Calgary home sales on record-setting roll
October 12, 2023
Calgary housing sales reached another record high in September 2023 with 2,441 transactions, but a housing shortage is looming in this current seller’s market, according to the Calgary Real Estate Board (CREB).
New listings also improved in September compared to September 2022 and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.
Nonetheless, inventory levels in September remained more than 24 per cent lower than levels seen last year and has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated 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.”
The September residential benchmark price was $570,300—similar to August 2023 and nearly 9 per cent higher than September 2022.
Detached-house inventory levels remained at record lows for the month as sales-to-new listings ratio remained high at 76 per cent. The decline in inventory levels has been driven by homes priced below $700,000, where there is an estimated one-month supply, CREB reports.