Calgary Real Estate Blog

In the City of Calgary, sales during April surged by seven percent compared to the previous year, totaling 2,881 units. Although the rate of growth slowed down compared to earlier months in the year, sales still outpaced long-term trends for April by 37 percent. The bulk of this sales increase was observed in the market for more affordable, higher-density properties.

Simultaneously, there were 3,491 new listings in April, marking an 11 percent increase from the previous year, but only a three percent rise compared to long-term trends. The uptick in new listings, relative to sales, prevented further strain on inventory levels. However, with 2,711 units currently in inventory, levels are 16 percent lower than last year and half of what is typically seen for April.

Ann-Marie Lurie, Chief Economist at CREB®, noted, "While the overall supply is dwindling, much of the reduction is driven by lower-priced homes." Homes priced below $500,000 experienced a 29 percent decline in supply, while supply for homes priced above $700,000 is on the rise. The persistently high-interest rates are directing demand towards more affordable properties, while simultaneously stimulating listing growth for higher-priced homes.

With a sales-to-new-listings ratio of 83 percent and a supply of less than one month, conditions remain favorable for sellers, propelling further price increases in the market. In April, the unadjusted total residential benchmark price reached $603,700, marking a one percent increase from the previous month and nearly a 10 percent surge compared to the previous year. Price hikes were observed across all property types and districts, with the most robust growth seen in the more affordable districts of the city.

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