CREB® reported on June 3, 2024 that Calgary had 3,092 sales in May, nearly 1% below last year’s record but 34% above long-term trends for the month.
Calgary benchmark price by type, May 2024
The main points
- New listings reached 4,333, almost 19% more than last year, and the sales-to-new-listings ratio fell to 71%.
- Inventory rose modestly from last year but is still nearly half the usual May level, with most gains above $700,000.
- Months of supply was one month. The City Centre had the most supply at 1.5 months; several districts had under one month.
- The benchmark price reached $605,300, up nearly 1% in a month and 10% in a year.
- “Much of this growth is in higher price ranges,” CREB Chief Economist Ann-Marie Lurie said of new listings.
By type
- Detached: sales down 7%. Homes under $600,000 are only 13% of detached inventory. The ratio fell to 68%. The price reached $761,800, up 13%.
- Semi-detached: year-to-date sales up nearly 11%, a 72% ratio. The price reached $678,000, up 13%.
- Row: 540 sales and a 78% ratio. The price reached $462,500, up over 19%.
- Apartment: record year-to-date sales, up 19%. Prices rose over 30% in the North East and East and 13% in the City Centre.
What it means: listings are finally rising, but mostly at prices few first-time buyers can reach.
Compared with April
May was the month listings finally jumped. New listings rose from 3,491 in April to 4,333, while sales rose from 2,881 to 3,092. As a result, the sales-to-new-listings ratio dropped from 83% to 71%, the lowest of the spring, and months of supply rose to one month. Prices still rose, but more gently: the total benchmark went from $603,700 to $605,300. Detached rose from $749,000 to $761,800, semi-detached from $668,400 to $678,000, and row from $458,100 to $462,500.
Why sales slipped from last year
Sales were nearly 1% below May 2023, which was a record. CREB said the decline came from lower-priced detached and semi-detached homes, where buyers had fewer choices than last year. “Our strong economic situation has supported sales growth in these higher price ranges,” Lurie said. “However, this month’s sales could not offset the declines in the lower price ranges due to a lack of supply choice.” In other words, demand is still there; the homes are not.
The detached market by price
Detached sales rose for homes over $700,000 but fell in the lower ranges, for a 7% decline overall. New listings rose enough to push the ratio down to 68% and add inventory, yet homes priced below $600,000 made up only 13% of detached inventory. With just over one month of supply, detached prices kept climbing in every district, fastest in the most affordable ones.
Row and apartment: supply shifts upward in price
Row homes had 540 sales, more than last year, and year-to-date row sales are up 16%. Inventory grew overall, but only because of higher-priced units; supply below $400,000 kept falling. Apartment inventory was similar to last year, with gains above $300,000 offsetting steep declines for cheaper units. Condo sales are on a record pace for the year so far.
Where supply is easing
The City Centre had the most supply, at one and a half months, while several districts still had less than one month. Buyers who can consider inner-city condos or higher-priced homes now have somewhat more to choose from than at any time this spring.
Practical takeaways
- Buyers above $700,000: the rise in listings is mostly in your range; take time to compare.
- Buyers under $600,000: detached choices are scarce; row homes and condos are where supply exists.
- Sellers: the market still favours you, but with a 71% ratio, buyers have more options than in March or April. Price to the current market.
