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Sales continue to surge as listings rise
Sales continue to surge as listings rise |
City of Calgary, March 1, 2022 – Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months levels. However, with only one month of supply, the market continues to favour the seller. “Sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains,” said CREB® Chief Economist Ann-Marie Lurie. The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February. Much of the growth has been driven by the detached segment of the market which has not seen conditions this tight in over 15 years. This is the fourth consecutive month that the market has dealt with conditions that are far tighter than what the city experienced last spring. While the gains in new listings will help provide choice to purchasers and eventually support more balanced conditions, it will take some time to work through the demand in the market. |
Detached For the third consecutive month, the months of supply in the detached sector has remained below one month. The limited supply and persistently strong demand has placed significant upward pressure on prices. As of February, the benchmark price reached $596,400, which is nearly $50,000 higher than prices seen at the end of 2021 and over $90,000 higher than February 2021 prices. Price gains have occurred in every district of the city with year-over-year gains pushing above 20 per cent in the North, South and South East districts. After the first two months of the year, sales growth has been the strongest in the $600,000 to $1,000,000 price range, as this is where there was the largest gain in new listings. Overall, conditions remain exceptionally tight across all price ranges, with less than one month of supply occurring for all homes priced under $1,000,000 over the first two months of the year. Semi-Detached The record number of new listings for February were met with record high February sales, doing little to ease the pressure in this segment of the market. The months of supply dropped to one month, something that has not happened in February since 2006. The persistent and exceptionally tight conditions caused further upward pressure on prices. Thanks to gains across every district, the semi-detached unadjusted benchmark price reached $461,400 in February, which is nearly five per cent higher than last month and 16 per cent higher than levels recorded in February 2021. Row Lack of supply choice in competing property types drove many consumers to consider row style properties. However, following several months of strong sales relative to new listings, inventory levels have also trended down relative to what we traditionally see at this time of year. With 537 sales in February and 535 units in inventory, the months of supply dropped to one month for the first time since early 2007. The persistent sellers’ market conditions caused steep monthly price gains across most districts of the city. The largest month gains occurred in the North East, North and West end of the city. Despite recent gains, prices remain shy of previous highs in all districts except the West. Apartment Condominium After falling behind other property types, the apartment condominium sector recorded a surge in sales this month, reaching record highs for February. New listings also improved but did little to cause any significant change to inventory levels. The months of supply dipped below two months and was the tightest seen in the apartment condo sector since 2007. The recent tightness has supported some upward pressure in prices this month. However, price gains are significantly lower than the other property types and prices continue to remain over 14 per cent below previous highs. While this segment of the market has not experienced the same supply constraints as other property types, if conditions remain this tight, we could see more substantial shifts toward price recovery. |
REGIONAL MARKET FACTS |
Airdrie Record high new listings in February enabled sales to reach a record high. With 385 new listings and 289 sales, the sales to new listings ratio fell to 75 per cent, which is the first time it dropped below 80 per cent since spring of last year. While the recent gains provided some monthly uplift in inventory levels, supply remains exceptionally low, and the months of supply has remained below one month for the fourth consecutive month. Persistently tight market conditions especially in the detached and semi-detached sector has driven significant price growth in the market. In February, the unadjusted detached price reached $490,800, nearly six per cent over last month and 22 per cent higher than last year’s levels. Cochrane New listings reached a record monthly high in February. However, sales nearly matched the levels of new listings causing inventories to face further declines and the months of supply to fall to the lowest levels ever recorded at less than half of month of supply. This is the fourth consecutive month with the months of supply has been below one month and the sellers’ market conditions are placing significant upward pressure on prices especially for detached and semi-detached properties. In February, the unadjusted detached benchmark price reached $548,400, nearly seven per cent higher than last month and over 21 per cent higher than levels recorded last February. Price gains have occurred across all property types; however, apartment style properties continue to record prices below previous highs seen back in 2007. Okotoks Like other markets, gains in new listings helped support record levels of sales for February. However, the gains in new listings were not enough to support any substantial change in the low inventory situation. With only 56 units in inventory at the end of the month, this is the lowest February inventory seen since 2006. Strong sales combined with low inventory caused the months of supply to ease further and remain below one month for the third consecutive month. The persistent tight market conditions caused a surge in prices. In February, the benchmark price for a detached home reached $554,900, nearly eight per cent higher than last month and over 15 per cent higher than last February. |
2021 Record Year for Home Sales
City of Calgary, Jan. 4, 2022 – Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 per cent higher than the 10-year average. “Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case inmany other cities, the supply has not kept pace with the demand, causing strong price growth,” said CREB® Chief Economist Ann-Marie Lurie. As of December, the unadjusted benchmark price rose by nearly one per cent over last month and was sitting over 10 per cent higher than last year’s figures. Overall, the 2021 benchmark price rose by more than eight per cent compared to last year for a total of $451,567, just shy of the annual record high set back in 2015. We are entering 2022 with some of the tightest conditions seen in over a decade. As of December, inventory levels are nearly 25 per cent lower than long-term averages for the month. This will have an impact on our housing market as we move through 2022. More details on the housing market forecast for 2022 will be released on Jan. 25. |
HOUSING MARKET FACTS |
Detached With 17,038 sales in 2021, home sales remained slightly lower than the record high set in 2005. While a new record was not set, sales are still over 40 per cent higher than long-term averages and supply challenges likely prevented stronger sales this year. New listings rose, but it was not enough to offset sales, causing inventories to ease. In the detached sector,average inventory levels were over 23 per cent lower than long-term trends. With only 898 units in inventory in December, we are entering 20-22 with the lowest detached inventory on record. Strong sales relative to inventory levels caused the months of supply to dip below one month, which is tighter than levels recorded in the spring market. Tightening conditions over the past several months once again weighed on prices. The detached benchmark price rose by nearly one per cent compared with last month and is nearly 12 per cent higher than last year’s levels. Overall, the detached sector has recorded the largest annual price gain at nearly 10 per cent, not only recovering from the 2015 annual high, but exceeding it by nearly three per cent. Semi-Detached In 2021, there were 2,571 semi-detached sales, an annual gain of 55 per cent and over 47 per cent higher than longer-term trends. Relative affordability and less supply choice in the detached sector caused many to consider semi-detached properties. However, like other property types, semi-detached sales growth outpaced new-listings growth, especially at the end of the year, causing significant declines in inventory levels and the months of supply, which has remained below two for the past three months. Tight conditions have caused further price growth, as December prices were nearly 10 per cent higher than last year. Overall, on an annual basissemi-detached home prices improved by eight per cent, reaching a new record high. However, prices have not recovered across all districts, as the City Centre, North East and South districts have not seen full price recovery. Over the past few months, row properties have increased in popularity, reporting strong sales growth that has outpaced the growth in new listings. This has created much tighter conditions and is supporting stronger price growth. Inventories were not as much of a challenge earlier in the year, so the pace of price growth was not as high as the growth seen among some of the other property types during that time. However, benchmark prices rose by six per cent on an annual basis, supporting some price recovery. Despite the gains, prices remain nearly nine per cent lower than the previous high. Apartment condominium Record sales in December were not enough to support annual record-high sales for this property type. Unlike the other property types, the apartment condominium sector has not experienced many supply challenges, as inventories this year generally remained above historical levels. However, the growth in sales was enough to help shift the market from one that favoured the buyer to one that was relatively balanced. The balanced conditions did support modest annual price growth of just over two per cent. Each district saw some improvement in price this year, varying from less than one per cent growth in the City Centre to over six per cent growth in the West district. Despite these price gains, prices are still recovering across all districts and citywide prices remain 14 per cent lower than previous highs recorded in 2014. |
REGIONAL MARKET FACTS |
Airdrie December sales reached record levels despite further reduction in new listings. The strong sales have caused inventory levels to drop to a mere 82 units, which is the lowest they’ve been since 2005. Overall, Airdrie recorded a record 2,299 sales this year. This is 78 per cent higher than activity recorded over the past 10 years and is 36 per cent higher than the previous record set in 2014. Airdrie’s strong growth in housing demand could be related to the relative affordability of detached homes there compared to Calgary and less concern among consumers over commute times, as some companies shift toward hybrid work options. Bringing on new supply has been a challenge in Airdrie, and this has driven some significant price gains in the city. Overall, annual benchmark prices hit a new record at $380,867 in 2021, nearly 12 per cent higher than last year’s levels and two per cent higher than the previous annual record. Cochrane Despite persistently low levels of new listings relative to sales, Cochrane’s sales reached record levels in 2021. However, the sales-to-new-listings ratio has exceeded 100 per cent for four of the past six months, causing inventories to drop to the lowest levels seen in over a decade. This has caused further tightening in the market, as the months of supply has remained below one month over the past two months. The exceptionally tight conditions, especially over the past few months, have caused further price gains. As of December, the benchmark price was nearly 10 per cent higher than levels reported last year. Overall, on an annual basis, the benchmark price has increased by seven per cent, reflecting a new record high for the town. Okotoks Despite persistent challenges with supply levels, sales in Okotoks reached record levels in 2021. However, the strong sales weighed on inventory levels, which on average eased by 41 per cent this year and remain over 50 per cent lower than what the market typically has available. Easing inventory and strong sales left the months of supply at record-low levels in December with less than one month of supply. With sellers’ market conditions throughout the year, there have been some significant gains in prices. On an annual basis, the benchmark price hit a new record high at $474,842, which is an annual gain of nearly nine per cent. |
Market continues to favour seller in October
Market continues to favour the seller in October |
City of Calgary, Nov. 1, 2021 – There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages. “Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® Chief Economist Ann-Marie Lurie. “Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending- rate environment.” New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but much of the decline in the months of supply has been related to the strong sales levels. As of October, the months of supply dipped to just over two months. Persistently tight market conditions did cause some benchmark price gains this month. The benchmark price in October reached $460,100, slightly higher than last month and nearly nine per cent higher than the $422,600 recorded last October. |
HOUSING MARKET FACTS |
Detached Thanks to gains in most districts, detached home sales improved by 17 per cent compared to last year. The strongest sales growth this month occurred in the North East and East districts, which are the most affordable districts in the city. New listings improved relative to last year’s levels, but with 1,350 new listings in October and 1,333 sales, the sales-to-new-listings ratio for detached homes rose to 99 per cent, inventories fell to 2,063 units and themonths of supply dipped below two months. Further tightening in the detached market resulted in upward pressure on home prices. In October, the detached price reached $540,900, up nearly one per cent compared with last month and over 10 per cent higher than levels reported last October. On a year-to-date basis, price growth has been the strongest in the North and South East districts, where prices have increased by over 11 per cent. Semi-Detached Sales continued to improve this month, contributing to the year-to-date record high. However, new listings eased and the sales-to-new-listings ratio rose to 98 per cent as inventories fell. The months of supply, which has trended down over the past several months, once again placed upward pressure on prices in the sector. The semi-detached benchmark price rose to $427,800 this month, nearly nine per cent higher than last year’s levels. So far this year, sales have improved across every district, but the tightest conditions have been in the South East and North districts. These two districts have also seen the highest year-to-date price gains, which have exceeded 10 per cent. Row Thanks to improvements across most districts, row sales remained relatively strong in October, contributing to the year-to-date record high. However, unlike other sectors, the row sector did see a significant increase in new listings compared with last year’s levels, preventing a large decline in inventory. This helped push the months of supply back above three months. The market is not as tight as it was last month, but conditions are still far tighter than levels typically seen during this time of year and vary significantly by district. The months of supply remained below three months in the North, South, South East and East districts in October. Row prices have not recovered from previous highs, but prices did trend up this month. So far this year, the largest gains have been for row homesin both the East and North East districts, where benchmark prices have averaged less than $200,000 in 2021. Apartment Condominium Thanks to improvements across the city, October condominium sales were strong relative to both last year’s levels and long-term averages. Nearly half of the condo sales occurred in the City Centre, which was the only district to see monthly sales trend up significantly relative to last month. Some of the sales gains could be related to price adjustments in the district, as October benchmark prices were over three per cent lower than last year’s levels and trended down from last month. The decline in the City Centre prices offset the gains recorded in other parts of the city, causing citywide figures to remain relatively unchanged from levels recorded last October. Despite some of the monthly shifts on a year-to-date basis, condominium prices have improved by over two per cent compared with last year, with gains ranging from less than one per cent in the City Centre to over six per cent in the West district. Price gains for apartments are far lower than other property types, as the same supply challenges have not existedin this sector. |
REGIONAL MARKET FACTS |
Airdrie October was another record-high month for sales. This contributed to year-to-date sales of 2,039, nearly 81 per cent higher than average activityfrom the past five years. Lifestyle choices, low interest rates and Airdrie’s relatively affordable detached homes compared with Calgary have supported the strong sales. While new-home starts are ramping up, it has done little to ease the supply shortages facing the resale market. In October, sales outpaced new listings, causing further declines in inventory levels and a months of supply that eased to one month. Benchmark prices in October were over one per cent higher than last month and over 14 per cent higher than levels reported last year. Gains have been exceptionally strong in the detached segment of the market, where prices are nearly 16 per cent higher than last October. Cochrane Thanks to a jump in sales for higher-density product, sales this month rose to new record highs. Year-to-date sales have pushed to 1,081 units, which is nearly 95 per cent higher than average activity from the past five years. There was also a turnaround in new listings, which improved in October after several months of easing. This helped improve some of the supply-demand balances, but the Cochrane housing market continues to struggle with sellers’ market conditions. While conditions remain tight, there was no additional upward pressure on monthly prices in October compared with previous months. As of October, year-to-date total residential benchmark prices have improved by nearly seven per cent across the entire resale market. Okotoks For the second time this year, sales outpaced new listings this month, dropping inventory levels to 74 units. This is nearly 60 per cent lower than traditional levels and resulted in the lowest months of supply ever recorded in October. Conditions remain exceptionally tight, but prices trended down slightly compared to previous months. However, it is important to note that on a year-to-date basis, total residential prices have improved by over nine per cent. |
Q3 Housing Report
CREB®’s Q3 2021 Housing Report released
City of Calgary, Oct. 19, 2021 –
The pace of growth and level of sales have eased from the record highs seen in the second quarter, but with 6,628 sales, this was the best third quarter since 2014.
Much of the strength in demand was likely driven by the low-lending-rate environment and increased savings among those whose incomes were not impacted by COVID-19 shutdowns.
“Sales have slowed from the record pace seen earlier this year, but some of this slowdown was likely related to limited improvements on the supply side of the market,” said CREB® Chief Economist Ann-Marie Lurie.
“Supply-demand balances improved for buyers compared to what we saw in the spring, but the market continued to favour the seller in the third quarter”.
The number of new listings coming onto the market has increased compared to last year. However, the quarterly decline in new listings outpaced the pullback in sales, causing supply levels to trend down in the quarter and remain lower than last year’s levels.
“Persistently tight conditions have supported price gains in the market, with new record highs set in both the detached and semi-detached sectors,” said Lurie.
“However, with fewer supply challenges facing the apartment sector of the market, price gains there have not been enough to erase the declines recorded over the past six years.”
In Calgary, the residential benchmark price rose by one per cent compared with the previous quarter and sits over nine per cent higher than prices recorded in the third quarter of last year.
Meanwhile, many of the areas outside of Calgary city limits have seen exceptionally strong sales and supply that has not kept pace with demand. For many of these areas, lack of supply has contributed to steeper price gains than what has been seen in the city, narrowing the price gap between the two.
Market continues shift toward more balanced conditions after torrid start to the year
City of Calgary, Sept. 1, 2021 –
Citywide sales in August reached 2,151 units, 37 per cent higher than last year and 25 per cent higher than long-term trends. Sales have slowed from the record-setting pace seen earlier this year, but on a year-to-date basis, the eight-month total of 19,516 sales is higher than annual sales figures recorded over the past six years.
“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® Chief Economist Ann-Marie Lurie.
“With more buyers than sellers, prices rose, providing opportunity for many of the move-up buyers in the market. Over the past several months we have seen some adjustments in supply relative to sales, helping move us toward more balanced conditions.”
The months of supply in August was nearly three months. This is an improvement relative to earlier in the year, but conditions generally remain far tighter than typical August levels. However, some improvements in supply compared to sales have been slowing price growth.
As of August, the total residential benchmark price was $459,600, slightly lower than last month, but over nine per cent higher than levels recorded last year. The price gains have ranged by product type, with the highest gains occurring in the detached sector of the market.
HOUSING MARKET FACTS
Detached
Supported by gains in every district, August sales totalled 1,300 units, which is 31 per cent higher than levels recorded last year and well above long-term averages. New listings have also improved relative to last year, but it has not been enough to cause any substantial change in inventory levels, which fell to 2,770 units this month. The months of supply remained just above two months in August. This is well below traditional levels for this time of year, but not as tight as levels recorded earlier in the year.
Following several months of strong price gains, August prices remained relatively stable compared with July figures, but were more than 10 per cent higher than levels recorded last year. Price gains continue to vary significantly based on location. Prices have risen across all districts relative to last year, but prices trended down In the City Centre, North West, West and South districts compared to last month.
Semi-Detached
Further year-over-year sales gains in August contributed to a record-high year-to-date sales total of 1,797 units, more than 70 per cent higher than last year. Sales have improved across all districts in the city, but the largest gains occurred in the West, North West and City Centre.
While inventory levels have trended down over the past few months, so too has sales activity. The months of supply rose above three months in August for the first time since October of last year. Any shift toward more balanced conditions will help ease some of the upward pressure on prices.
As of August, the semi-detached benchmark price was $430,000, nearly 10 per cent higher than last year, but only slightly higher than last month. Despite strong price gains across all districts, prices still have not recovered from previous highs in the South, North East and City Centre districts.
Row
The pace of growth in the sector has slowed, but row sales maintained their momentum in August, which was enough to push year-to-date sales to a new record high. New listings have also risen, preventing a more significant drop in inventory levels, but the months of supply fell just below three months in August.
The tighter conditions have been supporting price gains throughout most of the year, but the pace of growth is starting to slow. The row benchmark price in August pushed above $300,000, eight per cent higher than last year. Row prices have improved, but they remain lower than previous highs across every district in the city.
Apartment Condominium
Sales activity in August was higher than anything recorded over the past six years, but thanks to continued gains in new listings, inventory levels remain elevated compared to last year and longer-term trends. With 332 sales and 1,786 units in inventory, the months of supply remained above five months in August.
While conditions are far better than last year, the apartment condominium sector has not seen the same type of sellers’ market conditions present in other property types, limiting price growth. As of August, the benchmark price was just over two per cent higher than last year, but it remains nearly 16 per cent lower than previous highs.
REGIONAL MARKET FACTS
Airdrie
Activity in the city showed few signs of slowing down as new listings were nearly matched by sales, keeping the sales-to-new-listings ratio at 88 per cent and the months of supply at just over one month.
The persistently tight conditions have contributed to further gains in prices this month. As of August, the benchmark price reached $389,500, which is nearly one per cent higher than last month and nearly 14 per cent higher than prices recorded last year. Most of the gains have been driven by the detached segment of the market.
Cochrane
Limited supply continues to weigh on the Cochrane market. In August, there were 88 new listings added to the resale market, but they were matched by 90 sales, keeping inventories exceptionally low at 154 units.
The market continues to favour the seller. With fewer than two months of supply, tight conditions have been impacting prices. As of August, the benchmark price totalled $452,400, 12 per cent higher than levels recorded last year.
Okotoks
A reduction in new listings likely prevented stronger sales this month. In August, there were only 56 new listings compared with 65 sales, causing inventories to drop to 85 units and the months of supply to fall to the lowest level ever recorded in August at 1.3 months.
The persistent sellers’ market conditions supported further price gains this month. The benchmark price in August reached $490,500, nearly one per cent higher than last month and over 11 per cent higher than prices recorded last year. Price gains continue to be driven by detached homes, which have recorded year-over-year gains of nearly 13 per cent.
Price growth slows as supply to demand balance improves
Price growth slows as supply to demand balance improves
City of Calgary, August 3, 2021 –
July sales totaled 2,319 units, which is well above long-term averages and the best July on record. The pace of sales growth has eased over the past few months, but so too has the pace of new listings growth. This has helped prevent any further monthly gains in inventory levels, and while overall supply remains slightly higher than last July, it’s mostly due to gains in apartment and row product.
With 6,678 units in inventory in July, the months of supply rose to just under three months. These gains are leading to far more balance between sellers and buyers. However, there is a significant variation between product type, as the months of supply ranged from two months in the detached sector to nearly six months in the apartment condominium sector.
“Over the past several months, we have seen housing market conditions trend toward more balanced conditions,” said CREB® Chief Economist Ann-Marie Lurie. “This eased some of the upward pressure on prices, as prices are starting to stabilize following steep gains that occurred in the first half of the year.”
Benchmark prices in the city reached $460,100, slightly higher than last month and nearly 10 per cent higher than last July. Price growth has been the highest in the detached sector, which currently sits 11 per cent above last year’s price and has finally recovered from previous highs in 2014.
HOUSING MARKET FACTS
Detached
Both sales and new listings trended lower relative to last month, but remained higher than last year’s levels. Sales are still at record levels, but with only 1,822 new listings coming onto the market in July, the sales-to-new-listings ratio remained relatively high at 78 per cent.
Slower sales relative to the inventory levels also caused the months of supply to trend up. With just over two months of supply conditions remain relatively tight. However, this is an improvement relative to the past five months. Activity also varies by price range, with homes priced below $500,000 still facing tight market conditions with less than two months of supply.
Prices continued to trend up this month over last month. At a city-wide benchmark price of $539,900, prices are 11 per cent higher then last year’s levels. Prices have been on the rise in every district, but it is only the City Centre that is reporting prices below the 2014 high.
Semi-Detached
While sales activity did slow in some districts compared to last year, overall year-to-date levels remain at historic highs. While new listings are higher than last year’s levels, they trended down enough compared to last month to cause a slight monthly decline in inventory levels. With 209 sales and 577 units in inventory, the months of supply rose to nearly three months. This is still lower than levels recorded last year, but much higher than the extremely tight conditions recorded over the first half of the year.
Benchmark prices continue to rise over last month, but like other property types, at a slower pace. Nonetheless, at a benchmark price of $428,400 in July, levels are nearly ten per cent higher than last year and have recovered from previous highs. While price gains have occurred across most districts, on a year-to-date basis, they have not yet fully recovered from previous highs in the City Centre, North East, South and East districts.
Row
Following 351 sales this month, year-to-date sales are sitting at record highs. While the pace of sales growth is slowing relative to earlier in the year, so too is the pace of new listings coming onto the market, prevented any further monthly inventory gains.
With inventory levels over 1,000 units and slightly slower sales this month compared to last, the months of supply pushed up above three months. While levels are lower than anything recorded last year, the improved choice is slowing the monthly price gain. However, prices remain nearly 11 per cent higher than last July.
Compared to last year, prices have improved across every district, with gains ranging from a low six per cent in the northwest to a high of 20 per cent in the east district. Despite the gains, prices continue to remain well below previous highs.
Apartment Condominium
Thanks to reductions in new listings, inventory levels trended down over the previous month yet remain relatively high with 1,918 units available. While trending down relative to last month, July sales are still far better than any July over the past six years. However, the higher inventories relative to sales did contribute to the monthly rise in the months of supply, which sits just below six months.
Additional supply choice is having some impact on prices depending on the district. While prices have stalled or eased slightly in most districts compared to last month, strong gains still occurred in the south and southeast districts. While prices remain higher than levels recorded last July, they remain far from price recovery.
REGIONAL MARKET FACTS
Airdrie
After posting another record month, year-to-date sales totaled 1,510 units. With only seven months of data, Airdrie sales are just shy of the annual record high of 1,695 set in 2014. Relative affordability and flexible work arrangements are some of the factors contributing to the surge in demand. At the same time, the supply in the market cannot keep pace. Inventories continued to trend down relative to previous months and compared to last year.
Strong sales and low inventories kept the months of supply just above one month. Persistent sellers’ market conditions resulted in further price gains. Price growth remains strongest in the detached sector, as benchmark prices reached $435,300 in July, nearly one per cent higher then last month and 15 per cent higher than July 2020 figures.
Cochrane
July sales remained relatively strong, contributing to the record setting pace so far this year. While conditions continue to favour the seller with under two months of supply, there was some inventory growth in July. Thanks to some gains in new listings relative to sales, inventory levels trended up this month. Despite some supply gains, total inventory levels remain at some of the lowest levels recorded in July since 2007.
Persistently tight conditions continue to impact prices in the area. The strongest gains occurred in the detached sector, where benchmark prices pushed above $500,000 in July, over two per cent higher than last month and 17 per cent higher than last July.
Okotoks
While sales in July improved relative to last year’s levels, they have been trending down compared to levels seen earlier in the year. This is partly due to further reductions in supply. There were 73 new listings that came on the market in July, keeping the sales-to-new-listings-ratio elevated at 96 per cent and supply levels eased to 109 units. Inventories are at the lowest July seen since 2006 and with less than two months of supply, the market continues to favor the seller.
Like other areas, persistently tight market conditions continue to impact prices. This is primarily driven by price growth in the detached sector. In July, detached home prices reached $511,800, nearly one per cent higher than last month and over 13 per cent higher than last year’s levels.
Supply trend up but market still favours the seller
City of Calgary, July 2, 2021 –
Calgary’s housing market is showing few signs of letting up, as sales reached 2,915 units in June – a record high for the month.
“It is taking time for supply to catch up with the demand in the market,” said CREB® chief economist Ann-Marie Lurie.
“Through the early spring market, many buyers did not have a lot of choice, but the recent improvements in supply are providing more options for those purchasers and supporting the strong sales we continue to see in June. At the same time, gains in inventory are taking some pressure off the market as it starts to trend towards more balanced conditions.”
New listings in June totalled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units. While this is higher than longer-term averages, it was balanced by strong sales and the months of supply remained relatively tight at 2.4 months. However, this is still an improvement from earlier in the year when the months of supply was below two.
As the market moves toward more balanced conditions, we are also starting to see the pace of price growth slow. The benchmark home price continued to trend up in June, but the monthly gain slowed to less than one per cent. While the pace of growth is slowing, as of June, the benchmark price was 11 per cent higher than levels recorded last year.
HOUSING MARKET FACTS
Detached
Despite some modest improvements in inventory levels, strong sales in June have kept the detached sector of the market firmly in sellers’ market conditions.
With a sales-to-new-listings ratio of 76 per cent and the months of supply below two months, benchmark home prices continue to rise. The unadjusted detached benchmark price totalled $537,200 in June, nearly one per cent higher than last month and 13 per cent higher than last year’s levels.
Despite the sellers’ market conditions in the detached sector, there is some variation depending on location. The districts with the strongest demand relative to supply are the North, North West, South, South East and East districts. Each of these districts has less than two months of supply in June, which is well below longer-term averages. The tightness in these areas has also resulted in the highest year-over-year price gains.
The City Centre has not experienced the same tight conditions as other districts and is the only district where detached prices have yet to recover from previous highs.
Semi-Detached
The pace of semi-detached sales growth is showing some signs of slowing, but year-to-date sales remain at record highs. New listings have also reached new highs so far this year. However, the growth in sales has outpaced the growth in new listings, preventing any significant shift in inventory levels.
With 592 units in inventory in June, levels have trended up from the start of the year. However, with the months of supply currently sitting at two-and-a-half months, conditions continue to favour the seller.
The persistent sellers’ market conditions have caused benchmark prices to trend up, reaching $427,000 in June. Gains have occurred across all districts so far this year, but the amount of growth has ranged from a low of less than five per cent to a high of nearly 10 per cent. Despite these gains, only the North, West and South East districts have seen prices recover to previous highs.
Row
After the first half of the year, row sales totalled 2,045, their highest mark since 2007. Those sales have been met with record-high new listings. This has caused inventories to trend up over recent months to levels higher than what we typically see at this time of year.
The higher inventories have not been a problem, as they’ve been balanced by strong sales. The month of supply remains below three months and this sector continues to favour the seller. Recent gains in the months of supply are helping the market move toward more balanced conditions, but it is too soon to see the shift impact pricing.
In June, citywide row prices totalled $299,300, one per cent higher than last month and nine per cent higher than last year’s levels. Prices have improved across most districts, but they remain well below previous highs.
Apartment Condominium
Recent price gains have encouraged more people to sell their condominiums this year, causing both new listings and overall inventories to increase relative to the previous year. At the same time, relative affordability has supported sales totals that have improved from the exceptionally low levels recorded over the previous six years.
The result has been inventories that remain elevated compared to historical levels, but strong sales have helped bring the months of supply down to levels more consistent with balanced market conditions.
The balanced conditions have been supporting some price recovery in the market. Prices have trended up over the first half of the year and on a year-to-date basis they currently sit nearly three per cent higher than last year.
Prices have risen across all districts, but the largest price gain occurred in the West district. However, overall, prices remain nearly 15 per cent below previous highs.
REGIONAL MARKET FACTS
Airdrie
June sales totalled 247 units, contributing to the record-high total recorded so far this year. Over the past decade, Airdrie has recorded annual average sales of 1,300 units, a level that has already been surpassed in 2021 with only six months of activity.
Given the exceptionally strong demand, it is not surprising that supply can’t keep up. New listings in June totalled 274 units relative to the 247 sales, keeping the sales-to-new-listings ratio extremely high at 90 per cent. With only 318 units available in inventory, the months of supply remained slightly above one month.
Persistently tight conditions continue to weigh on prices, especially for detached homes, which have recorded the largest price jump. In June, the detached benchmark price was $432,700, nearly two per cent higher than last month and more than 15 per cent higher than prices recorded last June.
Cochrane
Thanks to another record month of sales, year-to-date sales topped 725 units. This is just shy of the annual record high that occurred in 2014, when 754 sales occurred over the entire year. Improving sales are far outpacing growth in new listings, causing inventories to fall to the lowest levels recorded in June since 2007. With 1.3 months of supply, conditions continue to favour the seller.
After several months of significant monthly prices gains, there was a short pause in the monthly growth in June. However, on a year-to-date basis, prices are more than four per cent higher than levels recorded over the same period last year.
Okotoks
With another month of strong sales, year-to-date levels remained at record highs with 480 units.
Like other areas, Okotoks has struggled to maintain enough supply to keep up with demand. Inventory levels have trended up slightly over the past few months, but as of June, they remain nearly 50 per cent lower than long-term averages for the area.
Record sales and low inventory have caused the months of supply to remain just above one month. The low level of inventory relative to sales has persisted in this market since the third quarter of last year, causing steady gains in prices, especially for detached homes.
As of June, the detached benchmark home price rose to $508,200, nearly 14 per cent higher than last June and nearly seven per cent higher than prices recorded at the start of the year. Prices are also rising for other property types, but they remain below previous highs.