Calgary Real Estate Statistics - July 2024

With the busy spring market behind us, July has ushered in noticeable shifts in supply levels. Calgary saw 2,380 sales and 3,604 new listings, resulting in a sales-to-new-listings ratio of 66%, supporting an increase in inventory. Inventories rose to 4,158 units, still 33% below typical July levels, but the first time they've surpassed 4,000 units in nearly two years. While most of the supply growth occurred in homes priced above $600,000, this rise has helped shift the market away from the extreme sellers’ market conditions experienced in the spring.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale markets have helped alleviate some of the upward pressure on home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This aligns with our expectations for the second half of the year. Should inventories continue to rise, we should see more balanced conditions and stability in home prices.”

July sales eased by 10% from last year's record high but were still above long-term trends for the month. Similar to last month, the pullback in sales has been driven by homes priced below $600,000. However, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favor sellers but a significant improvement from the under one month reported earlier this year.

Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly 8% higher than last year's levels.