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Calgary Real Estate Market Update SEPTEMBER 2019

Calgary homes for sale

Great news for the Calgary Real Estate Market for the third straight month, total sales for the city of Calgary increased from last years numbers, and the market saw a decrease in new listings and active listings. If this trend continues there will be upward pressure on pricing.

As per CREB’s recent report:

“Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continues to be driven by homes priced below $500,000.

In the condominium apartment market, sales improved by 16 per cent this month. This represents the segment’s best September since 2015.  Year-to-date growth in both the attached and apartment sector were enough to offset the modest decline in the detached sector resulting in year-to-date sales growth of nearly one per cent in the city. 

Despite improving sales and reductions in inventory, the overall market remains oversupplied. This continues to weigh on prices.

“While housing demand is modestly improving, sales activity remains relatively weak,” said Lurie. “The market is moving toward more stable conditions, but this is mostly related to supply adjustments in the city.”    

September inventory levels are still elevated at 6,889 units, but this figure represents a decline of 13 per cent compared to last year. The months of supply in the Calgary market currently sits at five months. These conditions continue to favour the buyer, but not to the same degree seen at this time last year.

September’s citywide unadjusted benchmark price of $424,900 is two per cent lower than last year’s levels.

CALGARY HOUSING MARKET STATS

Detached Homes for Sale In Calgary 

  • Improvements in sales over the past three months were not enough to offset pullbacks that occurred earlier in the year, as year-to-date sales remain nearly one per cent lower than last year’s levels. Despite citywide declines, sales improved in both the North West and South districts, thanks to significant gains in sales of homes priced below $500,000.
  • The months of supply remains elevated at over four months, although this is an improvement compared to the same time last year.
  • Benchmark prices in September ranged from a year-over-year decline of more than four per cent in the South district to general stability in the North East, North and West districts.


Apartment & Condos for sale in Calgary

  • Sales improved by 16 per cent this month, making it the best September recorded in the past three years. Despite recent improvements in sales, year-to-date levels remain stable compared to last year, but well below longer-term trends.
  • Condominium apartment sales were varied across the city. Significant growth was reported in the North and South East districts. Both districts have seen significant new-home development which could be influencing resale activity.
  • Oversupply continues to weigh on prices in this segment, as unadjusted prices remain 17 per cent below 2014 highs.


Attached Homes for Sale In Calgary 

  • Sales increases for both semi-detached and row product have improved year-to-date attached sales by more than five per cent compared to last year. It is the only product type that has recorded significant gains year-over-year.
  • New listings continue to ease, reducing inventory and the months of supply. 
  • Despite some annual reductions in the months of supply, buyers’ market conditions persist and prices continue to ease. Year-to-date benchmark price declines ranged from a high of nearly six per cent in the City Centre to a low of three per cent in the North East.


Now more than ever it is extremely important to engage an experienced and market educated Calgary real estate agent like Jesse Davies. Jesse is an award winning top producer at Re/Max house who has been a licensed realtor in the city of Calgary for over 12 years. Contact him or his team at 403.969.2363 or via email at [email protected].