Calgary Real Estate Statistics - August 2024

In August, inventory reached 4,487 units, a 37% increase compared to the same time last year, though still 25% lower than the typical levels for August. The increase in supply was largely driven by higher-priced properties, as more affordable homes across all property types continued to see a drop in availability. 

Ann-Marie Lurie, Chief Economist at CREB®, explained, "New home construction and additional listings are helping ease supply constraints in the housing market. However, while this trend may continue for the rest of the year, overall supply remains tight, especially for lower-priced homes. It will take time for the market to reach more balanced conditions."

The boost in inventory came from both a rise in new listings and a slowdown in sales. With 2,186 homes sold in August, the sales figure was 20% lower than the record high last year, though it remained 17% above the long-term average for the month. Sales declines were most notable for properties priced under $600,000.

After a robust start to the year, the pace of price growth is beginning to moderate. The unadjusted benchmark price for all residential properties in August was $601,800—6% higher than last year but slightly down from the previous month. Year-to-date, the benchmark price has seen a 9% increase.