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October 2022 Housing Market Update

October sales eased compared to last year’s levels, mostly to slower activity in the detached sector. However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only 2 months to go, 2022 will likely post a record year in terms of sales.More...

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October sales eased compared to last year’s levels, mostly to slower activity in the detached sector. However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only 2 months to go, 2022 will likely post a record year in terms of sales.

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85% and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000. While conditions are not a tight as what was seen earlier in the year, with only 2 months of supply, conditions remain tighter than historical levels.

We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges. As of October, prices have eased by 4% relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10% higher than levels reported last year.


September 2022 Housing Market Update

The strong sales for both condominium apartment and row properties was not enough to offset the declines reported for other property types. City sales eased by nearly 12% compared to last year. ⁠With 1,901 sales in September, activity is still far stronger than levels prior to the pandemic and is well above long-term trends for September. ⁠With recent pullbacks in sales and thanks to strong levels earlier in the year, year-to-date sales remain 15% higher than last year’s levels. ⁠More...

 
 
The strong sales for both condominium apartment and row properties was not enough to offset the declines reported for other property types. City sales eased by nearly 12% compared to last year. ⁠

With 1,901 sales in September, activity is still far stronger than levels prior to the pandemic and is well above long-term trends for September. ⁠

With recent pullbacks in sales and thanks to strong levels earlier in the year, year-to-date sales remain 15% higher than last year’s levels. ⁠

In September, new listings declined by 10%. With a sales-to-new-listings ratio of 72% it was enough to prevent any gain in inventory levels, which declined over last month and were nearly 21% lower than last year’s levels. ⁠

The adjustments in both sales and supply levels have caused the months of supply to remain relatively low at less than three months and the shift to more balanced conditions is causing some adjustments to home prices. ⁠

While prices have slid from the highs seen in May, as of September, benchmark prices remain 11% higher than last year and 6% higher than levels reported at the beginning of the year.⁠

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

August 2022 Housing Market Update

August sales are comparable to the strong levels recorded last year and well above long-term trends for the month. While sales have remained relatively strong, there still a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.⁠ New listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply. Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. ⁠This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.⁠ For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11% higher than last year.⁠More...


Read Full CREB Market Report⁠


August sales are comparable to the strong levels recorded last year and well above long-term trends for the month. While sales have remained relatively strong, there still a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.⁠

New listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply. Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. ⁠

This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.⁠

For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11% higher than last year.⁠

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

July 2022 Housing Market Update

June 2022 Housing Market Update

May 2022 Housing Market Update

April 2022 Housing Market Update

March 2022 Housing Market Update

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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