Calgary home prices on the rise again as lower-priced listings remain in demand
As home prices continued to rise in Calgary, a limited supply of lower-priced listings forced sales numbers to decline slightly in May.
The city’s benchmark price rose to $605,300 last month – up 9.5 per cent year-over-year.
Sales for the month declined slightly year-over-year – down 0.8 per cent to 3,092.
CREB said the sales pullback was largely created by limited supply choice in the number of listings for lower-priced detached and semi-detached homes compared to last year.
While those sales numbers were down slightly from a record high last year, they are still 34 per cent higher than long-term trends for May, according to CREB.
The rest of the housing metrics in the May report were up, including new listings (4,333, +18.7 per cent), inventory (3,402, +5.8 per cent) and months of supply (1.10, +6.7 per cent).
Despite the increase in new listings, CREB noted that the growth is largely due to higher-priced properties coming on the market.
“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,” Ann-Marie Lurie, chief economist at CREB, said in a news release.
Throughout 2024, there have been 12,412 sales across all housing types – an increase of 11 per cent year-over-year.
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