CREB® reported on July 2, 2024 that June sales were 2,738, 13% below last year’s record but over 17% above long-term trends. Sales rose above $700,000 but fell in the lower price ranges.
Calgary benchmark price by type, June 2024
The main points
- “Over 40 per cent of the homes sold” went over list price, said CREB Chief Economist Ann-Marie Lurie.
- The sales-to-new-listings ratio was 72%.
- Inventory of 3,789 units is above last year but 40% below long-term trends.
- Months of supply rose to 1.4 months.
- The benchmark price rose to $608,000, nearly 9% higher than last year.
By type
- Detached: sales down 16%, with 1,775 homes in inventory, 45% below normal. Supply ranged from one month in the East to just over two months in the City Centre. The price reached $767,600, up 12%.
- Semi-detached: a 76% ratio and inventory about half of normal. The price reached $686,100, up over 12%.
- Row: a 75% ratio, the lowest June level since 2021, with one month of supply. The price reached $464,600, up nearly 17%.
- Apartment: 791 sales, down nearly 8%, but year-to-date sales up 13% to a record. The price reached $344,700, up over 17%.
What it means: lower sales are a supply story, not a demand story. Bidding wars remain common in the lower price ranges.
Compared with May
Activity cooled from the spring peak. Sales fell from 3,092 in May to 2,738 in June, and new listings also eased after several months of gains, so the sales-to-new-listings ratio was almost unchanged at 72%, compared with 71% in May. Months of supply rose from one month to 1.4 months, the most this year, but still a sellers’ market. The total benchmark price edged up from $605,300 to $608,000. Detached rose from $761,800 to $767,600, semi-detached from $678,000 to $686,100 and row from $462,500 to $464,600. The apartment benchmark, at $344,700, was slightly below April’s $346,200.
A supply story
“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” Lurie said. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product.” The detached figures make the point. Sales below $700,000 fell, while sales above that level rose, for a 16% drop overall. Even so, detached sales for the first half of the year were in line with 2023. Inventory of 1,775 detached homes was better than last year but 45% below long-term trends.
Balance at the top, pressure at the bottom
CREB said the upper end of the detached market is starting to see better balance between supply and demand. Detached supply ranged from one month in the East, the most affordable district, to just over two months in the City Centre. Row homes were exceptionally tight below $600,000, and condos priced below $300,000 saw a significant drop in sales because there were too few to buy. For higher-priced condos, conditions were more balanced as new listings kept rising.
Prices by district
Prices rose in every district. The biggest annual gains were again in the North East and East, where prices are lowest, for both the total market and semi-detached homes. Row prices also rose fastest in the most affordable districts. This pattern has held all year: buyers stretched by high rates crowd into the cheapest areas and drive prices there up the most.
Practical takeaways
For buyers under $700,000, competition is still intense: more than 40% of homes sold for more than the asking price. Have your financing and inspection plans ready before you book showings. Buyers of upper-end detached homes and higher-priced condos can expect more choice and more room to negotiate. Sellers should note that the market is still favourable, but rising supply at the top means pricing above recent sales is riskier than in the spring.
