CREB® reported on September 1, 2023 that August sales reached 2,729, a record for the month, driven by condos. Year-to-date sales are still 15% below last year.
Calgary benchmark price by type, August 2023
The main points
- The sales-to-new-listings ratio was 87%.
- Inventory fell to 3,254 units, a record low for August and well below the roughly 6,000 units typically available.
- The benchmark price reached $570,700, the eighth monthly gain in a row.
- CREB Chief Economist Ann-Marie Lurie said higher rates pushed buyers to wait or shift to more affordable homes, while supply, especially detached, is the main challenge.
By type
- Detached: record-low inventory, mostly under $700,000. The price reached $696,700, up over 10%.
- Semi-detached: 197 sales on 236 new listings, inventory 35% below last year. The price reached $623,200, up 10%.
- Row: a 94% ratio and under one month of supply for a fifth month. The price reached $413,200, up nearly 16%, with gains from 12% in the North West to 29% in the East.
- Apartment: year-to-date sales of 5,582, up nearly 22% and a record. The ratio hit 98%. The price reached $309,100, up over 13%.
What it means: with inventory at about half of normal, the fall market starts in sellers’ favour.
About half the usual number of homes
New listings were higher than a year ago, but with 87% of them selling, inventory could not recover. The 3,254 homes for sale in August were a record low for the month and well below the roughly 6,000 units that are typically available. With sales this high, months of supply stayed at just over one month. Lurie said higher rates have led many buyers to hold off or to shift towards more affordable homes, but the real challenge has been supply, especially detached homes.
Compared with July
Sales rose from 2,647 in July to 2,729, an unusual increase for late summer. The total benchmark rose from $567,700 to $570,700, a smaller monthly gain than in the spring. Every property type rose again, and row homes had the largest annual increase.
Detached: shortage below $700,000
Record-low detached inventory was mainly caused by fewer homes priced under $700,000. New listings did improve from last year, but most of that growth was above $700,000. Sales were higher than a year ago, and CREB says limited supply in the lower price ranges likely held back even stronger sales. The benchmark rose nearly 1% from July’s $690,500. The North East and East, the most affordable districts, had the biggest annual gains.
Semi-detached and row
Semi-detached inventory was about the same as in July but at record lows for August. With very low supply all year, the benchmark rose 1% in a month. The strongest annual gains were again in the North East and East. Row homes had a 94% ratio, so no inventory was added, and months of supply stayed below one for the fifth month in a row. The row benchmark rose over 1% from July’s $407,500.
Apartments: a record year so far
Apartment sales rose again, and the 5,582 sales so far this year are a record for the city. CREB says tight rental markets and relative affordability have pushed many buyers into condos. With a 98% ratio, inventory eased and supply fell to one month. The benchmark rose over 1% from July’s $305,900. The City Centre was the only district without a monthly gain. Prices there are still below their 2014 highs, partly because supply and demand are more balanced than elsewhere.
Practical takeaways
- Buyers: above $700,000, there is more choice in detached homes; below it, competition is strongest.
- Condo buyers: the City Centre remains the most balanced part of the apartment market.
- Sellers: the fall market starts with about half the normal supply, which supports prices, but monthly gains are getting smaller.
