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HomeBlogsCalgary Real Estate: Supply and Prices Climb, Seller's Market Persists

Calgary Real Estate: Supply and Prices Climb, Seller’s Market Persists

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.

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