Calgary Market Report Infographics
INFOGRAPHICS: August 2023 CREB City And Region Market Reports
Due to historically low inventories and record-high sales in August, prices have increased
Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15 per cent compared to last year.
While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent, preventing any significant shift from the low inventory situation. Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.
Higher lending rates have caused many buyers to either hold off on purchase decisions or shift toward more affordable products on the market,” said CREB® Chief Economist Ann-Marie Lurie. “The challenge has been the availability of supply, especially in the detached market. Inventory levels hit record lows in August, and while new listings are higher than last year, conditions continue to favour the seller, driving further price gains.
Read the full report on the CREB website!
The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – August 2023 CREB, City of Calgary Report Part 1
Download Printable Version – August 2023 CREB, City of Calgary Report Part 2
Download Printable Version – August 2023 CREB, Calgary Region Report
INFOGRAPHICS: July 2023 CREB City And Region Market Reports
Calgary home prices reach new heights: July sees seventh consecutive monthly gain
Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.
In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a months of supply of 1.3 months, conditions continue to favour the seller.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”
Read the full report on the CREB website!
The following data is a comparison between July 2023 and July 2022 numbers, and is current as of August 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – July 2023 CREB, City of Calgary Report Part 1
Download Printable Version – July 2023 CREB, City of Calgary Report Part 2
Download Printable Version – July 2023 CREB, Calgary Region Report
INFOGRAPHICS: June 2023 CREB City And Region Market Reports
Another record-high month for Calgary
The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels.
Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.
“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,” said CREB® Chief Economist Ann-Marie 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.”
With a supply of just over one month, the current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year’s levels.
Read the full report on the CREB website!
The following data is a comparison between June 2023 and June 2022 numbers, and is current as of July 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – June 2023 CREB, City of Calgary Report Part 1
Download Printable Version – June 2023 CREB, City of Calgary Report Part 2
Download Printable Version – June 2023 CREB, Calgary Region Report
INFOGRAPHICS: May 2023 CREB City And Region Market Reports
May salesreach record high
Thanks to a significant gain in apartment condominium sales, May sales rose to 3,120, a new record high for the month. While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year. At the same time, we continue to see fewer new listings on the market than last year, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller placing further upward pressure on home prices.
“Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month,” said CREB® Chief Economist Ann-Marie Lurie. “The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.” Persistently tight market conditions drove further price growth this month. In May, the unadjusted benchmark price reached $557,000, over one per cent higher than last month and nearly three per cent higher than last year’s monthly peak price of $543,000.
Read the full report on the CREB website!
The following data is a comparison between May 2023 and May 2022 numbers, and is current as of June 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – May 2023 CREB, City of Calgary Report Part 1
Download Printable Version – May 2023 CREB, City of Calgary Report Part 2
Download Printable Version – May 2023 CREB, Calgary Region Report
INFOGRAPHICS: April 2023 CREB City And Region Market Reports
Prices reach new record high
This month, persistent sellers’ market conditions placed further upward pressure on home prices. After four months of persistent gains, the total unadjusted benchmark price reached $550,800, nearly two per cent higher than last month and a new monthly record high for the city.
“While sales activity is performing as expected, the steeper pullback in new listings has ensured that supply levels remain low,” said CREB® Chief Economist Ann-Marie Lurie. “The limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices.”
In April, sales reached 2,690 units compared to the 3,133 new listings. With a sales- to-new-listings ratio of 86 per cent, inventories declined by 34 per cent compared to last year and are over 45 per cent below long-term averages for April.
While sales have eased by 21 per cent compared to last year, the steep decline in supply has caused the months of supply to ease to just over one month. This reflects tighter market conditions than earlier in the year and compared to conditions reported last April.
Read the full report on the CREB website!
The following data is a comparison between April 2023 and April 2022 numbers, and is current as of May 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – April 2023 CREB, City of Calgary Report Part 1
Download Printable Version – April 2023 CREB, City of Calgary Report Part 2
Download Printable Version – April 2023 CREB, Calgary Region Report
INFOGRAPHICS: March 2023 CREB City And Region Market Reports
Prices rise as conditions favour the seller
Sales and new listings have improved over the levels reported at the beginning of the year. As a result, the spread between sales and new listings supported some expected monthly inventory level gains. However, the 3,233 available units reflected the lowest March inventory levels since 2006 and left the months of supply just above one month, firmly in the seller’s territory. While conditions are not as tight as last March, low inventory levels leave purchasers with limited choice, once again driving up home prices.
Total unadjusted residential home prices reached $541,800 in March, a two per cent gain over last month and nearly one per cent higher than prices reported last year. While prices remain below the May 2022 high of $546,000, the pace of price growth over the first quarter has been stronger than expected due to the persistent seller’s market conditions. “As expected, sales have eased from record levels while remaining stronger than they were before the pandemic thanks to recent gains in migration supporting demand,” said CREB® Chief Economist Ann-Marie Lurie.
“The challenge has been centered around supply. As a result, existing homeowners may be reluctant to list as they struggle to find an acceptable housing alternative in this market. At the same time, higher lending rates can also reduce the incentives for existing homeowners to list their home.”
Read the full report on the CREB website!
The following data is a comparison between March 2023 and March 2022 numbers, and is current as of April 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – March 2023 CREB, City of Calgary Report Part 1
Download Printable Version – March 2023 CREB, City of Calgary Report Part 2
Download Printable Version – March 2023 CREB, Calgary Region Report
INFOGRAPHICS: February 2023 CREB City And Region Market Reports
Lowest February inventory since 2006
Consistent with typical seasonal behavior sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB® Chief Economist Ann- Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”
Both sales and new listings declined over last year’s record high for the month. While sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends. With a sales-to-new-listings ratio of 73 per cent and a months of supply of under two months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly two per cent over January levels and last year’s prices.
Read the full report on the CREB website!
The following data is a comparison between February 2023 and February 2022 numbers, and is current as of March 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – February 2023 CREB, City of Calgary Report Part 1
Download Printable Version – February 2023 CREB, City of Calgary Report Part 2
Download Printable Version – February 2023 CREB, Calgary Region Report
INFOGRAPHICS: January 2023 CREB City And Region Market Reports
Supply of lower-priced homes remains low for January
The level of new listings in January fell to the lowest levels seen since the late 90s. While new listings fell in nearly every price range, the pace of decline was higher for lower-priced properties.
At the same time, sales activity did slow compared to the high levels reported last year but remained consistent with long-term trends. However, there has been a shift in the composition of sales as detached homes only comprised 47 per cent of all sales.
“Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said CREB® Chief Economist Ann-Marie Lurie. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”
Read the full report on the CREB website!
The following data is a comparison between January 2023 and January 2022 numbers, and is current as of February 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – January 2023 CREB, City of Calgary Report Part 1
Download Printable Version – January 2023 CREB, City of Calgary Report Part 2
Download Printable Version – January 2023 CREB, Calgary Region Report
INFOGRAPHICS: December 2022 CREB City And Region Market Reports
2022 saw record-high sales and double-digit price growth
December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.
Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.
“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”
Read the full report on the CREB website!
The following data is a comparison between December 2022 and December 2021 numbers, and is current as of January 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – December 2022 CREB, City of Calgary Report Part 1
Download Printable Version – December 2022 CREB, City of Calgary Report Part 2
Download Printable Version – December 2022 CREB, Calgary Region Report
INFOGRAPHICS: November 2022 CREB City And Region Market Reports
2022 on track to be a record year for sales
Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.
The pullback in sales over the past six months was not enough to erase gains from earlier in the year as year-to-date sales remain nearly 10 per cent above last year’s record high. The year-to-date sales growth has been driven by a surge in both apartment condominium and row sales.
“Easing sales have been driven mostly by declines in the detached sector of the market,” said CREB® Chief Economist Ann-Marie Lurie. “Higher lending rates are impacting purchasers buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.”
Read the full report on the CREB website!
The following data is a comparison between November 2022 and November 2021 numbers, and is current as of December 2022. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – November 2022 CREB, City of Calgary Report Part 1
Download Printable Version – November 2022 CREB, City of Calgary Report Part 2
Download Printable Version – November 2022 CREB, Calgary Region Report
