CREB® reported on August 1, 2024 that Calgary had 2,380 sales and 3,604 new listings in July. The sales-to-new-listings ratio fell to 66%, and inventory grew.
Calgary benchmark price by type, July 2024
The main points
- Inventory rose to 4,158 units, the first time above 4,000 in nearly two years, though still 33% below normal for July.
- Sales were 10% below last year’s record, with declines below $600,000.
- Months of supply rose to 1.8 months.
- The benchmark price was $606,700, similar to June and nearly 8% higher than last year.
- CREB Chief Economist Ann-Marie Lurie said more options in new and resale homes took “some of the upward pressure off home prices.”
By type
- Detached: 1,098 sales and 1,721 new listings; inventory 1,950. Sales above $600,000 rose 15% but fell 50% below that. The price held at $767,800, up 11%.
- Semi-detached: year-to-date sales of 1,518, up 6%. The price reached $687,900, up nearly 12%.
- Row: a 73% ratio and 1.3 months of supply. The price was $464,200, up nearly 15%.
- Apartment: 659 sales and 1,043 new listings, a 63% ratio and over two months of supply. The price was $346,300, up 17%.
What it means: this is the shift CREB forecast. Buyers have more room to negotiate, especially on condos and higher-priced homes.
Compared with June
July was the clearest sign yet that the market is moving away from the extreme conditions of the spring. Sales fell from 2,738 in June to 2,380, while inventory rose from 3,789 to 4,158. The sales-to-new-listings ratio dropped from 72% to 66%, and months of supply rose from 1.4 to 1.8. Earlier this year, supply was under one month. For the first time in 2024, the total benchmark price did not rise: it was $606,700, compared with $608,000 in June. Detached was $767,800 against $767,600, row $464,200 against $464,600, and semi-detached rose only slightly, from $686,100 to $687,900.
What CREB expects
“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” Lurie said. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.” Most of the new supply was in homes priced above $600,000.
Condos lead the shift
Apartment condominiums moved furthest. With 659 sales and 1,043 new listings, the condo ratio fell to 63%, and supply rose above two months. Sales dropped sharply for units below $300,000, where buyers still have few choices, but higher-priced units are now in more balanced territory. The condo benchmark was $346,300, still 17% above last July, but its monthly growth has slowed.
Semi-detached and row
Semi-detached homes remain popular because they are relatively affordable; year-to-date sales reached 1,518, 6% more than last year. The 76% ratio and 1.5 months of supply keep conditions fairly tight. Row homes had a 73% ratio and 1.3 months of supply, which stopped monthly price gains. Annual row price growth ranged from 13% in the City Centre and North to over 20% in the North East and East.
Practical takeaways
Buyers now have more room to negotiate, especially on condos above $300,000 and detached homes above $600,000. Take the time to compare, ask for conditions such as inspection and financing, and look at how long similar homes have been listed. Sellers should price based on July results rather than spring peaks, and should expect buyers to compare more listings before deciding. In the lower price ranges, demand is still strong, and well-priced homes there can still sell quickly.
