CREB® reported on July 4, 2023 that Calgary had 3,146 sales in June, a record for the month. Year-to-date sales are 23% below last year’s pace but well above pre-pandemic levels.
Calgary benchmark price by type, June 2023
The main points
- Inventory was 3,458 units, down over 36% from a year ago and the lowest June level in nearly two decades.
- Months of supply was just over one month.
- The benchmark price reached $564,700, up 1% in a month and 4% in a year.
- CREB Chief Economist Ann-Marie Lurie said strong jobs and migration are offsetting higher rates, and new home starts will take time to add supply.
By type
- Detached: $685,100, up 6%. Inventory of 1,651 units was a June record low.
- Semi-detached: $613,100, up nearly 6%, with 240 sales and 268 units in inventory.
- Row: $400,000, up over 11%, with an 86% sales-to-new-listings ratio.
- Apartment: 857 sales, up 48%. The price of $303,200 is up 12% and a new record. Inventory of 1,116 units was the lowest June level since 2013.
What it means: more listings are arriving, but buyers absorb them quickly. Sellers still hold the advantage going into summer.
Lowest June inventory in nearly two decades
New listings improved, which brought some relief and a monthly increase in inventory. But the 3,458 homes for sale in June were over 36% fewer than a year earlier and the lowest level for June in nearly two decades. Lurie said the recent improvement in new listings, especially for apartment condos, is not enough to substantially change the low inventory situation. She added that, while new home starts are rising, it will take time for them to show up as supply. The total benchmark rose 1% in a month.
Detached: affordable supply disappears
Inventory fell across most price ranges, with the steepest declines below $600,000. Only 24% of detached homes for sale in June were priced below $600,000, compared with 45% a year ago. That keeps the market firmly in sellers’ favour. The detached benchmark rose nearly 2% in a month, and annual gains were highest in the most affordable North East and East districts.
Semi-detached and row
Semi-detached prices rose over 2% from May. Annual growth ranged from 4.5% in the City Centre to 17% in the East. Row sales and new listings both rose from May, but with an 86% ratio and under one month of supply, row prices kept climbing. The East, North East and South districts had the biggest monthly gains and annual gains of nearly 20%.
Apartments: a new record price
Apartment sales over the past three months have lifted year-to-date sales 11% above last year. Improving new listings made that possible, but strong demand for affordable homes kept inventory from improving. June was the sixth straight month of rising apartment prices, and the benchmark set a new record. Prices are still below their previous peaks in the City Centre, North East and East districts.
Compared with May
May had 3,120 sales, then a record for the month, and June added a little more. The total benchmark rose from $557,000 to $564,700, the detached benchmark from $674,000 to $685,100, and the apartment benchmark from $298,600 to a record. Semi-detached prices are now above $610,000 and row prices have reached $400,000.
Practical takeaways
- Buyers: summer is not bringing relief yet; plan for competition, especially under $600,000.
- Sellers: prices are rising in every type, but buyers are coping with higher rates; realistic pricing still sells fastest.
- Buyers considering new construction: CREB notes that more homes are being started, but they will take time to complete.
Why demand is holding up
Rates are higher than a year ago, yet sales keep setting monthly records. CREB points to a healthy labour market and higher migration. Many newcomers start by renting, and some move quickly to buying, often at the lower end of the market where competition is strongest. That helps explain why apartments, the most affordable type, led sales growth in June.
