December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.
Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.
July sales totaled 2,319 units, which is well above long-term averages and the best July on record. The pace of sales growth has eased over the past few months, but so too has the pace of new listings growth. This has helped prevent any further monthly gains in inventory levels, and while overall supply remains slightly higher than last July, it’s mostly due to gains in apartment and row product.
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December had the highest amount of sales since 2007. A total of 1,199!
Attractive interest rates along with prices that remain lower than several years ago have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by 1% compared to last year and remain well below long-term averages.
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Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row homes. These gains offset declines in the apartment and semi-detached types of homes.
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With higher sales for both detached and semi-detached product, July sales totals rose above last year’s levels. Despite the improvements in July, year-to-date sales remain 15% lower than last year’s levels.
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The second quarter of 2020 marked the first full quarter since COVID-19 began to weigh on the economy.
Calgary housing sales slowed by 35% compared to the previous year. This is better than original expectations, thanks to June figures that were far stronger than initial estimates. The pullback in new listings in the second quarter caused inventories to trend down, preventing a more significant decline in prices.
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After three months where COVID-19 weighed heavily on the housing market, sales activity in June continued to trend up from the previous month, totalling 1,747 units.
Caution remains necessary, as monthly sales are nearly 2% lower than activity recorded last year. However, this represents a significant improvement compared to the past several months, where year-over-year declines exceeded 40%.
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Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary. May sales totalled 1,080 units, a 44% decline from last year’s figures.
“The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down,” said CREB® chief economist Ann-Marie Lurie.
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After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19. April sales hit 573 units, a decline of 63% over last year.
“The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall,” said CREB® chief economist Ann-Marie Lurie.
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Due to COVID-19 impacts in Calgary’s housing market and general economy, it is not business as usual. This year was projected to be a time when Calgary would start to see some modest improvements.
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