Courtesy of Matthew Dekort

Calgary housing market sees shifts

$346,500 apartment UP 15.8% year-to-year

$762,600 detached UP 9.5% year-to-year

BENCHMARK PRICES

$461,700 rowhouse UP 12.5% year-to-year

2,186 SOLD LISTINGS 3,536 NEW LISTINGS

detached 1,026 604 apartment

detached 1,595

1,001 apartment

2.0 MONTHS OF INVENTORY

4,487 ACTIVE LISTINGS

61.8% SALES TO NEW LISTING RATIO

27 DAYS ON MARKET

Inventory levels in August reached 4,487 units, 37 per cent higher than last August but nearly 25 per cent lower than long-term trends for the month. Higher-priced properties mostly drove the supply gains, as the most affordable homes in each property type continued to report supply declines. The supply gains were made possible by both an increase in new listings in August and a pullback in sales activity. There were 2,186 sales in August, representing a 20 per cent decline from last year's record high, but still 17 per cent higher than long-term averages for the month. The sales declines were driven by homes priced below $600,000. Statistics reflect market activity in August 2024 | Source: CREB ® Calgary Real Estate Board. Market values stated are of the benchmark of the city of Calgary. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

City of Calgary, September 3, 2024 — Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring. Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022. “As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB ® . “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

Matthew Dekort B.Comm., ABR ® , SRES ® Cell: 403.680.2729 | www.MatthewDekort.com | Matthew@MaxWellExpertsPlus.ca

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