CREB® reported on September 3, 2024 that months of supply rose above two months in August, a level not seen since the end of 2022. The market is moving away from the extreme sellers’ conditions of the spring.
Calgary benchmark price by type, August 2024
The main points
- Inventory reached 4,487 units, 37% higher than last August but nearly 25% below long-term trends.
- Sales were 2,186, down 20% from last year’s record but 17% above long-term averages. The declines were below $600,000.
- The benchmark price was $601,800, slightly lower than July and 6% higher than last year. The year-to-date average is up 9%.
- CREB Chief Economist Ann-Marie Lurie said rising construction and new listings are supporting “a better-supplied housing market.”
By type
- Detached: sales down 14%; 2,011 homes for sale, over 85% priced above $600,000. The price eased to $762,600, up over 9% in a year.
- Semi-detached: 172 sales on 297 new listings, a 58% ratio, closer to pre-pandemic norms. The price was $681,200, up nearly 10%.
- Row: inventory of 660, up 75%. The price was $461,700, up over 12%.
- Apartment: record August new listings of 1,001, a 60% ratio, 1,476 units in inventory and nearly 2.5 months of supply. The price was $346,500, up nearly 16%.
What it means: buyers finally have time to compare, and sellers need realistic pricing, especially above $600,000.
Compared with July
The late-summer shift continued. Sales fell from 2,380 in July to 2,186 in August, and inventory rose from 4,158 to 4,487. Months of supply moved from 1.8 to just over two months. For the second month in a row, prices paused: the total benchmark slipped from $606,700 to $601,800. Detached went from $767,800 to $762,600, semi-detached from $687,900 to $681,200 and row from $464,200 to $461,700, while apartments held at $346,500, compared with $346,300 in July. Prices are still well above last year, but the monthly direction has changed.
Lurie: it will take time
“This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties,” Lurie said. “It will take time for supply levels to return to those that support more balanced conditions.” The most affordable homes in each property type still saw supply declines, while higher-priced homes drove the gains. Year-to-date, the average benchmark price is 9% higher than in 2023, but August’s annual gain was 6%.
Condos are close to normal supply
For the first time in a long while, one property type has inventory close to its usual level. Condo inventory of 1,476 units was relatively consistent with long-term trends for August. Nearly two and a half months of supply is still below pre-pandemic levels, but it is a big change from the extremely tight conditions of the past 18 months. Semi-detached homes also shifted, with a 58% ratio, which CREB said is more consistent with pre-pandemic levels, and nearly two months of supply.
Row prices by district
Row inventory rose to 660 units, 75% more than last year’s very low level. Year-to-date row new listings are up nearly 16%, mostly above $400,000. Monthly row price declines came mainly from the City Centre, North West, North and West districts. Over the year, row prices are up in every district, from 10% in the City Centre to 26% in the East.
Practical takeaways
Buyers now have more time to compare, especially for condos, semi-detached homes and detached homes above $600,000, where more than 85% of detached inventory is priced. Use that time to review condo documents, book inspections and compare recent sales before you offer. Sellers should expect more competition and buyers who negotiate; a price set from spring sales may now sit on the market. In the lower price ranges, where supply is still falling, well-presented homes remain in demand and can still attract several offers.
