CREB Monthly Update

City of Calgary, May 1, 2024 – Sales in April rose by 7% compared to last year, to 2,881 units. While the pace of growth did ease compared to earlier in the year, sales remain 37% higher than long-term trends for the month. Much of the growth in sales has occurred for relatively more affordable, higher-density products.

At the same time, there were 3,491 new listings in April, an 11% gain over last year but only 3% higher than long-term trends. The rise in new listings compared to sales prevented any further deterioration of the inventory situation. However, with 2,711 units in inventory, levels are 16% below last year and half of what is traditionally seen in April.

“While supply levels are still declining, much of the decline has been driven by lower-priced homes," said Ann-Marie Lurie, Chief Economist at CREB®. “Homes priced below $500,000 have reported a 29% decline. Meanwhile, we are seeing supply growth in homes priced above $700,000. Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher priced properties.”

With a sales-to-new-listings ratio of 83% and a months of supply of less than one month, conditions continue to favour the seller, driving further price gains in the market. In April, the unadjusted total residential benchmark price reached $603,700, a 1% gain over last month and nearly 10% higher than last year's levels.

Price gains occurred across all property types and districts of the city. The strongest price growth occurred in the more affordable districts of the city.

DETACHED

Detached home sales rose by 1% in April compared to last year. Sales gains in the higher price ranges offset the steep decline for homes priced below $600,000, which is related to the lack of listings in the lower price ranges.

While detached new listings did report a year-over-year gain of 10%, detached homes priced below $600,000 saw new listings decline by 34%.

Adjustments in sales and inventory levels did cause the months of supply to fall further this month. The less than one month supply reflects a market favouring the seller, driving further price growth.

In April, the unadjusted benchmark price reached $749,000, over 1% higher than last month and 13% higher than April 2023 levels. Year-over-year gains were the highest in the city's most affordable districts.

SEMI-DETACHED

Sales activity continued to rise in April, contributing to the nearly 18% year-to-date growth in sales. The growth in sales was partly due to gains in new listings.

However, the growth in new listings did little to change the low inventory situation, as the months of supply remained below one month for the second month in a row.

The persistently tight market conditions have caused further price gains.

In April, the unadjusted benchmark price reached $668,400, nearly 2% higher than last month and 13% higher than levels reported last year.
Year-over-year price gains ranged from a high of 23% in the East district to a low of 10% in the City Centre.

ROW/TOWNHOME

Row home sales continued to improve in April, contributing to the year-to-date gain of 19%. At the same time, new listings have improved by 16% so far this year. The gains in new listings did little to change the low inventory situation due to sales activity.

This has kept the sales-to-new listings ratio high at 93% and the months of inventory below one month for the fourth consecutive month. The persistently tight conditions, especially in the lower price ranges, are driving further price growth for row homes.

In April, the unadjusted benchmark price reached $458,100, 2% higher than last month and 20% higher than levels reported last year.

Both monthly and year-over-year gains were the highest in the most affordable districts of the North East and East, where resale row homes are still priced below $400,000.

APARTMENT

Sales in April reached 822 units, contributing to year-to-date sales of 2,761 units, a gain of 24%. Apartment condominium sales have risen more than any other property type and now represent nearly 30% of all resale activity. This, in part, has been possible due to the rise in new listings.

April reported 1,050 new listings, helping support a monthly gain in inventory levels in line with seasonal expectations. However, inventory levels remain nearly 13% lower than last year’s and are 35% below long-term trends.

Like other property types, year-over-year supply declines are driven by the lower-priced segments of the market, which for apartment condominiums is units priced below $300,000.

Overall, persistent sellers’ market conditions in the lower price ranges are driving further price growth.

In April, the unadjusted benchmark price reached $346,200 a month, a gain of over 2% and nearly 18% higher than last April.

Year-over-year price growth ranged from over 30% in the North East and East districts to a low of 13% in the City Centre.

REGIONAL MARKET FACTS

AIRDRIE

Supply continues to be a challenge in the Airdrie market. April reported 219 new listings and 202 sales, keeping the sales-to-new listings ratio elevated at 92%. This prevented any significant change in the lower inventory environment, and the months of supply remained below one month.

Persistently tight market conditions have driven further price gains. In April, the unadjusted total residential benchmark price rose by nearly 2% compared to last month and over 10% compared to last year, reaching $549,100.

Detached homes account for the majority of sales, and prices reached $649,900 in April, nearly 12% higher than last year.

COCHRANE

Sales in April eased compared to last year. However, this was not enough to offset the gains that occurred earlier in the year, as year-to-date sales improved by 7%.

Some of the monthly pullback in April can be related to a drop in the number of new home sales occurring in the resale market.

Meanwhile, new listings improved relative to sales, supporting a modest gain in inventory levels. This also helped push the months of supply up to nearly two months. Despite the shift, conditions remain relatively tight, causing further gains in prices.

Prices rose across all property types. In April, the unadjusted total residential benchmark price reached $561,000, 1% higher than last month and nearly 11% higher than April 2023.

OKOTOKS

Both sales and new listings improved in April compared to last year, but with 89 new listings and 65 sales, inventory levels rose compared to last month and last year.

However, inventory levels in the town remain 60% below what is typically on the market at this time of year.

With one month of supply, the market continues to favour the seller and is driving further price growth. In April, the unadjusted total residential benchmark price reached $617,200, 1% higher than last month and nearly 8% higher than last year.

Prices improved across all property types, with the highest gains occurring for semi-detached and row homes.