Calgary Real Estate Listings Reach Pre-Pandemic Levels as the Market Continues to Ease Off, but Not in All Neighbourhoods or House Types.

The story is pretty much the same as last month....the overall headlines are a bit misleading if you don't break things down. This city has 1.7 million people in it; not every neighbourhood or property type will follow the same trends. I’ll say it again…Micro Markets Matter.

Just to sum it up...

“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, Chief Economist at CREB®. “The steepest price declines have occurred for apartment and row style homes, mostly in the Northeast and North districts, which coincides with significant gains in new supply.” 

Couldn't have said it better myself! So, if you don’t live in those areas, what is the story?

Detached Homes

For the first time since 2020, the months of supply climbed well over 3, and new listings have jumped above long-term trends. Sales are down to just over 1000 homes, but don’t let that fool you. Price declines were seen on the east and northeast side of the city, but prices rose inner city and on the west side.

Semi Detached

Sales are down 11%, but prices are actually pretty stable. The areas that saw price declines and price growth mirrored the detached sector.

Row Houses/Townhouses

Sales have eased here as well, and prices have generally been trending down for the past few months; however, the headlines aren’t telling the whole story here either. When considering activity by district, year-to-date price declines have been reported in the North East and North, while prices have risen in all other districts.

Apartment Style

This is where most of the pullback is happening, and it’s significantly affecting the overall market. Months of supply is way above 4, and of the 6900 homes for sale in the city, almost 2100 of those are apartment condos….that is a lot. This part of the market has lost 5% of its value in the past year. The drops have been higher in the North East, North, South East and East districts, but have been offset by the West, South, and Northwest areas, which saw gains.

So what is the takeaway?

There are parts of the city that are underperforming the market significantly, and others that are outperforming (see the graphic below). DO NOT JUST READ THE HEADLINES!!!!! 

Just because someone you know told you how their house sale or purchase went, doesn’t mean you’ll have the same experience. The market is shifting, and it’s shifting faster in certain parts of the city. 

Thanks for reading! Have a fantastic August.

Cheers,

Ken