November Snapshot: Increased Listings, Strong Sales, and Price Growth

New Listings Surge: November witnessed a substantial increase in new listings, reaching 2,227 units, marking a nearly 40% rise from the low levels reported last year.

Inventory Dynamics: Despite the boost in new listings, low inventory persisted due to robust sales, maintaining an 80% sales-to-new-listings ratio and keeping months of supply under two months.

Calgary Market Insights: Chief Economist Ann-Marie Lurie highlights that despite rising listings, Calgary's strong demand continues to favor sellers, driving further price growth.

Benchmark Price Upward Trend: As of November, the benchmark price stands at $572,700, up nearly 11% from November 2022, with a year-to-date average increase of over five per cent.

DETACHED HOMES: Supply Challenges and Price Gains

Limited Supply Impact: Homes below $700,000 faced supply challenges, leading to a 20% year-to-date sales decline. Tight conditions persist for lower-priced homes, with exceptionally low month-of-supply figures.

Price Growth Continues: Persistently tight conditions contribute to further price gains, with the unadjusted benchmark price reaching $699,500, over 13% higher than last November. Year-to-date gains are the highest in the most affordable districts of the North East and East. 

SEMI-DETACHED HOMES: Stability Amid Tight Conditions

New Listings Boost: November saw a surge in new listings, preventing a year-over-year decline in inventory levels. Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with notable gains in the North East and East districts.

ROW HOMES: Inventory Impact and Price Resilience

New Listings Impact: November's rise in new listings contributed to a gain in inventory levels, with a more balanced market. Despite this shift, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.

APARTMENT CONDOMINIUMS: Record Sales and Persistent Price Pressure

Sales Record: Apartment-style homes recorded record-high sales in November, surpassing last year’s record. The unadjusted November benchmark price reached $320,100, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET INSIGHTS

Airdrie

Sales Challenge: Airdrie experienced a decline in year-to-date sales by over 26%, primarily driven by challenges in the detached market's lower price ranges. Despite improved new listings, the sales-to-new listings ratio rose to 96%, maintaining upward pressure on prices.  The unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.

Cochrane

New Listings Dynamics: Cochrane saw a fall in the sales-to-new-listings ratio, driven by higher-priced properties. Despite improved new listings, inventory levels remain over 30% below long-term trends, supporting further price growth. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. 

Okotoks

Market Shift: Okotoks saw a boost in new listings, supporting a year-over-year gain in sales. Although the months of supply improved, conditions remained exceptionally tight, leading to continued price trends upward. The unadjusted benchmark price was $590,200, a one percent gain over last month and over eight per cent higher than last November.