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Calgary sees another home sales gain in November as prices jump nearly 11%



In a testament to the robust real estate market in Calgary, the city witnessed a significant surge in home sales during the month of November. According to the latest data released by the Calgary Real Estate Board (CREB), there were 1,787 home sales in November, reflecting an impressive 8.8% increase compared to the same period last year. The notable aspect is that this surge is occurring against a backdrop of a consistently high ratio of sales to new listings, maintaining an 80% level.


New listings also experienced a substantial uptick, rising nearly 40% compared to the previous year, reaching a total of 2,227 units. The most substantial gains were observed in homes priced over $600,000, indicating a growing demand for higher-end properties. However, despite the increase in new listings, CREB's chief economist, Ann-Marie Lurie, notes that the inventory has only seen a marginal decline of four percent from the previous year.


Lurie explains, "The uptick in new listings has not been enough to change the low inventory situation thanks to strong demand." This suggests that the real estate market in Calgary remains highly competitive, with demand outpacing the supply of available homes.


One of the most significant indicators of the market's health is the unadjusted home benchmark price, which saw a substantial increase to $572,700, marking an impressive 10.7% jump compared to November 2022. This surge in prices demonstrates the resilience and attractiveness of the Calgary real estate market, even in the face of broader economic fluctuations.


Throughout the year, the average benchmark price has witnessed a consistent upward trajectory, rising by more than five percent. This sustained growth is a positive sign for homeowners and investors, underlining the city's status as a robust real estate market.


The report from CREB also highlights specific trends within the housing market. Record-high sales of apartment condominiums were noted, with the relative affordability in this category contributing to its popularity. Conversely, the market saw a decline in detached home sales, primarily driven by a limited supply of choices for homes priced below $700,000.


As the year draws to a close, the real estate landscape in Calgary seems to be maintaining its momentum, with strong demand and limited inventory continuing to influence the market dynamics. Homebuyers and sellers alike are navigating a competitive environment, and the upward trend in prices suggests that Calgary's real estate market remains a hotspot for investment and growth.


With the new year on the horizon, industry experts will be closely watching to see how these trends evolve and whether the Calgary real estate market continues to be a standout performer in the Canadian real estate landscape.


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