GAINS IN RESALE SUPPLY MOSTLY IMPACT APARTMENT AND ROW STYLE HOME PRICES
CALGARY DETACHED
Sales in June were 1,194 units, 6% lower than both last year and last month's activity. Sales activity did vary depending on location and price range, with declines in resale sales mostly for higher priced homes that likely face more competition from new homes.
On a location basis, the steepest declines in sales occurred in the City Centre and the North East at over 20%, while year-over-year gains were reported in the West, and South East districts.
While sales did vary, inventories and new listings improved across most price ranges and districts in the city.
However, it is only the North East district that is experiencing conditions that favour the buyer, causing prices to decline by 4% compared to last June.
As of June, the unadjusted benchmark price in Calgary was $764,300, less than 1% lower than both last month and last year’s price.
CALGARY SEMI-DETACHED
Sales activity continued to slow this month, contributing to the year-to-date decline of nearly 12%. At the same time new listings have generally been rising compared to last year, supporting inventory gains and a shift to balanced conditions.
As of June the months of supply was 2.6 months, a significant improvement over the tight conditions reported last year. Additional supply choice has slowed the pace of price growth for semi-detached homes.
As of June, the benchmark price in the city was $696,400, similar to last month, and over 1% higher than last June.
Price movements did range by district, as homes in the City Centre are over 3% higher than last year and at record high levels, while prices in the North, North East, and East districts are all over 2% lower than last year and 3% lower than last year’s peak price.
CALGARY ROW/TOWNHOME
New listings continue to rise relative to the amount of sales in the market, as the sales-to-new-listings ratio in June dropped to 50%. This contributed to further inventory gains with 1,167 units available at the end of the month.
While sales are still higher than long-term trends, the recent gains in inventory levels have caused the months of supply to push above three months.
Within the city, conditions range with nearly six months of supply in the North East and two and a half months of supply in the North West district.
Higher supply levels relative to demand is weighing on prices, which at a June benchmark price of $450,300, is down over last month and 3% lower than last year’s levels. However, as the level of oversupply does range across the districts, so too do the price movements.
The City Centre has seen the most stability in prices this month and is only 1% below last year’s peak. Meanwhile the North East is reporting year-over-year price declines of nearly 6%.
CALGARY APARTMENT
June new listings and sales both eased over last month and last year’s levels.
However, with 1,024 new listings and 532 sales, inventories continued to rise and the months of supply pushed up to nearly four months.
Slower international migration numbers are weighing on housing demand just as supply levels are rising, which is having a larger impact on apartment style homes.
The rising supply choice both in new and resale markets has caused resale prices to trend down again this month leaving June’s benchmark price of $333,500 over 3% lower than last year’s levels.
While prices have eased across all districts in the city, the largest year-over-year declines are occurring in the North East, North and South East districts.
REGIONAL MARKET FACTS
AIRDRIE
Thanks to a sharp decline in detached activity, sales in June fell to 164 units. The pullback in sales was met with 324 new listings, causing the sales-to-new listings ratio to drop to 51%, the lowest ratio reported in June since 2018.
The wider spread between sales and new listings drove further inventory gains and for the first time since 2020 the months of supply was above three months.
The additional supply choice has weighed on resale prices, which have trended down for the second consecutive month.
In June the benchmark price was $538,300, nearly 3% lower than levels seen last year at this time.
COCHRANE
Gains for detached and semi-detached sales were offset by pullbacks for row and apartment units, as June sales remained relatively unchanged over last year. The 101 sales in June were met with 171 new listings and the sales-to-new listings ratio rose to 59%. This slowed the pace of inventory growth, keeping the months of supply just below three months.
While conditions are more balanced than they have been, prices in the area continue to rise albeit at a slower pace.
As of June, the unadjusted benchmark price was $593,700, nearly 1% higher than last month and 4% higher than last June.
OKOTOKS
While levels are better than last year, both sales and new listings trended down in June, causing the sales-to-new listings ratio to rise to 87%. This prevented any further monthly inventory gains and ensured that the months of supply remained below two months in June.
While conditions remain tight in Okotoks, more supply in the broader region has likely prevented stronger price growth in the Town of Okotoks.
As of June, the unadjusted benchmark price was $632,800, similar to last month and nearly 3% higher than last year.