Following an all- time record high month for sales in March, Calgary housing sales have set record high for the month of April, reports the Calgary Real Estate Board (CREB).
“Sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said CREB chief economist Ann-Marie Lurie.
New listings trended down relative to last month and levels recorded last year. With the sales-to-new listings ratio remaining above 74 per cent, there was not much of a shift in overall inventory levels.
With 4,850 units in inventory levels are far lower than what was recorded in April since 2014. What has changed in the market is the composition of the inventory levels. Detached houses comprise a smaller share of the inventory, especially for properties priced below $500,000.
Overall, the Calgary market has seen the months of supply remain below two months since November of last year, placing significant upward pressure on prices. The benchmark price in April reached $526,700, which is nearly 2 per cent higher than March 2022 and 17 per cent higher than April of last year.
For the first time since spring of 2020, year-over-year detached sales slowed, to 1,815 sales. A decline in sales occurred for homes priced under $600,000. This pullback in sales for lower priced homes was likely related to supply declines. Inventories in the detached sector have not been this low for the month of April in nearly 15 years.
This continues to place upward pressure on prices. The detached-house benchmark price rose to $628,900 in April, 19 per cent higher than last year.
Apartment condominium sales eased relative to last month’s record highs. But, with 642 sales this month, activity improved by over 46 per cent compared to last year. reaching a record high for April.
The condo apartment benchmark price, at $262,700, currently sits 8 per cent higher than levels recorded at this time last year, CREB reports.
