Calgary Real Estate Statistics June 2023

Another record-high month for Calgary

The housing market in Calgary was involved in a push in apartment condominium sales, setting a new reported high of 3,146 sales accomplished in June. While year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than the pre-pandemic levels.

Providing relief and a monthly grow in inventory levels, there has been a greater trend in new listings. Although, despite these improvements, the inventory for June was steady at 3,458 units, resulting in a down fall of over 36 percent from last year and touching 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 the time to observe their impact on supply."

The current market conditions remain to favour the sellers, placing more pressure on home prices, with a supply of just over one month. In the month of June, the total residential standard price touched $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year's levels.

Detached

With only 1,651 units available in June, levels hit a new reported low for the month, however, a monthly gain in new listings supported a monthly increase in inventory levels. Inventories fell down across most price ranges, but the steepest falls happened in homes priced below $600,000. Of all the inventory in the month of June, only 24 percent was priced below $600,000, a significant drop from last year, where the market segment represented 45 percent of the supply.

A small amount of inventory, especially in the lower price ranges, ensured that the market continued to favour the seller, forcing further gains in home prices. The standard price touched $685,100, an unadjusted monthly gain of nearly two percent and a year-over-year increase of six percent in the month of June. Year-over-year gains were the highest in the most affordable North East and East districts.

Semi-Detached

Helping support modest monthly gains in inventory levels, new listings have improved in the month of June. Although, with 268 units in inventory and 240 sales, the months of supply remained exceptionally tight at just over one month. The constantly tight market situations have contributed to more price gains for semi-detached properties. The standard price touched $613,100, over two percent higher than last month and almost six percent higher than levels recorded in the previous year at this time.

Tight conditions all across the districts have supported price growth. Year-over-year price growth ranged from a low of 4.5 percent in the city centre to a high of 17 percent in the East district.

Row

Both sales and new listings trended up over the levels recorded last month. Still, with a sales-to-new-listings ratio of 86 percent and months of inventory below one month, conditions remain to favour the seller placing more upward pressure on home prices. 

In the month of June, the standard price touched $400,000, over two percent higher than the last month and over 11 percent higher than last year. With the most significant monthly gains occuring in the East, North and South districts, prices improved all across the districts in the city. These districts have also recorded year-over-year gains of nearly 20 percent.

Apartment Condominium

Sales in the month of June touched 857 units, 48 percent higher than last year. Sales growth was enough to cause year-to-date sales to rise by 11 per cent over last year over the past three months. The upward gain in sales was able to be accomplished thanks to improving new listings. Although, consistently strong demand for affordable products have prevented inventories from improving. Inventory levels touched 1,116 units, the lowest level for the month recorded since June 2013.

Constant tight conditions have supported the sixth consecutive month where prices rose. The standard price touched $302,200, nearly two percent higher than last month and 12 percent higher than last year's levels. WHile unadjusted prices have reached a new reported high, prices continue below the peak in the City Centre, North East and East districts.

Regional Market Facts

Airdrie

A fallback in new listings contributed to slower sales action this month. With 245 new listings and 221 sales, the sales-to-new listings ratio continued to be elevated at 90 percent. This also prevented any significant shift in the inventory situation, keeping the months of supply below one month.

Airdrie records further gains in home prices, as the market conditions continue favouring the seller. The unadjusted standard price touched $511,100, representing a new reported high for the city, as the market is still favouring the seller. Prices have risen across all property types, with the largest gains occuring in the row and apartment condominium sectors.

Cochrane

Sales action in June eased, contributing to the year-to-date fall of 30 percent. Levels are still much higher than any sales level recorded before the pandemic, while the fall seem major. Cochrane is struggling with low inventory levels as major falls in new listings affects consumers options, like other areas.

Constant tight market conditions have supported further gains in home prices. The unadjusted standard price touched $526,500, nearly two percent higher than last months and last year's levels, as of June. This also reflects a new reported high price for the town.

Okotoks

The sales to new listings ratio once again slid above 100 percent, with the 87 sales and 84 new listings. This caused further inventory falls, and the months of supply dropped to 0.7 months, the lowest level ever recorded in June.

The constant tight market conditions have forced prices to rise again in June. The unadjusted  standard price touched a reported high of $585,300, reflecting a two percent gain over last month and six percent higher than last year.