YYC Real Estate Market in November

The numbers are in from last month's real estate performance here in CALGARY – good news, for those who have been looking to buy, new listings have finally increased, reaching 2,227 units (+40% higher than this time last year). This increase was seen across ALL price ranges, but most significantly, for homes over $600,000. 

 

This ultimately means more selection for buyers, and potentially more competition for sellers.

 

There's a BUT...

 

Despite the YoY gain in new listings, these continue to be absorbed by the market, with 1,787 sales in November – sales-to-new-listing ratio remained ~80%, and supply continues to remain under two months (seller's market). 

 

What does this mean? This means that there IS more selection of properties available, but you need to be ready, willing and able to purchase, if you are a buyer. 

 

Prices continued to rise, with the benchmark residential dwelling in Calgary at $572,700 ($571,600 in October), and 11% higher than this time last year.

 

For more property-specific highlights see below (full report HERE):

 

 

Detached Homes

• Sales have declined in the detached market due to the limited inventory
• Inventory has increased for homes over $700,000
• Benchmark price: $699,500 ($697,600 in October, +13% YoY), with the most gains in the most affordable districts (NE and E)
• Months of Supply: 1.74

 

Semi-Detached Homes

• Inventories increased from the same time last year, BUT they are still 40% lower than the typical levels in November
• Benchmark price: $628,700 ($628,700 in October, +12% YoY), again most gains in the NE and E districts of the city
• Months of Supply: 1.94

 

Townhomes

• First time since 2021 we're seen sales-to-new-listings ratio fall below 75%
• Improvement seen in months of supply, now 1.5 compared to <1 month in the prior 7 months
• Benchmark price: $429,100 ($425,200 in October, +21% YoY)
• Months of Supply: 1.53

 

Apartments

• Continues to see record high sales number
• Calgary has now seen 7,487 condo sales this year, and have surpassed prior year's record high
• Inventory remains similar to last year, less than 2 months of supply, prices continue upward trajectory
• Benchmark price: $320,100 ($316,600 in October, +18% YoY)
• Months of Supply: 1.57

 

As always, give me a call if you want to chat or have any questions to see how our team can help!

 

Here's a map of benchmark prices by Calgary districts and historical performance graph.