Despite the early-summer decline, activity remained 17 per cent higher than long-term trends for the month
Calgary home sales in June fell almost 13 per cent from last year’s record high, as the limited availability of lower-priced properties continued to squeeze the market.
Despite the early-summer decline, activity remained 17 per cent higher than long-term trends for the month, the Calgary Real Estate Board (CREB) reported Tuesday.
CREB chief economist Ann-Marie Lurie said inventory in the lower price ranges of each property type slid lower, “providing limited choices for potential purchasers looking for more affordable product.”
Lurie also noted the Calgary market continues to be competitive for some buyers, with more than 40 per cent of the homes sold in June selling over the listed price.
The benchmark price across all home types was $608,000 for June — up 8.5 per cent from a year earlier and roughly 0.4 per cent higher than May. New listings fell 3.6 per cent year-over-year to 3,798 properties.
Sales of detached homes dropped 16 per cent from a year ago to 1,278. The benchmark was up 12 per cent to $767,600. The average price was $829,310.
“While conditions remain tight in the detached market, we are starting to see better supply and demand balances in the upper end of the market,” the CREB report states.
“Nonetheless, with less than one-and-a-half months of supply, we continue to see upward pressure on home prices.”
Condominium and apartment sales also declined last month, falling eight per cent from 2023 to 791 units.
“The decline in sales was primarily due to the significant pullback for units priced below $300,000,” the report states. “Limited supply choice for lower priced products is preventing stronger sales activity.”
Year to-date sales in the category remain 13 per cent ahead of last year.
Overall prices continued upward, reaching $344,700, over 17 per cent higher than June 2023. The average price was $357,432.
Meanwhile, sales in communities outside Calgary remained strong.
In Cochrane, where the unadjusted benchmark price was $571,100, year-to-date sales are up seven per cent.
Demand for lower-priced properties continued in Airdrie, where sales declined in June but remain almost 12 per cent higher than 2023. The unadjusted benchmark price across all property types was $554,500, nine per cent higher than last year.
Price growth in both communities has been the highest for apartment-style properties, CREB said.