The Calgary Real Estate Board reports that home sales in November were comparable to last year, with increases in detached, semi-detached, and row home sales offsetting a decline in condo sales.
A total of 1,797 homes were sold last month, showing a 0.8% increase from November 2023 and about 20% higher than long-term averages. Sales were down 17.3% from October, following typical seasonal patterns.
The benchmark price for all property types was $587,900, a 0.8% decrease from October but 3.5% higher year-over-year.
CREB highlights a notable increase in supply, with inventory levels reaching 4,352 units in November, up from 3,000 units reported in the same month last year.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” says Ann-Marie Lurie, chief economist at CREB. Lurie notes that rising new home construction has boosted supply in rental, new home, and resale markets, with improvements varying by location, price range, and property type.
Detached home sales saw growth in higher price ranges, especially for properties above $600,000. Semi-detached and row homes also saw increases, supported by rising supply levels. Condominium sales, however, declined from last year’s record November but remained 47% above long-term trends.
The months of supply increased to over two months, up from the previously low levels seen earlier this year. Despite this, CREB notes that many segments still favor sellers.
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