The number of new listings in the market also spiked on a year-over-year basis, CREB reports
Calgary’s housing market remained intense in September with another record-setting month of sales, posting a 29% annual increase totalling 2,441 transactions.
At the same time, despite the region seeing significant year-over-year sales gains over the past four months, year-to-date sales were still nearly 12% lower on an annual basis, the Calgary Real Estate Board reported.
The unadjusted residential benchmark price remained nearly static on a monthly basis at $570,300. However, this level was nearly 9% higher than the market’s September 2022 reading.
New listings improved in September compared to last year and relative to sales, the CREB said. The number of new listings surged by 21.6% annually for a total of 3,191 units newly added to the market.
This pushed the sales-to-new listings ratio down to 76%, preventing further monthly declines in inventory levels, the CREB said.
Calgary-based broker Max Singh highlights the ongoing challenge of prospective homebuyers being outbid due to fierce competition and rising prices. https://t.co/GPIX714Dok#mortgagenews #mortgageindustry #mortgagebroker #housingmarket
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 11, 2023
On the other hand, overall inventory in September stood 24.5% lower than levels seen last year, with just 3,369 units available in the market.
“When measured relative to sales activity, [inventory] has not changed enough to cause any significant shift in supply and demand balances,” the CREB said. “As of September, the months of supply has remained relatively low at less than two months.”
Availability of supply has been the region’s prevailing challenge, especially since inter-provincial migration has fuelled housing demand despite higher lending rates, said CREB chief economist Ann-Marie Lurie.
“While new listings are improving, it has not been enough to take us out of sellers’ market conditions,” Lurie said.
