CREB® reported on May 1, 2024 that April sales rose 7% to 2,881, 37% above long-term trends for the month. New listings rose 11% to 3,491.
Calgary benchmark price by type, April 2024
The main points
- Inventory was 2,711 units, 16% below last year and half the usual April level.
- The sales-to-new-listings ratio was 83%, with less than one month of supply.
- The benchmark price reached $603,700, up 1% in a month and nearly 10% in a year.
- “Homes priced below $500,000 have reported a 29 per cent decline” in supply, said CREB Chief Economist Ann-Marie Lurie, while supply is growing above $700,000.
By type
- Detached: sales up 1%. New listings under $600,000 fell 34%. The price reached $749,000, up 13%.
- Semi-detached: year-to-date sales up nearly 18%. The price reached $668,400, up 13%, from 10% in the City Centre to 23% in the East.
- Row: a 93% ratio and under one month of supply for a fourth month. The price reached $458,100, up 20%.
- Apartment: 822 sales and 2,761 year-to-date, up 24%. The price reached $346,200, up nearly 18%, with over 30% in the North East and East.
What it means: high rates push buyers down-market and owners of pricier homes to list. Upper-end buyers gain choice; entry-level buyers face tougher competition.
Compared with March
April added a little more of everything. Sales rose from 2,664 in March to 2,881, and new listings from 3,172 to 3,491. Because listings grew faster than sales, inventory edged up from 2,532 to 2,711, the first sign this spring that supply was no longer shrinking month to month. Prices kept rising, though more slowly: the total benchmark went from $597,600 to $603,700, compared with a 2% jump the month before. Detached rose from $739,700 to $749,000, semi-detached from $658,000 to $668,400, row from $448,700 to $458,100 and apartments from $337,700 to $346,200.
A market split by price
Lurie said that “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.” The detached numbers show it clearly. Detached sales rose only 1% from last year, because gains in higher price ranges offset a steep drop below $600,000. New detached listings were up 10% overall, but down 34% below $600,000. Buyers who want a detached home at that price simply have very little to choose from.
Condos take a bigger share
Apartment condominiums are now almost 30% of all resale sales in Calgary, and their sales have grown more than any other type. April’s 1,050 new condo listings allowed a normal seasonal rise in inventory, but it was still nearly 13% below last year and 35% below long-term trends. Supply fell most for units priced below $300,000. Annual condo price growth ranged from over 30% in the North East and East to 13% in the City Centre.
Row homes stay the tightest
Row homes had a 93% sales-to-new-listings ratio and less than one month of supply for the fourth month in a row. Year-to-date row sales are up 19% and new listings up 16%, but supply is not catching up. The fastest gains, both monthly and yearly, were in the North East and East, the only districts where resale row homes are still priced below $400,000.
Practical takeaways
- Entry-level buyers: look beyond one district or one property type; condos and row homes in more districts widen the search.
- Detached buyers above $700,000: supply is growing here, so you may have time to compare and negotiate.
- Sellers of lower-priced homes: demand is strongest in your range; a well-prepared listing can draw several offers.
- Sellers of higher-priced homes: more competition is arriving, so price carefully from the start.
