Calgary home sales at record highs!

City of Calgary, October 3, 2023 - Sales reached another record high inSeptember with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are  still nearly 12 per cent lower than last year's levels. New listings also improved this month compared to last year 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 over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of October, 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.”
As of 1st October 2023, the unadjusted residential (for all types of residential) benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

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Chart shows average sold price 1st Jan 2023 to 1st October 2023.