Real Estate
NEWSLETTER

Peter Kusch

Tel.: 403-990-7990 

 July 2024

JUNE SALES DECLINE

The best cure for high prices is high prices. The main driver of high real estate prices is a mismatch between supply and demand. A high demand has been partly caused by a record number of people moving from Ontario and BC to Alberta. Since January the average price has gone up by 10 per cent. To put it into perspective between 2015 and 2020 the average price was actually falling and during the COVID time, annual appreciation was hovering around 7 per cent. I feel like buyer fatigue is setting in and it starts looking more like a normal summer market. In addition to that people from Ontario are saying that Calgary is not cheap anymore and not worth the move. BC inventory levels are reaching highs not seen since 2019 and the market is moving toward more balanced conditions. Maybe people are waiting for the next interest drop in July, which I don’t believe will happen. I notice that more listings are selling at the asking price of slightly below.

Detached

By the end of June, there were 1,775 detached homes in inventory, an improvement over last year but 45 percent below long-term trends for the month. While conditions remain tight in the detached market, we are starting to see better supply and demand balances in the upper end of the market. In June, the unadjusted benchmark price reached $767,600, nearly one percent higher than last month and 12 percent higher than prices reported last June.

Semi-Detached

With just over one month of supply, we continue to see upward pressure on home prices. In June, the unadjusted benchmark price reached $686,100, a one per cent gain over last month and over 12 per cent higher than levels reported last year. Inventory levels remained nearly half of those traditionally seen in June.

Row

Conditions remain exceptionally tight with one month of supply, especially for properties priced below $600,000. The unadjusted benchmark price trended up in June, reaching $464,600, nearly 17 per cent higher than levels reported last year at this time.

Apartment

Year-to-date apartment sales are up by 13 per cent, and are at record-high levels. New listings continue to rise relative to sales, causing the sales-to-new-listings ratio to fall and driving further inventory gains. Overall prices continued to trend up this month, reaching $344,700, over 17 per cent higher than last year.

 


 The average number of days on the market (Calgary Metro)



Average days on the market in 

June 2024

Average days on the market in 

June 2023


Detached  


1920


Apartment


2328


Semi-detached


1819


Row



18



19



Median price (Calgary Metro)



Median price in  

June 2024

Median price in

June 2023

Percentage change


Detached


$728,500

$650,000

12%


Apartment


$335,000

$279,500

20%


Semi-detached


$599,900

$558,500

7%


Row



$465,000



$395,396



17%


The median price is where half sell for more and half for less.



Months of supply (Calgary Metro)

January 20205.87
February 20204.59
March 20204.91
April 20209.71
May 20205.38
June 20203.66
July 20203.62
August 20204.11
September 20203.66
October 20203.31
November 20203.50
December 20203.06
January 20213.35
February 20212.46
March 20211.87
April 20211.89
May 20212.27
June 20212.37
July 20212.88
August 20212.81
September 20212.59
October 20212.23
November 20211.86
December 20211.50
January 20221.30
February 20221.09
March 20221.06
April 20221.69
May 20221.69
June 20221.90
July 20222.89
August 20222.24
September 20222.34
October 20222.09
November 20221.89
December 20221.84
January 20232.04
February 20231.58
March 20231.33
April 20231.20
May 20231.03
June 20231.10
July 20231.32
August 20231.19
September 20231.38
October 20231.47
November 20231.67
December 20231.34
January 20241.30
February 20241.10
March 20240.95
April 20240.94
May 20241.10
June 20241.38


Source: Calgary Real Estate Board
Calgary Metro-within Calgary City Limits

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.