Calgary’s housing market saw further improvement in August with sales increasing 6.24% year-over-year to a citywide total of 1,584.
Homes at the lower end of the price spectrum were the driver of the increased sales while fewer listings helped ease inflated inventory in the market.
“Employment numbers have been improving, but mostly in industries that are traditionally lower paid,” said CREB chief economist Ann-Marie Lurie. “This is contributing to the shift that we are seeing in the housing market, with growth being limited to product priced below $500,000.”
Apartment-style and attached homes saw the strongest sales gains but all property types saw increased sales activity.
The unadjusted citywide benchmark price was $426,000, similar to July’s benchmark but 2.6% below that of August 2018.
Despite improvement, Calgary remains a buyers’ market with sales activity underperforming by historic standards while inventory remains elevated at more than four months of supply.
Stats by property type
- Year-to-date detached sales remain just below last year’s levels, but sales improved in the South and North West districts this month.
- Citywide growth has been driven by homes priced under $500,000. Meanwhile, easing sales and elevated inventories among homes priced above $500,000 have increased the months of supply, pushing it further into buyers’ market territory.
- Benchmark prices in August ranged from a year-over-year decline of over five per cent in the South district to a decline of nearly one per cent in the South East.
- For the second month in a row, sales activity improved for apartment-style homes, but these gains were met with a rise in new listings. This prevented any significant adjustments to inventory levels and kept the months of supply elevated.
- Sales activity remains just below last year’s levels. On average, the amount of inventory in the market this year has eased compared to last year.
- Citywide benchmark prices in August eased compared to last year, but the East, South East and North East districts recorded modest gains. Despite those gains, prices remain well below 2014 highs.
- For the sixth consecutive month, year-over-year attached sales improved in the city. This has resulted in year-to-date sales of 2,665 units, nearly a five per cent increase compared to the previous year. At the same time, new listings continue to ease, causing further reductions in inventory.
- The months of supply have moved from over six months at this time last year to under five months in August.
- These improvements have supported some monthly gains in benchmark prices, but August benchmark prices remain 2.6 per cent below last year’s levels.