As the winter season settles in, Calgary's housing market shows typical seasonal slowdowns, yet year-over-year demand remains steady. November’s 1,797 sales mirrored last year’s levels and stayed 20% above long-term trends for the month. While sales in detached, semi-detached, and row homes rose, apartment condominium sales declined, marking an interesting mix of dynamics.
City-Wide Market Overview
November brought a significant rise in inventory, reaching 4,352 units, a stark increase from the 3,000 units reported last year. Despite this gain, supply levels are still below long-term averages, highlighting Calgary’s ongoing inventory challenges.
Months of supply rose above two months, signaling a shift from the extremely tight conditions of previous Novembers. While this benefits potential buyers, many segments still favor sellers, particularly in lower-priced options.
The total residential benchmark price reached $587,900, reflecting a year-over-year gain of nearly 4%. Slower price growth and seasonally adjusted stability over the past four months indicate a shift toward more affordable row and apartment-style units.
Detached Homes: Inventory Growth in Higher Price Ranges
Sales & Inventory: Rising sales in homes priced above $600,000 balanced declines in lower price ranges. Improved inventory caused months of supply to exceed two months, with higher-priced homes seeing greater supply relief.
Pricing: The unadjusted benchmark price was $750,100, slightly down from October but over 7% higher year-over-year. Price growth has slowed in areas competing with newer homes.
Semi-Detached Homes: Tight Conditions Persist for Affordable Options
Sales & Inventory: With 173 sales, semi-detached homes saw a year-to-date increase of nearly 5%. Supply levels have improved, yet remain tight, particularly below $700,000.
Pricing: The unadjusted benchmark price was $675,100, 8% higher than last November. Seasonal factors have tempered price growth, with prices ranging from $926,800 in the City Centre to $409,300 in the East.
Row Homes: Affordable Demand Drives Growth
Sales & Inventory: Row home sales continue to climb, contributing to year-to-date gains of nearly 3%. Inventory growth has supported tighter market conditions, with nearly two months of supply.
Pricing: The unadjusted benchmark price was $454,200, 7% higher year-over-year. Year-to-date averages show a remarkable 15% price increase. City Centre row homes remained the highest-priced at $620,000.
Apartment Condominiums: Higher Supply Moderates Price Growth
Sales & Inventory: November apartment sales slowed but remained 47% above long-term trends. Inventory reached 1,482 units, the highest since spring, with months of supply rising above three months.
Pricing: The unadjusted benchmark price was $337,800, down month-over-month but up 9% year-over-year. Most supply gains occurred in the $300,000–$500,000 range, while affordable options remain scarce.
Regional Market Highlights
Airdrie
Supply: Inventory reached 344 units, with detached and row homes comprising 84% of supply.
Pricing: The benchmark price was $543,300, a 4% year-over-year increase, with apartment-style properties reporting a 16% rise.
Cochrane
Sales & Listings: A record-high number of new listings fueled strong sales, particularly in detached homes. Inventory remains 18% below long-term trends.
Pricing: The benchmark price was $568,600, up 4% year-over-year, with apartment-style homes experiencing the largest gains.
Okotoks
Supply: New listings fell to 47 units, while sales totaled 52, keeping months of supply below two months.
Pricing: The benchmark price rose to $624,000, 6% higher year-over-year. Detached home prices hit $707,300, while row-style properties saw the largest gains.
Final Thoughts
November reflects a shift toward more balanced market conditions in Calgary, with higher supply easing some pressure on prices. However, sellers still hold the advantage in many segments, particularly in affordable housing.
Whether you’re buying or selling, understanding these trends is key to making the right moves in Calgary’s evolving real estate landscape. For personalized advice, feel free to get in touch with Mike Hickey.