Calgary Market Report Infographics
INFOGRAPHICS: March 2024 CREB City And Region Market Reports
March reflects strong seller’s market and price increases
March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”
Read the full report on the CREB website!
The following data is a comparison between March 2024 and March 2023 numbers, and is current as of April 2024. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
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Download Printable Version – March 2024 CREB, City of Calgary Report Part 1
Download Printable Version – March 2024 CREB, City of Calgary Report Part 2
Download Printable Version – March 2024 CREB, Calgary Region Report
INFOGRAPHICS: February 2024 CREB City And Region Market Reports
Low inventory and high demand drive price gains in February
New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales to new listings ratio exceptionally high at 79 per cent ensuring inventories remained near historic lows.
Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year. “Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market,” said Ann-Marie Lurie, Chief Economist at CREB®.
“It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.”
Read the full report on the CREB website!
The following data is a comparison between February 2024 and February 2023 numbers, and is current as of March 2024. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – February 2024 CREB, City of Calgary Report Part 1
Download Printable Version – February 2024 CREB, City of Calgary Report Part 2
Download Printable Version – February 2024 CREB, Calgary Region Report
INFOGRAPHICS: January 2024 CREB City And Region Market Reports
January sees strong sales fueled by boost in new listings
January sales rose to 1,650 units, a significant gain over last year’s levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.
The rise in new listings relative to sales did little to change the low inventory situation in the city. With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month.
“Supply challenges have been a persistent problem since last year. This month’s gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth,” stated Ann-Marie Lurie, Chief Economist at CREB®.
Read the full report on the CREB website!
The following data is a comparison between January 2024 and January 2023 numbers, and is current as of February 2024. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – January 2024 CREB, City of Calgary Report Part 1
Download Printable Version – January 2024 CREB, City of Calgary Report Part 2
Download Printable Version – January 2024 CREB, Calgary Region Report
INFOGRAPHICS: December 2023 CREB City And Region Market Reports
Strong migration and low supply drive Calgary housing prices in 2023
Sales in 2023 did ease relative to last year’s peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. While sales stayed relatively strong, there was a notable shift in activity toward more affordable apartment condominiums style homes.
“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”
Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1,000,000.
The persistently tight conditions contributed to our city’s new record high price. While the average annual benchmark price growth did slow from 12 per cent in 2022 to nearly 6 per cent growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.
Read the full report on the CREB website!
The following data is a comparison between December 2023 and November 2022 numbers, and is current as of January 2024. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – December 2023 CREB, City of Calgary Report Part 1
Download Printable Version – December 2023 CREB, City of Calgary Report Part 2
Download Printable Version – December 2023 CREB, Calgary Region Report
INFOGRAPHICS: November 2023 CREB City And Region Market Reports
I ncreased listings, strong sales, and price growth
New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.
Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.
“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”
Read the full report on the CREB website!
The following data is a comparison between November 2023 and November 2022 numbers, and is current as of December 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – November 2023 CREB, City of Calgary Report Part 1
Download Printable Version – November 2023 CREB, City of Calgary Report Part 2
Download Printable Version – November 2023 CREB, Calgary Region Report
INFOGRAPHICS: October 2023 CREB City And Region Market Reports
Price gains continue in Calgary’s real estate market as inventory remain slow
October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.
New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.
“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said CREB® Chief Economist Ann-Marie Lurie. It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”
Read the full report on the CREB website!
The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – October 2023 CREB, City of Calgary Report Part 1
Download Printable Version – October 2023 CREB, City of Calgary Report Part 2
Download Printable Version – October 2023 CREB, Calgary Region Report
INFOGRAPHICS: September 2023 CREB City And Region Market Reports
Calgary home sales at record highs in September, yet supply remains a challenge
Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year’s levels.
New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.
Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”
In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.
Read the full report on the CREB website!
The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – September 2023 CREB, City of Calgary Report Part 1
Download Printable Version – September 2023 CREB, City of Calgary Report Part 2
Download Printable Version – September 2023 CREB, Calgary Region Report
INFOGRAPHICS: August 2023 CREB City And Region Market Reports
Due to historically low inventories and record-high sales in August, prices have increased
Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15 per cent compared to last year.
While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent, preventing any significant shift from the low inventory situation. Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.
Higher lending rates have caused many buyers to either hold off on purchase decisions or shift toward more affordable products on the market,” said CREB® Chief Economist Ann-Marie Lurie. “The challenge has been the availability of supply, especially in the detached market. Inventory levels hit record lows in August, and while new listings are higher than last year, conditions continue to favour the seller, driving further price gains.
Read the full report on the CREB website!
The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – August 2023 CREB, City of Calgary Report Part 1
Download Printable Version – August 2023 CREB, City of Calgary Report Part 2
Download Printable Version – August 2023 CREB, Calgary Region Report
INFOGRAPHICS: July 2023 CREB City And Region Market Reports
Calgary home prices reach new heights: July sees seventh consecutive monthly gain
Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.
In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a months of supply of 1.3 months, conditions continue to favour the seller.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”
Read the full report on the CREB website!
The following data is a comparison between July 2023 and July 2022 numbers, and is current as of August 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – July 2023 CREB, City of Calgary Report Part 1
Download Printable Version – July 2023 CREB, City of Calgary Report Part 2
Download Printable Version – July 2023 CREB, Calgary Region Report
INFOGRAPHICS: June 2023 CREB City And Region Market Reports
Another record-high month for Calgary
The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels.
Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.
“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city. While new home starts are on the rise, it will take time to observe their impact on supply.”
With a supply of just over one month, the current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year’s levels.
Read the full report on the CREB website!
The following data is a comparison between June 2023 and June 2022 numbers, and is current as of July 2023. For last month’s numbers, check out our previous infographic.
Or follow this link for all our CREB Infographics!
Click on the images for a larger view!
Download Printable Version – June 2023 CREB, City of Calgary Report Part 1
Download Printable Version – June 2023 CREB, City of Calgary Report Part 2
Download Printable Version – June 2023 CREB, Calgary Region Report
