If you’re looking for a lower-priced home in Calgary right now, you’re not alone, as a new report finds that there are fewer on the market this year.
The report released by the Calgary Real Estate Board this week found home resales dropped by about one percent since 2023, thanks partly to low supply.
Lower-priced detached and semi-detached homes, in particular, are limited in supply choice compared to last year.
Overall, new listings in May reached 4,333 units, a 19% bump from last year; however, most new listings were properties over $700,000.
“Although new listings have increased, much of this growth is in higher price ranges for each property type,” said Ann-Marie Lurie, chief economist at CREB.
“Our strong economic situation has supported sales growth in these higher price ranges. However, this month’s sales could not offset the declines in the lower price ranges due to a lack of supply choice.”
CREB
The benchmark price for a home in Calgary continues to climb, increasing by 1% since last month and 9.5% since last year.
Semi-detached and row housing is slightly more affordable, with benchmark prices of $678,000 and $462,500, respectively.
Areas around Calgary are not much better, as benchmark detached home prices in Airdrie reach $651,000, Cochrane’s even higher at $667,700 and Okotoks at $699,600. Okotoks is increasingly hard to buy into, with only 84 units available.