New listings in November reached 2,227 units, nearly 40% higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.
Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80%, and the months of supply remained below two months.
“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”
As of November, the benchmark price was $572,700, up over last month and nearly 11% higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent.
Detached
Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20%. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.
Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13%higher than last November. While detached home prices are much higher than last year’s levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East.
Semi-Detached
November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40% below typical levels seen in November. With a sales-to-new-listings ratio of 77% and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000.
Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12% higher than last year. The year-to-date average benchmark price has risen by nearly 7%, with the largest gains occurring in the North East and East districts.
Row
New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75%. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.
Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21% higher than last November and an average year-to-date gain of nearly 13%.
Apartment Condominium
Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices.
The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over 1% and a year-over-year increase of 18%. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.
REGIONAL MARKET FACTS
Airdrie
Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26% over last year’s record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year’s levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96%, preventing any significant shift from the low inventory levels.
With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11%. Year-to-date price gains have been the highest in the apartment sector at 17%, with detached and semi-detached prices rising by nearly 6%.
Cochrane
With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59% in November, the first time it fell below 60% since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30% below long-term trends.
Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over 1% and a year-over-year increase of 11%. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over 7%.
Okotoks
November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months.
While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a 1% gain over last month and over 8% higher than last November.
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