A new report shows that Calgary’s housing market is continuing to move away from the “extreme” sellers’ market it experienced earlier this year.
The Calgary Real Estate Board (CREB) outlined in August in its monthly statistics package that easing sales, combined with gains in supply, have pushed the months of supply to a level not seen since the end of 2022.
CREB
CREB reports that inventory levels last month hit 4,487 units, which is 37% higher than last August but nearly 25% lower than the long-term trends.
There were 2,186 sales in August, a 20% decline from last year but 17% higher than the long-term averages for the month. Similar to the previous month, sales declines were mainly driven by homes under $600,000.
“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, chief economist at CREB.
“This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”
It appears the pace of growth is beginning to slow in Calgary’s housing market following stronger-than-expected gains felt earlier this year.
In August, Calgary’s total unadjusted residential benchmark price was $601,800, 6% higher than last year but slightly lower than last month.
You can read the full report here.