New listings in Calgary surged in June while sales slowed, with supply rising to levels not seen since 2021, according to the Calgary Real Estate Board.
By the end of the month, inventory reached 6,941 units, an increase of 83% year-over-year, CREB reported in its monthly release Wednesday. Inventory climbed 3% from May to June.
A total of 4,223 new listings hit the market in June, up 11% from June 2024, while sales declined 16.5% last month, to 2,286.
All property types have reported gains in inventory, but both row and apartment-style homes reported inventory levels over 30 per cent higher than long-term trends, while supply for detached and semi-detached units is only slightly higher than typical levels, said CREB.
“Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options,” said Ann-Marie Lurie, chief economist at CREB.
“The additional choice combined with no further declines in lending rates, persistent uncertainty and concerns of price adjustments is keeping many potential purchasers on the sidelines. This is weighing on home prices, especially for apartment and row-style homes.”
Downward pressure on prices
The unadjusted benchmark price was $586,200 in June, slightly lower than last month and over three per cent lower than last year.
Much of the citywide decline was driven by apartment and row-style homes, said CREB. Meanwhile, detached prices have remained relatively stable, and semi-detached homes are still slightly higher than last year.
The board said the market for apartment and row-style is shifting in favour of buyers. Conditions are stable for detached and semi-detached.
“Overall conditions in Calgary have changed, but not enough to erase the significant growth in prices that have occurred over the past four years,” said CREB.
