New listing growth driven by higher-priced homes
As we enter the fall season, the Calgary real estate market continues to show signs of shifting away from the extreme seller’s market conditions that we saw beginning of the year. While September saw a decline in overall sales compared to last year’s record highs, the market remains robust.
In September, Calgary recorded 2,003 sales—17% below the record highs of 2023 but still 16% above the long-term average for this time of year. According to Ann-Marie Lurie, Chief Economist at CREB®, sales activity in the upper price ranges was not enough to offset the slowdown in the lower price ranges, where limited supply has constrained sales. Lurie adds, “Improved supply and lower lending rates should keep demand strong throughout the fall, though we are not expecting the rapid price growth seen earlier this year.”
New listings surged in September, reaching 3,687 units—the highest for the month since 2008. This rise in listings, particularly in higher price ranges, contributed to increased inventory levels. As of the end of September, inventory had grown to 5,064 units, nearly double the low levels seen in the spring but still falling short of the typical 6,000 units for September.
With inventory levels rising faster than sales, the market is gradually moving toward more balanced conditions. The months of supply increased to 2.5 months in September—up from last year’s record lows, but still favouring sellers overall.
Despite the easing market conditions, Calgary home prices remain resilient. The unadjusted benchmark price in September was $596,900, slightly down from the previous month but still over 5% higher than last year. Detached homes saw year-over-year price gains of nearly 9%, while apartment condominiums led the market with almost 14% growth. These price gains outpaced the overall residential market, largely due to the shifting composition of sales toward higher-priced properties.
What Does This Mean for You?
For buyers, rising inventory and lower lending rates offer more opportunities to explore the Calgary market, particularly for higher-priced homes. However, competition remains fierce for lower-priced properties, so acting quickly is essential if you’re looking to purchase in that segment.
For sellers with homes in the mid-to-upper price ranges, the market has become more competitive as inventory levels rise. While demand remains steady, it’s important to act strategically as the market moves toward more balanced conditions. If you’re considering listing your property, now may be the right time before further changes affect pricing and demand.
Ready to Buy or Sell in Calgary?
Navigating the changing Calgary real estate market requires expert guidance. Whether you’re looking to buy or sell, I can help you make the most of these market conditions. Reach out today for a personalized consultation and let’s explore the opportunities that work best for you!