Sales of Calgary homes priced over $600,000 drove October’s total to 2,174 units, matching last year’s figure and surpassing long-term monthly averages by 24%.

However, sales are up over 8% from September, reflecting a persistent demand in Calgary’s housing market, says Ann-Marie Lurie, chief economist at CREB.

“Housing demand has stayed relatively strong in our market as we move into the fourth quarter,” she said. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes.”

She noted that most of the growth in listings has been at the higher price points, leading to a balanced market for pricier homes while conditions remain more competitive for buyers seeking lower-cost options.

Inventory levels in Calgary showed notable improvement with 4,966 units available in October—up 55% compared to the same month last year. However, nearly half of the listings are now priced above $600,000.

This shift has gradually eased the tight conditions seen earlier this year, with months of supply now averaging 2.3 overall, though this varies widely by price range. For instance, detached homes under $700,000 have less than two months of supply, while luxury properties over $1,000,000 offer buyers more flexibility with over three months of supply, CREB notes.

The benchmark price for residential properties stood at $592,500 in October, up over 4% from last year. Although October’s prices dipped slightly from September due to seasonal factors, seasonally adjusted prices stayed steady.

Market performance by home type

Here’s a breakdown of how each sector performed last month.

Detached homes
Detached home sales reached 1,071 in October, up nearly 10% from last year. Inventory held steady at two months’ supply, with a benchmark price of $753,900—8% higher than October 2023.

Semi-detached homes
Sales of semi-detached homes rose 6% year-over-year in October, with inventory at two months’ supply. The benchmark price remained stable at $677,000, an 8% increase over last year.

Row houses
Row house sales have slowed, largely due to limited supply in homes under $400,000. October’s months of supply increased above two, with a benchmark price of $456,600—up over 8% year-over-year.

Apartment condominiums
October sales of condos were down year-over-year but remain strong compared to long-term averages. The benchmark price was $341,700, 11% higher than last year, with year-to-date prices nearly 17% above 2023. Demand in this segment remains strong, fuelled by “higher lending rates, rising rents, and limited supply choices for lower-priced properties.”

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Last modified: November 3, 2024