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2h ago

Calgary Housing Market Tilts Toward Buyers as Inventory Jumps 36% in September

Robust construction paired with slower population growth is easing buyer urgency, pushing benchmark prices lower.

Overall, resales nationally grew month over month more than one per cent in August.
Single-family home starts were down year over year in August, although starts overall were up.
While the single-family home market is quite balanced, there is more inventory in the condo market.
“Young families can realize their dream of owning a nice home while still enjoying a high quality of life," says realtor Don Patterson.

Overview

  • September recorded 1,720 sales against 3,782 new listings, lifting inventory to 6,916 homes, 36% higher than a year ago.
  • The sales-to-new-listings ratio slipped to 45% and months of supply rose to four, the highest level since early 2020.
  • Calgary’s overall benchmark price fell to $572,800, down about 4% year over year, with apartments seeing the sharpest drop.
  • Apartment benchmarks declined to $322,900, roughly 6% lower than last year, while detached values were comparatively steady at $749,900, about 1% lower.
  • CMHC reported August housing starts up more than 21% year over year and 18,632 starts year to date, with a heavy tilt toward apartments, rentals and condos as single-family starts declined.