Calgary June home sales up 11% from 2022: Real estate board
Posted Jul 4, 2023 3:33 pm.
According to the city’s real estate board, Calgary’s home sales saw a “record-high” in June, with over 3,100 total residential sales made, compared to around 2,800 last year — an increase of 11 per cent.
The Calgary Real Estate Board (CREB) says apartments and condo sales reached 857 units in June, a 48 per cent increase from last year, while semi-detached sales rose by eight per cent.
In addition, the CREB says the city’s home benchmark price went up by four per cent from last year reaching $564,000. The previous average monthly price was $552,273, making it an almost seven per cent increase.
However, total home inventory for June was roughly 3,500 units, a decline of over 36 percent from 2022 and reaching “the lowest levels for June in nearly two decades.”
Inventory levels for apartments and condos are the lowest since 2013, reaching 1,116, and new home listings slid almost three per cent from 2022, reaching over 3,900.
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The CREB says detached homes reached a record low in inventory for June, with 1,651 units available, and 24 per cent was priced below $600,000, a “significant drop” from 2022 when the market segment represented 45 per cent of the supply.
“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said CREB Chief Economist Ann-Marie Lurie, in a news release.
“Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city. While new home starts are on the rise, it will take time to observe their impact on supply.”
The real estate board says current market conditions “continue to favour sellers.”
June numbers follow a trend of record home sales this year, with the CREB saying May and April’s home sales were higher than 2022’s sales.
More information about the CREB’s findings can be found online.