Calgary Home Sales Update July 2021


Supply trends up but market still favours the seller...

City of Calgary, July 2, 2021 – Calgary’s housing market is showing few signs of letting up, as sales reached 2,915 units in June – a record high for the month.

“It is taking time for supply to catch up with the demand in the market,” said CREB® chief economist Ann-Marie Lurie.

“Through the early spring market, many buyers did not have a lot of choice, but the recent improvements in supply are providing more options for those purchasers and supporting the strong sales we continue to see in June. At the same time, gains in inventory are taking some pressure off the market as it starts to trend towards more balanced conditions.”

New listings in June totalled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units. While this is higher than longer-term averages, it was balanced by strong sales and the months of supply remained relatively tight at 2.4 months. However, this is still an improvement from earlier in the year when the months of supply was below two.

As the market moves toward more balanced conditions, we are also starting to see the pace of price growth slow. The benchmark home price continued to trend up in June, but the monthly gain slowed to less than one per cent. While the pace of growth is slowing, as of June, the benchmark price was 11 per cent higher than levels recorded last year.


HOUSING MARKET FACTS

Calgary Detached Homes

Despite some modest improvements in inventory levels, strong sales in June have kept the detached sector of the market firmly in sellers’ market conditions.

With a sales-to-new-listings ratio of 76 per cent and the months of supply below two months, benchmark home prices continue to rise. The unadjusted detached benchmark price totalled $537,200 in June, nearly one per cent higher than last month and 13 per cent higher than last year’s levels.

Despite the sellers’ market conditions in the detached sector, there is some variation depending on location. The districts with the strongest demand relative to supply are the North, North West, South, South East and East districts. Each of these districts has less than two months of supply in June, which is well below longer-term averages. The tightness in these areas has also resulted in the highest year-over-year price gains.

The City Centre has not experienced the same tight conditions as other districts and is the only district where detached prices have yet to recover from previous highs.

Calgary Semi-Detached Homes

The pace of semi-detached sales growth is showing some signs of slowing, but year-to-date sales remain at record highs. New listings have also reached new highs so far this year. However, the growth in sales has outpaced the growth in new listings, preventing any significant shift in inventory levels.

With 592 units in inventory in June, levels have trended up from the start of the year. However, with the months of supply currently sitting at two-and-a-half months, conditions continue to favour the seller.

The persistent sellers’ market conditions have caused benchmark prices to trend up, reaching $427,000 in June. Gains have occurred across all districts so far this year, but the amount of growth has ranged from a low of less than five per cent to a high of nearly 10 per cent. Despite these gains, only the North, West and South East districts have seen prices recover to previous highs.

Calgary Row Homes

After the first half of the year, row sales totalled 2,045, their highest mark since 2007. Those sales have been met with record-high new listings. This has caused inventories to trend up over recent months to levels higher than what we typically see at this time of year.

The higher inventories have not been a problem, as they’ve been balanced by strong sales. The month of supply remains below three months and this sector continues to favour the seller. Recent gains in the months of supply are helping the market move toward more balanced conditions, but it is too soon to see the shift impact pricing.

In June, citywide row prices totalled $299,300, one per cent higher than last month and nine per cent higher than last year’s levels. Prices have improved across most districts, but they remain well below previous highs.

Calgary Apartment Condominiums

Recent price gains have encouraged more people to sell their condominiums this year, causing both new listings and overall inventories to increase relative to the previous year. At the same time, relative affordability has supported sales totals that have improved from the exceptionally low levels recorded over the previous six years.

The result has been inventories that remain elevated compared to historical levels, but strong sales have helped bring the months of supply down to levels more consistent with balanced market conditions.

The balanced conditions have been supporting some price recovery in the market. Prices have trended up over the first half of the year and on a year-to-date basis they currently sit nearly three per cent higher than last year.

Prices have risen across all districts, but the largest price gain occurred in the West district. However, overall, prices remain nearly 15 per cent below previous highs.


REGIONAL MARKET FACTS

Airdrie Housing Market

June sales totalled 247 units, contributing to the record-high total recorded so far this year.  Over the past decade, Airdrie has recorded annual average sales of 1,300 units, a level that has already been surpassed in 2021 with only six months of activity.

Given the exceptionally strong demand, it is not surprising that supply can’t keep up. New listings in June totalled 274 units relative to the 247 sales, keeping the sales-to-new-listings ratio extremely high at 90 per cent. With only 318 units available in inventory, the months of supply remained slightly above one month.

Persistently tight conditions continue to weigh on prices, especially for detached homes, which have recorded the largest price jump. In June, the detached benchmark price was $432,700, nearly two per cent higher than last month and more than 15 per cent higher than prices recorded last June.   

Cochrane Housing Market

Thanks to another record month of sales, year-to-date sales topped 725 units. This is just shy of the annual record high that occurred in 2014, when 754 sales occurred over the entire year. Improving sales are far outpacing growth in new listings, causing inventories to fall to the lowest levels recorded in June since 2007. With 1.3 months of supply, conditions continue to favour the seller.

After several months of significant monthly prices gains, there was a short pause in the monthly growth in June. However, on a year-to-date basis, prices are more than four per cent higher than levels recorded over the same period last year.

Okotoks Housing Market

With another month of strong sales, year-to-date levels remained at record highs with 480 units.

Like other areas, Okotoks has struggled to maintain enough supply to keep up with demand. Inventory levels have trended up slightly over the past few months, but as of June, they remain nearly 50 per cent lower than long-term averages for the area.

Record sales and low inventory have caused the months of supply to remain just above one month. The low level of inventory relative to sales has persisted in this market since the third quarter of last year, causing steady gains in prices, especially for detached homes.

As of June, the detached benchmark home price rose to $508,200, nearly 14 per cent higher than last June and nearly seven per cent higher than prices recorded at the start of the year. Prices are also rising for other property types, but they remain below previous highs.


Phone(403) 270-7601

Email[email protected]

Address Ray Riley
#115 8820 Blackfoot Trail SE
Calgary, AB T2J 3J1

4538 Properties
Page 1 of 379
$669,900
Neighbourhood: Silverado
4
Beds
3
Baths
1,577
Sq.Ft.
2006
Year Built
1
Day on Site
A1240168
MLS®
INCREDIBLY UNIQUE FLOOR PLAN in this ELEGANT CUSTOM BUILT BI-LEVEL WITH WALK-OUT BASEMENT. TOTAL OF 4 bedrooms; 3 bathrooms; 2 FIRELACES. SENSATIONAL VAULTED CEILINGS at the entryway (17') and LIVING...
$490,000
Neighbourhood: Bowness
3
Beds
2
Baths
1,004
Sq.Ft.
1953
Year Built
1
Day on Site
A1246708
MLS®
Immaculate, fully renovated, beautifully designed bungalow in Bowness. Completely redone, this stunning home is located in a superb location within walking distance to schools, shopping, transit,...
$514,900
Neighbourhood: Montgomery
3
Beds
3F11/2
Baths
1,151
Sq.Ft.
2022
Year Built
1
Day on Site
A1246680
MLS®
Perfectly located and stylishly designed is this brand-new offering in beautiful Mongomery built by Green Cedar Homes. Offering over 1200 sq ft of luxurious finishing, this stunning design is...
$415,000
Neighbourhood: Marlborough
3
Beds
2
Baths
909
Sq.Ft.
1972
Year Built
1
Day on Site
A1246473
MLS®
Welcome home! A beautiful 3 bedroom bilevel on a quiet cul-de-sac in the established community of Marlborough. Enter and be greeted with beautiful. The formal entrance leads up to the open living...
$549,990
Neighbourhood: Winston Heights/Mountview
3
Beds
2
Baths
840
Sq.Ft.
1949
Year Built
1
Day on Site
A1246734
MLS®
Investors, builder and first-time buyer take note .46' x 110' R-C2 lot. Brand new basement suite 2013,Newer Lux window in the basement bedroom 2013, Remodelled and improved upstairs kitchen 2010New...
$778,000
Neighbourhood: Spruce Cliff
3
Beds
3F11/2
Baths
1,912
Sq.Ft.
2013
Year Built
1
Day on Site
A1246352
MLS®
Lovely home located in the beautiful Spruce Cliff location, minutes from downtown Calgary! This home offers wide, quiet residential streets, easy access to LRT, shops, bike paths, parks and golf...
$968,000
Neighbourhood: Collingwood
5
Beds
3
Baths
1,660
Sq.Ft.
1959
Year Built
1
Day on Site
A1246668
MLS®
WELCOME HOME! Located in the heart of beautiful Collingwood, next to multiple shopping centres, schools, public transit, and the University of Calgary. This home offers 2748 SQ FT of living space and...
$268,900
Neighbourhood: Auburn Bay
2
Beds
2
Baths
1,170
Sq.Ft.
2014
Year Built
1
Day on Site
A1246366
MLS®
Live, work and play in Auburn Bay! This bungalow-style garden suite townhome located in the Zen at Auburn Bay offers the best of everything. Five-minute walk to the lake? Check! Five-minute walk to...
$469,900
Neighbourhood: Sage Hill
3
Beds
2F11/2
Baths
1,219
Sq.Ft.
2011
Year Built
1
Day on Site
A1246418
MLS®
Extremely well-maintained and beautiful designed detached home ideally situated just around the corner from the "Pirate Playground" and just a short walk to the scenic ponds that this family-oriented...
$223,000
Neighbourhood: Mckenzie Towne
2
Beds
2
Baths
849
Sq.Ft.
2011
Year Built
1
Day on Site
A1245966
MLS®
Incredible two-bedroom 2 bathroom apartment with underground heated parking in the sought after community of McKenzie town. Laminate flooring has been recently installed throughout the kitchen,...
$649,900
Neighbourhood: Rosscarrock
4
Beds
2
Baths
942
Sq.Ft.
1958
Year Built
1
Day on Site
A1246365
MLS®
Walk or bike to everywhere you need to be within minutes including 45 St LRT Station, Westbrook Mall, downtown & 3 schools! 45 x 125 lot located on a beautiful tree lined street. Many updates over...
$239,900
Neighbourhood: Saddle Ridge
2
Beds
2
Baths
755
Sq.Ft.
2014
Year Built
1
Day on Site
A1226062
MLS®
Welcome to ONE OF THE MOST POPULAR FLOOR PLAN MAIN FLOOR UNIT WITH Bright & Modern OPEN CONCEPT FLOOR PLAN + 2 LARGE BEDROOMS Including MASTER BR WITH ENSUITE & WALK IN CLOSET + 2 FULL WASHROOMS +...

Post a Comment