Calgary home sales fall amid surge of listings for higher-priced properties: board

The Calgary Real Estate Board says September home sales tumbled 17.6 per cent from last year’s record levels to 2,003, but remained around 16 per cent higher than long-term trends for the month.

The board says the benchmark price across all home types was $596,900 for September, slightly lower than the previous month but 5.5 per cent higher than September 2023.

There were 3,687 new listings on the market last month, the highest September total since 2008 and 15.5 per cent more than a year earlier.

Ann-Marie Lurie, chief economist at CREB, says most of the listings growth was driven by new homes for sale in higher price ranges, while limited choice for lower-priced homes has likely prevented stronger sales in the Calgary market.

The board says September inventory levels reached 5,064 units, a 49.7 per cent gain from last year but below the 6,000 units typically available in September.

The board says growing inventory levels and declining sales are continuing to shift the Calgary market toward more balanced conditions, which are still tilted in favour of the seller.