Calgary’s market sees modest inventory gains, but overall prices inch up. Calgary’s housing market remains a work in progress.
Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year. Modest improvements in the labour market and net migration supported the turnaround in the housing market.
City-wide sales were 6% below July 2016 levels. Year-to-date sales activity is 9% above last year’s numbers. So far this year growth has exceeded expectations. Clients are re-entering the market after delaying decisions until there were some signs of economic improvement. Calgary’s recovery will require patience as there continue’s to be many new and resale ownership options available, reducing the sense of the urgency for many consumers.
City-wide months of supply rose to 4 months 17% higher than last year. Current inventory levels and changes in the lending market continue to weigh on housing demand. Easing demand growth combined with elevated levels of supply will slow the pace of price recovery in our market.
Driven by detached and attached housing sales, city-wide prices in July improved over the previous month and the previous year. Year-to-date benchmark averages remain 0.44 % below last year’s levels. Despite the current month activity, the detached sector continues to demonstrate conditions that are more balanced compared to last year.
The apartment condominium product continues to face oversupply in the resale and new home sector, causing further price declines. In July, the apartment benchmark price was $266,200. This is a 3% decline over last year.
Calgary HOUSING MARKET in short
Attached Row Sector:
Calgary SURROUNDING AREAS
Increased competition from the new home market are why the overall market has not changed significantly.
Detached prices have averaged year-date at $377,243 – 1.27% lower than last year.
Year to date has increased by 10%. Rising sales and growth in new listings are keeping inventories at similar levels to last year.
Supply levels still above 5 months. The attached sector is seeing some downward pressure on prices.
Detached prices averaged $422,500. Similar to lat year’s levels.
New listings are 3% lower than last year.
Sales activity improved by 2% helping to reduce inventory.
Benchmark price for detached homes averaged $432,171 from January to July.
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