November 2, 2024•
11:49 a.m.•
Regional
Views: 376
Sales of Calgary homes priced above $600,000 brought October’s total to 2,174 units, matching last year’s figure and beating long-term monthly averages by 24 per cent.
However, sales were up more than 8 per cent from September, reflecting continued demand in Calgary’s real estate market, says Ann-Marie Lurie, chief economist at CREB.
“Demand for housing has remained relatively strong in our market as we enter the fourth quarter,” she said. “However, activity likely would have been stronger if there had been more supply choices for lower-priced homes.”
She noted that most of the growth in listings has occurred in the higher price points, leading to a balanced market for higher-priced homes, while terms remain more competitive for buyers at looking for lower cost options.
Inventory levels in Calgary showed notable improvement with 4,966 units available in October, up 55% from the same month last year. However, almost half of the listings now list a price above $600,000.
This change has gradually eased the strict conditions seen earlier this year, with an overall average now of 2.3 months of supply, although this varies considerably by price range. For example, single-family homes under $700,000 have less than two months of supply, while luxury properties over $1,000,000 offer buyers more flexibility with more than three months of supply, notes the CREB.
The benchmark price for residential properties stood at $592,500 in October, up more than 4% from last year. Although October prices decreased slightly compared to September due to seasonal factors, seasonally adjusted prices remained stable.
Market performance by housing type
Here’s a breakdown of how each sector performed last month.
Individual houses
Sales of single-family homes reached 1,071 in October, up almost 10% from last year. Inventories remained stable at two months of supply, with a reference price of $753,900, 8% higher than October 2023.
Semi-detached houses
Sales of semi-detached homes rose 6% year-on-year in October, with two months’ worth of stock available. The benchmark price remained stable at $677,000, an 8% increase from last year.
Townhouses
Townhome sales have slowed, largely because of the limited supply of homes under $400,000. October’s supply months exceeded two, with a benchmark price of $456,600, an increase of more than 8% year-over-year.
Condominium Apartments
Condo sales in October were down year over year, but remain strong compared to long-term averages. The benchmark price was $341,700, 11% higher than last year, with year-to-date prices nearly 17% higher than 2023. Demand in this segment remains strong, fueled by “higher borrowing rates, rising rents and limited supply choices for the lowest prices.” high priced properties.
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Last modification: November 2, 2024