Calgary Real Estate Board (CREB) released its Q2 2024 housing market report, providing a comprehensive overview of the Calgary real estate landscape and highlighting trends in sales and pricing.
Seller’s Market Overview
- Sales-to-new listings fell below 80% for first time since Q1 2023.
- New listings increased for fourth consecutive quarter, driven by rising prices and high lending rates.
- Q2 sales-to-new listings ratio stands at 75%, with a months-of-supply of one month.
Calgary Sales Slowdown due to Lower-Priced Properties
- Home prices have risen by 10% this year, with row properties experiencing the biggest gain at 19% and detached and semi-detached homes at 13%.
- Sales in Q2 slowed by 3% compared to last year due to lower-priced properties.
- Despite this, sales were 29% above long-term trends and nearly 6% higher than last year.
- Unexpected surge in migration has contributed to demand growth and supply challenges.
- Slowing migration levels and supply gains in resale and new home markets should support balanced conditions.
CREB Predicts Next Market Trends
- Increased supply from new home sector to support better-supplied market.
- Slowed price growth expected in second half due to supply increase.
- More price increases expected for affordable property types with tight conditions.