City of Calgary Market Report September 2019

For the third month in a row sales activity in Calgary has improved when compared to last year’s activity. New listings and inventory eased supporting more stability in the housing market. September inventory levels totalled 6889 units which is 13% less than this time last year. Months of supply sits at 5 months. Conditions continue to favour buyers, however, not to the same degree as they did this time last year.

Detached Homes

Improvements in sales over the past three months were not enough to offset pullbacks that occurred earlier in the year, as year-to-date sales remain nearly one per cent lower than last year’s levels. Despite citywide declines, sales improved in both the North West and South districts, thanks to significant gains in sales of homes priced below $500,000.
The months of supply remains elevated at over four months, although this is an improvement compared to the same time last year.
Benchmark prices in September ranged from a year-over-year decline of more than four per cent in the South district to general stability in the North East, North and West districts. ( Source: CREB®️)

Apartment

Sales improved by 16 per cent this month, making it the best September recorded in the past three years. Despite recent improvements in sales, year-to-date levels remain stable compared to last year, but well below longer-term trends.
Condominium apartment sales were varied across the city. Significant growth was reported in the North and South East districts. Both districts have seen significant new-home development which could be influencing resale activity.
Oversupply continues to weigh on prices in this segment, as unadjusted prices remain 17 per cent below 2014 highs. ( Source: CREB®️)

Attached

Sales increases for both semi-detached and row product have improved year-to-date attached sales by more than fiveper cent compared to last year. It is the only product type that has recorded significant gains year-over-year.
New listings continue to ease, reducing inventory and the months of supply.
Despite some annual reductions in the months of supply, buyers’ market conditions persist and prices continue to ease.Year-to-date benchmark price declines ranged from a high of nearly six per cent in the City Centre to a low of three per cent in the North East. ( Source: CREB®️)