August Sees Record-High Sales Amidst Historic Low Inventory, Pushing Prices Higher

August witnessed a surge in the condominium market, reaching a record high of 2,729 sales. However, year-to-date sales remained down by 15%. New listings improved, but the sales-to-new-listings ratio remained high at 87%, keeping inventory at a record low of 3,254 units. This tight supply and high sales maintained supply levels at slightly over one month.

Detached Homes

Limited Supply for Lower Price Ranges: Record-low inventory levels in August were driven by pullbacks in homes priced under $700,000. While new listings improved over the previous year, most growth occurred in homes priced over $700,000. Limited supply in lower price ranges constrained detached home sales. The unadjusted benchmark price reached $696,700 in August, up over 10% from the previous year, with the highest gains in the most affordable districts.

Semi-Detached Homes

Persistent Low Inventory: Despite 236 new listings and 197 sales, inventory remained 35% below the previous year's levels, reaching record lows. Strong sales combined with scarce inventory favored sellers. August witnessed a one percent monthly gain, with the semi-detached unadjusted benchmark price reaching $623,200, up 10% compared to the previous year.

Row/Town Homes

Supply Remains Scarce: High sales activity and a 94% sales-to-new-listings ratio, coupled with a gain in new listings, kept inventory scarce. The months of supply remained below one month for the fifth consecutive month, pushing prices upward. In August, the unadjusted benchmark price reached $413,200, nearly 16% higher than the previous year, with gains across all districts.

 Apartment Condominiums

Record-High Sales: August witnessed rising sales, with year-to-date sales reaching a new record high of 5,582 units, up by nearly 22% from the previous year. Tight rental markets and relative affordability drew purchasers to this sector, but new listings struggled to keep up. This resulted in a 98% sales-to-new-listings ratio in August, easing inventories and reducing supply to just one month. Prices continued to rise, with the unadjusted benchmark price reaching $309,100 in August, up by over 13% from the previous year.

Regional Market Highlights

Airdrie

With 204 sales and 206 new listings, the sales-to-new-listings ratio surged to 99%, causing inventory levels to decline to 176 units, with supply once again below one month. The unadjusted benchmark price reached $515,600 in August, up nearly 6% from the previous year.

Cochrane

August witnessed inventory levels falling to 144 units due to a pullback in new listings. Sales improved compared to the previous year, but the pullback in new listings caused the sales-to-new-listings ratio to increase to 91%. Supply remained below two months, not as tight as Airdrie but lower than typical town expectations. The unadjusted benchmark price reached $534,700 in August, up nearly 1% from the previous month.

Okotoks

August recorded 59 sales met with 65 new listings, further reducing inventory levels to just 64 units. Inventory remained low at one month. Despite a slight decrease in benchmark prices from the previous month's highs, prices were still 7% higher than the previous year and 10% higher than the beginning of the year.