Calgary Sees Decrease in Home Sales as Listings Rise for High-End Properties, Reports Board

October 2, 2024 TruthUSA

The Calgary Real Estate Board reports a 17.6 percent drop in September home sales compared to last year’s record levels, totaling 2,003 sales. However, sales still remained about 16 percent higher than long-term trends for the month.

The benchmark price for all home types in September was $596,900, slightly lower than the previous month but 5.5 percent higher than September 2023.

There were 3,687 new listings on the market last month, marking the highest September total since 2008 and a 15.5 percent increase from the previous year.

Ann-Marie Lurie, the chief economist at CREB, notes that the growth in listings was mostly driven by new homes for sale in higher price ranges. Limited options for lower-priced homes may have hindered stronger sales in the Calgary market.

September inventory levels reached 5,064 units, showing a 49.7 percent increase from the previous year, although still below the typical 6,000 units available in September.

The board explains that the growing inventory levels and declining sales are gradually moving the Calgary market towards more balanced conditions, which are currently still favoring the seller.