Real Estate
NEWSLETTER
Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent. Inventory levels dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available.
Detached
Record low inventory levels this month were primarily driven by pullbacks for homes priced under $700,000. While new listings did improve compared to last year, most of the growth was driven by homes priced over $700,000. Persistently tight conditions drove further price gains this month. As of August, the unadjusted benchmark price reached $696,700. Nearly one per cent higher than last month and over 10 per cent higher than last year's levels.
Semi-Detached
The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year.
Row
The gain in new listings did little to offset the strong sales activity as the sales-to-new-listings ratio remained high at 94 per cent. This prevented any additions to the inventory and left the months of supply below one month for the fifth consecutive month. The persistently tight conditions placed further upward pressure on home prices. In August, the unadjusted benchmark price reached $413,200, a monthly gain of over one per cent and nearly 16 per cent higher than levels reported last year.
Apartment
August sales continue to rise over last month and last year’s levels. Recent gains have caused year-to-date sales to reach 5,582 units, nearly 22 per cent higher than last year’s levels and a new record high for the city. Tight rental markets and relative affordability have driven many purchasers to the apartment condominium sector. At the same time, new listings have struggled to keep pace as the sales-to-new-listings ratio bumped up to 98 per cent in August, causing inventories to ease and the months of supply to drop to one month. The tight market conditions have been placing upward pressure on home prices, and as of August, the unadjusted benchmark price reached $309,100, a monthly gain of over one per cent and a year-over-year gain of over 13 per |
The average number of days on the market (Calgary Metro)
Average days on the market in August 2023 | Average days on the market in August 2022 | |
Detached | 24 | 31 |
Apartment | 30 | 44 |
Semi-detached | 22 | 34 |
Row | 20 | 35 |
Median price (Calgary Metro)
Median price in Aug 2023 | Median price in Aug 2022 | Percentage change | |
Detached | $640,00 | $575,000 | 11% |
Apartment | $285,000 | $240,000 | 19% |
Semi-detached | $530,000 | $472,500 | 12% |
Row | $415,000 | $339,500 | 22% |
The median price is where half sell for more and half for less.
Months of supply (Calgary Metro)
January 2020 | 5.87 |
February 2020 | 4.59 |
March 2020 | 4.91 |
April 2020 | 9.71 |
May 2020 | 5.38 |
June 2020 | 3.66 |
July 2020 | 3.62 |
August 2020 | 4.11 |
September 2020 | 3.66 |
October 2020 | 3.31 |
November 2020 | 3.50 |
December 2020 | 3.06 |
January 2021 | 3.35 |
February 2021 | 2.46 |
March 2021 | 1.87 |
April 2021 | 1.89 |
May 2021 | 2.27 |
June 2021 | 2.37 |
July 2021 | 2.88 |
August 2021 | 2.81 |
September 2021 | 2.59 |
October 2021 | 2.23 |
November 2021 | 1.86 |
December 2021 | 1.50 |
January 2022 | 1.30 |
February 2022 | 1.09 |
March 2022 | 1.06 |
April 2022 | 1.69 |
May 2022 | 1.69 |
June 2022 | 1.90 |
July 2022 | 2.89 |
August 2022 | 2.24 |
September 2022 | 2.34 |
October 2022 | 2.09 |
November 2022 | 1.89 |
December 2022 | 1.84 |
January 2023 | 2.04 |
February 2023 | 1.58 |
March 2023 | 1.33 |
April 2023 | 1.20 |
May 2023 | 1.03 |
June 2023 | 1.10 |
July 2023 | 1.32 |
August 2023 | 1.19 |
Source: Calgary Real Estate Board
Calgary Metro-within Calgary City Limits