CREB® reported on October 1, 2024 that new listings rose to 3,687 in September, the highest September total since 2008. Most of that growth was in the higher price ranges.
Calgary benchmark price by type, September 2024
The main points
- Sales were 2,003, 17% below last year’s record but over 16% above typical September levels.
- Inventory rose to 5,064, nearly double the spring lows but still below the usual 6,000 for September.
- Months of supply reached 2.5. Conditions still favour sellers.
- The benchmark price was $596,900, slightly lower than August and over 5% higher than last year.
By type
- Detached: 942 sales, down 17%. Sales over $700,000 rose 9%, and that segment is becoming more balanced. The price was $757,100, up nearly 9%.
- Semi-detached: 182 sales on 299 new listings; inventory under 400, about 33% below normal. The price was $678,400, up over 9%.
- Row: over 600 new listings, more than 70% above $400,000; 377 sales and 747 in inventory. The price was $459,200, up 10%.
- Apartment: 993 new listings and 502 sales, a 50% ratio; 1,623 for sale and 3.2 months of supply, the highest since the end of 2021. The price was $345,000, up 14%.
CREB Chief Economist Ann-Marie Lurie said the limited choice for lower-priced homes “has likely prevented stronger sales,” but improved supply and lower lending rates should keep demand strong this fall.
Compared with August
Inventory kept climbing, from 4,487 in August to 5,064 in September, and months of supply rose from just over two months to 2.5. Sales eased from 2,186 to 2,003. Prices slipped for a third month: the total benchmark went from $601,800 to $596,900, detached from $762,600 to $757,100, semi-detached from $681,200 to $678,400, row from $461,700 to $459,200 and apartments from $346,500 to $345,000. CREB noted that it is not unusual to see some monthly price adjustments in the fall after strong gains in the spring.
Lurie’s outlook for the fall
“While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year,” Lurie said. In other words, CREB expects a steadier market, not a falling one.
Why each type rose more than the total
Over the year, detached prices rose nearly 9% and condo prices nearly 14%, yet the total benchmark rose just over 5%. CREB explained that this is mostly due to the changing mix of sales: when fewer lower-priced detached homes sell and more condos sell, the overall figure is pulled down even though each type has risen. It is a reminder to look at the price for the type of home you want, not just the headline number.
Condos: the most choice since 2021
Condo inventory reached 1,623 units, and supply rose to 3.2 months, the highest since the end of 2021. Over 72% of condos for sale were priced above $300,000, compared with less than 58% a year ago, so the extra choice is mostly in mid-range and higher-priced units. CREB said new supply in the new home market is likely adding to the resale supply. Year-to-date condo prices are still 17% higher on average than last year.
Row homes in the North and South
Of more than 600 new row listings, 34% were in the North and South districts, likely reflecting new home activity in those areas. Row inventory of 747 units is a big improvement over the past two years, and supply reached nearly two months.
Practical takeaways
For condo buyers, this is the best negotiating position in nearly three years: compare buildings, review reserve fund studies and do not be afraid to ask for conditions. Detached buyers above $700,000 also have more balanced conditions. Sellers should expect a longer time on the market than in the spring and price with recent fall sales in mind. Detached sellers below $600,000 still face strong demand and very few competing listings.
