New houses in Calgary Alberta Canada during the daytime

Although Calgary’s housing market saw an injection of new listings in May, the city remains firmly in seller market territory. 

Last month, Calgary’s real estate market reported 3,092 homes sold, according to the latest market report from the Calgary Real Estate Board (CREB). While this number is just shy of last year’s record by about one per cent, sales were 34% higher compared to long-term trends for the month. The slight drop in sales was mostly due to fewer lower-priced detached and semi-detached homes available compared to 2023.

There were 4,333 new listings in May, almost 19% more than May 2023. This year-over-year increase led to the sales-to-new listings ratio dropping to 71%. However, inventory levels were still much lower than what is typical for the month of May. 

Even with more homes available, Calgary remains a seller’s market, with just one month of supply. As a result, the benchmark price for all types of homes in May was $605,300, nearly one per cent higher than April and 10% higher compared to May 2023.

“Although new listings have increased, much of this growth is in higher price ranges for each property type,” said Ann-Marie Lurie, Chief Economist at CREB, in the board’s May release. “Our strong economic situation has supported sales growth in these higher price ranges. However, this month’s sales could not offset the declines in the lower price ranges due to a lack of supply choice.”

Detached home prices up double-digits from May 2023

Sales of detached homes priced over $700,000 increased in May, but not enough to make up for the decline in lower-priced properties, resulting in a seven per cent drop in year-over-year sales. New listings increased in this segment, dropping the sales-to-new listings ratio to 68%, which helped to boost inventory. However, homes priced under $600,000 remain scarce, making up just 13% of the overall market.

With just over a month of supply, the detached home market strongly favours sellers. In May, the benchmark price hit $761,800, up over one per cent from last month and 13% higher than the previous year. Prices rose in all districts, with the biggest gains for detached homes in Calgary’s more affordable areas.

Semi-detached properties see inventory boost

Even though sales dipped compared to last year, year-to-date sales were up nearly 11% for semi-detached properties in May. Similar to detached homes, semi-detached residences saw an increase in new listings, dropping the sales-to-new listings ratio to 72% and boosting inventory slightly.

Despite this, the market still leans towards sellers, with just one month of supply available. Tight conditions keep driving prices up. In May, the benchmark price of a Calgary semi-detached home was $678,000, over one per cent higher than last month, and up 13% from May 2023.

Row home benchmark prices surpasses $462,000

There were 540 row home sales in May, a year-over-year increase that helped push year-to-date sales up by 16%. New listings also increased, boosting overall inventory. While inventory levels dropped for properties under $400,000, higher-priced row homes saw gains that balanced conditions out.

With a sales-to-new listings ratio of 78% and less than a month’s supply, the market continues to favour sellers, driving prices higher. In May, the benchmark price reached $462,500, almost two per cent higher than April and over 19% higher than last year.

Apartment condos see record sales 

Demand for affordable housing continues to boost the apartment condo market. May sales for Calgary condos kept climbing, contributing to a record-high year-to-date increase of 19%. New listings have helped keep inventory levels steady. While overall inventory was similar to last year, gains in units priced over $300,000 balanced out the drop in lower-priced homes.

With just over a month’s worth of supply, prices are rising compared to both last month and last year. Year-over-year, prices increased more than 30% in the North East and East districts, while the City Centre saw the smallest increase at 13%.