Gross sales of Calgary houses priced over $600,000 drove October’s complete to 2,174 items, matching final yr’s determine and surpassing long-term month-to-month averages by 24%.
Nevertheless, gross 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 comparatively sturdy in our market as we transfer into the fourth quarter,” she mentioned. “Nevertheless, exercise would seemingly have been stronger if extra provide decisions existed for lower-priced houses.”
She famous that many of the progress in listings has been on the greater worth factors, resulting in a balanced marketplace for pricier houses whereas situations stay extra aggressive for patrons searching for lower-cost choices.
Stock ranges in Calgary confirmed notable enchancment with 4,966 items out there in October—up 55% in comparison with the identical month final yr. Nevertheless, almost half of the listings at the moment are priced above $600,000.
This shift has regularly eased the tight situations seen earlier this yr, with months of provide now averaging 2.3 total, although this varies extensively by worth vary. As an illustration, indifferent houses beneath $700,000 have lower than two months of provide, whereas luxurious properties over $1,000,000 supply patrons extra flexibility with over three months of provide, CREB notes.
The benchmark worth for residential properties stood at $592,500 in October, up over 4% from final yr. Though October’s costs dipped barely from September because of seasonal elements, seasonally adjusted costs stayed regular.
Market efficiency by residence kind
Right here’s a breakdown of how every sector carried out final month.
Indifferent houses
Indifferent residence gross sales reached 1,071 in October, up almost 10% from final yr. Stock held regular at two months’ provide, with a benchmark worth of $753,900—8% greater than October 2023.
Semi-detached houses
Gross sales of semi-detached houses rose 6% year-over-year in October, with stock at two months’ provide. The benchmark worth remained secure at $677,000, an 8% enhance over final yr.
Row homes
Row home gross sales have slowed, largely because of restricted provide in houses beneath $400,000. October’s months of provide elevated above two, with a benchmark worth of $456,600—up over 8% year-over-year.
Condo condominiums
October gross sales of condos had been down year-over-year however stay sturdy in comparison with long-term averages. The benchmark worth was $341,700, 11% greater than final yr, with year-to-date costs almost 17% above 2023. Demand on this section stays sturdy, fuelled by “greater lending charges, rising rents, and restricted provide decisions for lower-priced properties.”
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Final modified: November 2, 2024
