June 2024 Calgary Housing Market Update: Latest Real Estate News & Trends

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For those of you who actually read the description, the Calgary Real Estate Board has changed the attributes for the benchmark price. This is why this month's numbers were off when compared to last month. I will record a video talking about it and correcting myself. No warning, No heads up, just changed the attributes lol. Typical Corporation

Overview of Calgary's Housing Market in May:

May 2024 witnessed a total of 3,092 resale home sales in Calgary, demonstrating the market's enduring strength. Despite being slightly below last year's record by nearly 1%, sales remain robust, standing 34% above the long-term trends for May. This dynamic showcases Calgary's resilient real estate environment even amidst varying economic conditions.

Inventory and Sales Dynamics:

The dip in sales primarily stemmed from reduced activity in the more affordable segments of detached and semi-detached homes, constrained by limited supply options. Ann-Marie Lurie, Chief Economist at CREB®, notes that while new listings have risen by 19% to 4,333 units, the growth is concentrated in the higher price ranges, reflecting Calgary's strong economic backdrop supporting these segments.

Market Conditions and Price Movements:

Despite the surge in listings, the sales-to-new listings ratio softened to 71%, fostering a modest inventory increase year-over-year. Nevertheless, inventory levels are still about half of what is typically observed in May, with the most notable gains in properties priced above $700,000. The market continues to lean in favor of sellers, maintaining a tight one month of supply, with several districts reporting even lower supplies.

Price Trends Across Calgary:

Market conditions continue to encourage price growth across all districts, with the unadjusted total residential benchmark price reaching $605,300—a near 1% increase from last month and a significant 10% rise compared to May of the previous year.

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