Calgary sustains price growth amid ongoing low inventory

Overview:

Despite seasonal slowing, October sales reached 2,171, marking a 17% YoY increase and among the highest reported for October. New listings improved to 2,684 units, the highest October levels since 2015. Inventory levels, however, remain over 40% lower than traditional October levels, posing a challenge to the market.

Home Prices:

The unadjusted benchmark price in October rose to $571,600, nearly 10% higher than last October. Persistent low inventory maintains upward pressure on home prices, with a months-of-supply at 1.5 months.

Detached Homes:

Both sales and new listings improved YoY, but inventory levels, especially for homes below $700,000, remain exceptionally tight. The unadjusted benchmark price reached $697,600 in October, showing a 12% YoY increase.

Semi-Detached Homes:

New listings increased, but a high sales-to-new listings ratio maintained low inventory levels. October's unadjusted benchmark price reached $628,700, reflecting a 13% YoY gain.

Row Homes:

High sales-to-new listings ratio and low inventory levels continue in the row home segment. The unadjusted benchmark price in October reached $425,200, a nearly 19% YoY increase.

Apartment Condominiums:

Record high sales in October were driven by a significant gain in new listings, particularly in condos priced below $300,000. The unadjusted benchmark price rose to $316,600, showing a monthly gain of over 1% and a YoY increase of 16%.

Regional Market Facts:

Airdrie:

Sales eased in October, contributing to a YoY decline of 29%. Limited supply in lower price ranges affected sales below $500,000. The benchmark price rose to $521,400, a nearly 10% YoY gain.

Cochrane:

Despite monthly gains in new listings, YoY sales eased by nearly 22% across all property types. The unadjusted benchmark price reached $539,900, reflecting a 7% YoY increase.

Okotoks:

Limited new listings maintained high sales-to-new listings ratio, impacting inventory levels. The unadjusted benchmark price rose over 9% YoY, reaching higher levels for detached and semi-detached homes.