Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.

In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a months of supply of 1.3 months, conditions continue to favour the seller.

“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB^® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”

In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over four per cent higher than the previous peak in May of 2022.

Airdrie

New listings this month remained comparable to last month. Meanwhile, sales trended down, supporting a modest gain in inventory and a sales-to-new listings ratio of 84 per cent. This also helped push the months of supply back above one month.

Despite the monthly gain in the months of supply, conditions remain exceptionally tight and continue to favour the seller. This caused further price growth as the unadjusted benchmark price rose nearly one per cent over last month to $514,100. Prices have been improving across all property types, but the detached benchmark price has pushed above $600,000 in Airdrie for the first time.

Cochrane

With 110 new listings and 85 sales, the sales-to-new-listings ratio remained at 77 per cent this month. This helped contribute to a modest gain in inventory levels, and the months of supply rose to nearly two months.

Despite this shift, conditions remained exceptionally tight in the Centre, and prices continued to trend up. As of July, the unadjusted benchmark price reached $529,700, nearly one per cent higher than last month and over three per cent higher than last July. Price growth has occurred across all property types, and the detached benchmark price now sits at $626,100.

Okotoks

July reported 78 new listings and 67 sales, keeping the sales-to-new-listings ratio elevated at 86 per cent and preventing any significant shift in inventory levels. Nonetheless, the months of supply did rise to above one month following the exceptionally low levels reported over the past two months.

While conditions are not as tight as last month, the market still favours the seller, and prices trended up over last month, with a benchmark price reaching $586,900. Prices now sit over seven per cent higher than last year, with the most significant year-over-year gain occurring in the semidetached sector. Detached benchmark prices pushed up to $655,100 in July.

Read the full release here https://www.creb.com/News/Media_Releases/2023/August/July_sees_seventh_consecutive_monthly_gain/ and connect with me to chat more about what’s going on in Calgary’s market. Join me on Facebook and Google to be a part of the action!