The Calgary Real Estate Board released their latest market report: Following three consecutive years of limited supply choice, inventory levels rose to 3,639 units. While the 70% year over year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January, with some of the largest gains driven by apartment-style condominiums.
Detached Homes- Benchmark price $750,800 and 2.15 months of supply. With 1,448 units of inventory which is 27% lower than traditional levels. More balanced contions are taking shape in the City Centre and North East districts. On a seasonally adjusted basis prices have remained relatively stable since the second half of last year.
Semi-detached Homes- Benchmark price $673,600 with 1.92 months supply. Invenotry levels at 307 units. There is significant variation depending on district with some locations reporting higher months of supply and modest monthly price declines.
Row Housing- Benchmark price $444,900 with 2.38 months of supply. Inventory of 589 units is more than double the near-record low levels report last January. Improving supply has taken the pressure off home prices.
Apartments- Benchmark price $331,400 with 3.5 months of suppy. With inventory of 1,295 this is much higher than the levels seen over the past three years but nowhere near the 9 months of supply seen in the January before the pandemic. Improved supply has weighed on prices in the last 5 months, with some of the largest declines seen in the North, West, and South.
Airdrie market- unadjusted benchmark price of homes is $537,300, with 2.6 months of supply. Prices are up 4% since this time last year.
Cochrane market- unadjusted benchmark price of homes $565,900, with 2.2 months supply. Prices are up 5% since this time last year.
Okotoks market- unadjusted benchmark price of homes $614,900 an increase of 5% since this time last year. With are 2.19 months of supply.
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