The apartment and townhome sectors of the Calgary real estate market had the shiniest lights in July..“Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and townhome sectors,” says Ann-Marie Lurie, chief economist of the Calgary Real Estate Board (CREB). “This left July sales 3% lower than sales in July 2021..“While this is the second month where sales activity has slowed, total residential sales this month are still amongst the strongest levels recorded in our market.”.Sales in July peaked at 2,254 homes, a significant decline from the all-time single month record of 4,104 sales in March..“Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” says Lurie. “Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”.New listings declined year-over-year, says Lurie..“But when considering the dynamics between price ranges, we're seeing a different trend play out. Listings for homes priced below $500,000 fell by 18%, while levels rose by 20% for homes priced above $500,000,” she says. “This has left conditions to remain relatively tight in the lower-end of the market while conditions are shifting toward more balanced levels in the upper-end of the market.”.The months of supply increased to just over two months, but the market remains far tighter than anything experienced throughout the recessionary period experienced prior to the pandemic, according to Lurie, adding prices have declined..“As expected, the benchmark price did see some slippage relative to levels seen earlier in the year and rising lending rates have cooled much of the bidding war activity that was driving significant gains earlier in the year,” she says. “However, prices currently remain more than 12% higher than last year’s levels, still outpacing forecasted price growth for the year.”.“As we move forward, we do anticipate further interest rate increases will weigh on housing activity and prices, but not enough to completely offset the exceptionally strong gains recorded over the first half of the year.” .Compare month-over-month.Comparing statistics on a year-over-year basis has its merits but the true state of the market becomes clearer with month-over-month comparisons..Since the records set in March, sales in Calgary have declined each month-over-month..Here’s a look by housing types..Single family homes.There were 2,280 sales in March, recording a benchmark price of $620,500. April saw 1,851 sales and a benchmark price of $628,900..There were 1,620 sales in May, with a benchmark price of $648,500. Sales dropped to 1,483 in June, the benchmark price was $647,500..Last month (July) sales were 1,136, with a benchmark price of $643,600..Semi-Detached.This segment recorded 347 sales in March, with a benchmark price of $478,400. April saw 304 sales at a benchmark price of $487,900..May recorded 265 sales at a benchmark price of$584,700. In June, sales reached 223, with a benchmark price of$581,600..July’s sales number was 173, the benchmark was $576,900..Townhomes.March sales reached 709, with a $335,400 benchmark price. In April sales were 604 at a benchmark price of $343,600..May saw 555 sales with a benchmark price of $363,300. June’s sales matched those in May — 555 — with a benchmark price of $363,700..In July 432 townhomes sold at a benchmark price of $362,600..Apartment Condominium.March was a big month for apartments, with 771 sales, second only to single-family homes. The benchmark price was $265,900. Sales slipped to 642 in April, with a benchmark price of $272,600..May saw 631 sales with a benchmark price of $275,300. June’s number was 581 sales at a benchmark price of$277,400..Sales in July reached 513, with a benchmark price of $278,800.
