Home sales in Calgary fell 17% in September

Despite the decline, sales were still 16% higher than typical September numbers, according to the Calgary Real Estate Board (CREB).

Sales in higher price ranges increased, but a shortage of cheaper homes kept overall sales lower.

The number of new listings rose to 3,687, the highest number this month since 2008, especially in higher price ranges.

“While demand has remained strong across all price ranges, limited choice for cheaper homes has likely prevented stronger sales in our market,” said Ann-Marie Lurie, chief economist at CREB.

“While challenges in the lower price ranges are not expected to change, improved supply combined with lower interest rates should keep demand strong throughout the fall, but without the extreme seller’s market conditions that contributed to rapid price growth earlier this year ,” she says. added.

With more homes coming onto the market, pressure on home prices has eased slightly in recent months after a strong spring season.

In September, the benchmark price was $596,900. Although this is a small decrease compared to the previous month, it is still more than 5% higher than prices from the same period last year.

Market performance by housing type

Here’s a look at how each sector performed last month.

Detached houses
Sales of detached homes fell to 942 units in September, a decline of 17% compared to last year. While homes priced above $700,000 saw a 9% increase, a sharp decline in sales under $600,000 dragged the market down. The benchmark price was $757,100, down slightly from August but up 9% year-over-year.

Semi-detached houses
Sales of semi-detached homes reached 182 units, with a sales/new supply ratio of 61%. Despite an inventory surge, it’s still a seller’s market. The benchmark price was $678,400, up 9% from last year.

Row of houses
Townhome sales fell slightly to 377 units, but the number of new homes exceeded 600, mostly above $400,000. Inventory increased, reducing seller market pressure. The benchmark price rose 10% year-over-year to $459,200.

Apartment apartments
Apartment sales fell to 502, but the number of new homes rose to 993 units. Inventory rose to 1,623 units, with the benchmark price reaching $345,000, an annual increase of 14%.

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Last modified: October 2, 2024