of 4.5% in the city centre to a high of 17% in the east district .Townhomes .There were 524 sales in June, with new listings trending up over the levels reported last month. .Still, with a sales-to-new-listings ratio of 86% and months of inventory below one month, conditions continued to favour sellers placing upward pressure on home prices. In June, the benchmark price reached $400,000, more than 2% higher than last month and 11% higher than last year. Prices improved across all districts in the city, with the most significant monthly gains occurring in the east, northeast and south districts. These districts have also reported year-over-year price gains of nearly 20%. Apartment Condominiums .Sales in June reached 857 units, 48% higher than June last year. Over the past three months, sales growth was enough to cause year-to-date sales to rise by 11% over last year. Improving new listings contributed to the gain in sales. .However, persistently strong demand for affordable product has prevented inventories from improving. In June, the inventory level reached 1,116 units, the lowest level for the month reported since June 2013. .Continuing tight conditions contributed to the sixth consecutive month with price increases. As of June, the benchmark price reached $303,200, nearly 2% higher than in May and 12% higher than last year’s levels. .While unadjusted prices have hit a new record high, prices remain below the peak in the city centre, northeast and east districts.
