Calgary Real Estate Update: Sales Down 16% and Prices Eased Overall
What is happening in Calgary's real estate market? In Mid-Q3, Calgary recorded 1.66K sales, marking a 16% decrease year-over-year, while the residential benchmark price settled at $570K after an overall dip of nearly 1%. Condo-style homes have been particularly affected, with apartment benchmarks falling to $295K, reflecting an 8% annual decline, and row homes averaging $415K after a 5% yearly decrease. Detached homes in Calgary reached a benchmark of $744K, showing a slight 1% dip year-over-year, while semi-detached homes experienced a modest increase, averaging $691K. The supply dynamics in Calgary also shifted, with new listings totaling 3.14K, a 10% drop from the previous year, and available inventory at 6.51K homes, reflecting a slight annual decline.
The Calgary real estate market is influenced by varying activity across price bands, as improved supply has benefited the upper end of the market, while favorable rental conditions are slowing the transition from renting to ownership in lower price segments.
As Calgary's housing market continues to evolve, staying informed about these trends is essential for anyone looking to invest or navigate the real estate landscape in the area.
For expert insights on the Calgary real estate market, connect with Keith Hill, REALTOR® at eXp Realty.