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Detached
Sales in
June were 1,194 units, six per cent lower than both last year and
last month's activity. Sales activity did vary depending on
location and price range, with declines in resale sales mostly
for higher priced homes that likely face more competition from
new homes. On a location basis, the steepest declines in sales
occurred in the City Centre and the North East at over 20 per
cent, while year-over-year gains were reported in the West, and
South East districts.
While sales did vary, inventories and new listings improved
across most price ranges and districts in the city. However, it
is only the North East district that is experiencing conditions
that favour the buyer, causing prices to decline by four per cent
compared to last June. As of June, the unadjusted benchmark price
in Calgary was $764,300, less than one per cent lower than both
last month and last year’s price.
Semi-Detached
Sales
activity continued to slow this month, contributing to the
year-to-date decline of nearly 12 per cent. At the same time new
listings have generally been rising compared to last year,
supporting inventory gains and a shift to balanced conditions. As
of June, the months of supply was 2.6 months, a significant
improvement over the tight conditions reported last year.
Additional supply choice has slowed the pace of price growth for
semi-detached homes. As of June, the benchmark price in the city
was $696,400, similar to last month, and over one per cent higher
than last June. Price movements did range by district, as homes
in the City Centre are over three per cent higher than last year
and at record high levels, while prices in the North, North East,
and East districts are all over two per cent lower than last year
and three per cent lower than last year’s peak price.
Row
New
listings continue to rise relative to the number of sales in the
market, as the sales-to-new listings ratio in June dropped to 50
percent. This contributed to further inventory gains with 1,167
units available at the end of the month. While sales are still
higher than long-term trends, the recent gains in inventory
levels have caused the months of supply to push above three
months. Within the city, conditions range with nearly six months
of supply in the North East and two and a half months of supply
in the North West.
Higher supply levels relative to demand are weighing on prices
which, at a June benchmark price of $450,300, are down over last
month and three per cent lower than last year’s levels. However,
as the level of oversupply does range across the districts, so
too do the price movements. The City Centre has seen the most
stability in prices this month and is only one per cent below
last year’s peak. Meanwhile, the North East is reporting
year-over-year price declines of nearly six per cent.
Apartment
Condominium
June new
listings and sales both eased over last month’s and last year’s
levels. However, with 1,024 new listings and 532 sales,
inventories continued to rise and the months of supply pushed up
to nearly four months. Slower international migration numbers are
weighing on housing demand just as supply levels are rising,
which is having a larger impact on apartment style homes.
The rising supply choice, both in new and resale markets, has
caused resale prices to trend down again this month, leaving
June’s benchmark price of $333,500 over three per cent lower than
last year’s levels. While prices have eased across all districts
in the city, the largest year-over-year declines are occurring in
the North East, North and South East districts.
REGIONAL MARKET FACTS
Airdrie
Thanks to
a sharp decline in detached activity, sales in June fell to 164
units. The pullback in sales was met with 324 new listings,
causing the sales-to-new listings ratio to drop to 51 per cent,
the lowest ratio reported in June since 2018. The wider spread
between sales and new listings drove further inventory gains and
for the first time since 2020 the months of supply was above
three months. The additional supply choice has weighed on resale
prices, which have trended down for the second consecutive month.
In June the benchmark price was $538,300, nearly three per cent
lower than levels seen last year at this time.
Cochrane
Gains for
detached and semi-detached sales were offset by pullbacks for row
and apartment units, as June sales remained relatively unchanged
over last year. The 101 sales in June were met with 171 new
listings and the sales-to-new listings ratio rose to 59 per cent.
This slowed the pace of inventory growth, keeping the months of
supply just below three months. While conditions are more
balanced than they have been, prices in the area continue to rise
albeit at a slower pace. As of June, the unadjusted benchmark
price was $593,700, nearly one per cent higher than last month
and four per cent higher than last June.
Okotoks
While
levels are better than last year, both sales and new listings
trended down in June, causing the sales-to-new listings ratio to
rise to 87 per cent. This prevented any further monthly inventory
gains and ensured that the months of supply remained below two
months in June. While conditions remain tight in Okotoks, more
supply in the broader region has likely prevented stronger price
growth in the Town of Okotoks. As of June, the unadjusted
benchmark price was $632,800, similar to last month and nearly three
per cent higher than last year.
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