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Calgary home sales jump in September, despite rising prices

Benchmark home prices rise by between 11 per cent and 17 per cent for houses and apartments in Calgary

Calgary Real Estate Board statistics for home sales showed an increase in the number of sales for September, continuing a four-month trend of year-over-year sales increases.

Sales collated by CREB showed that there were 2,441 sales in the month, up 29 per cent over September of 2022 which saw 1,893 sales.

The number of new listings also increased by 21.6 per cent from the same period last year, to 3,191. Overall inventory of homes in the marketplace continued to decline, falling to 3,369 units, nearly 25 per cent less than last September.

“While new listings are improving, it has not been enough to take us out of sellers’ market conditions,” said Ann-Marie Lurie, Chief Economist for CREB.

A home’s number of days on the market has also seen declines according to CREB data, falling to 25 days from 42 days at the beginning of the year.

The largest number of sales of detached homes occurred in south Calgary, followed by northeast Calgary.

Semi-detached sales saw their highest levels in the city centre followed by south Calgary, while row homes had the most sales in south and southeast Calgary.

Inventory issues persist

The overall decrease in the inventory for houses has further pushed back the months of supply available, which dropped to 1.38 in September—a nearly 42 per cent decrease from last year.

Months of supply is calculated as the ratio between the current pace of sales, versus the inventory of homes.

“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said Lurie.

Row house and apartment supply made up the largest components of that decrease, with the former dropping to under a month of supply at 0.97, and the latter to 1.45. Those decreases represented 46 and 49 per cent declines from September 2022.

Apartments, however, also saw the largest increase in residential listings for the month, with 925 units listed representing a 53 per cent increase over 2022.

Writing in their monthly report, CREB said that for apartments, “inventory levels did see a modest gain compared to last month, thanks to a lower sales-to-new-listings ratio, conditions remain exceptionally tight.”

CREB said that the price for detached homes remained relatively stable for the month, with inventory issues largely driven by homes under $700,000 having less than one month of supply.

Year-over-year residential prices continued to see significant gains, with benchmark detached home prices rising 11 per cent to $696,100, semi-detached 11 per cent to $621,300, row house prices increasing by more than 17 per cent to $419,400, and apartments by nearly 15 per cent to $312,800.