- Sales Performance: In July 2023, there were 2,647 home sales in Calgary, which is an 18% increase compared to the same month the previous year. This represents the strongest July sales on record.
- Driving Factors: The growth in sales has been mainly attributed to significant gains in the more affordable apartment condominium sector.
- Year-to-Date Sales: Despite the strong performance in July, year-to-date sales are still down by 19% compared to the previous year.
- Market Trends: As per seasonal patterns, both sales and new listings decreased compared to the previous month. However, this decrease did not significantly impact inventory levels, which remained close to the record low set in July 2006.
- Market Conditions: The ratio of sales to new listings is 82%, indicating that the market continues to favor sellers. Additionally, the months of supply is 1.3 months, reinforcing the seller’s advantage.
- Demand Factors: The demand for housing is driven by ongoing migration to the province and the city’s relative affordability, even in the face of higher lending rates.
- Supply Challenges: Despite strong demand, there is a lack of supply in the resale, new home, and rental markets. This scarcity of supply is leading to upward pressure on home prices.
- Price Increase: The unadjusted total residential benchmark price reached $567,700 in July 2023, marking the seventh consecutive month of price gains. Prices have now surpassed the previous peak in May 2022 by over four percent.
