Calgary and Area's Housing Market Sets New Records in June

The real estate market in Calgary experienced an exceptional month in June, with record-breaking sales and unprecedented market conditions. Despite ongoing challenges, such as low inventory levels and high demand, the market demonstrated resilience and continued to favor sellers. This blog post delves into the details of Calgary's housing market, highlighting key trends and regional market facts for various property types.

Record Apartment Condominium Sales: In a surprising turn of events, Calgary witnessed a surge in apartment condominium sales, resulting in a new total residential sales record of 3,146 units in June. Although year-to-date sales were 23 percent lower than the previous year, they remained significantly higher than pre-pandemic levels, showcasing the strength of the market.

Inventory Challenges Persist: While new listings provided some relief, the inventory levels remained at a historic low. In June, the city's inventory stood at 3,458 units, reflecting a decline of over 36 percent compared to the previous year and marking the lowest levels for June in almost two decades. Low inventory levels have been a recurring challenge, especially for homes priced below $600,000, contributing to further price gains.

Detached Homes: Despite a monthly increase in new listings, inventory levels for detached homes hit a record low of 1,651 units in June. The steepest declines in inventory were observed in homes priced below $600,000. Limited inventory in lower price ranges continued to favor sellers, resulting in further gains in home prices. The benchmark price for detached homes reached $685,100 in June, showing a monthly increase of nearly two percent and a year-over-year increase of six percent. The North East and East districts witnessed the highest year-over-year price gains.

Semi-Detached Homes: New listings for semi-detached homes improved in June, supporting modest gains in inventory levels. However, the persistently tight market conditions, with just over one month's supply, contributed to further price gains. The benchmark price for semi-detached homes reached $613,100, representing a monthly increase of over two percent and a year-over-year increase of nearly six percent. Price growth varied across districts, with the East district experiencing the highest year-over-year growth at 17 percent.

Row Homes: Both sales and new listings for row homes showed positive trends in June. However, with a sales-to-new-listings ratio of 86 percent and inventory levels below one month, the market continued to favor sellers, driving upward pressure on prices. The benchmark price for row homes reached $400,000, reflecting a monthly increase of over two percent and a year-over-year increase of over 11 percent. The East, North East, and South districts saw the most significant monthly gains, with year-over-year price increases of nearly 20 percent.

Apartment Condominiums: Sales for apartment condominiums experienced a significant increase of 48 percent compared to the previous year, thanks to improving new listings. However, persistently strong demand for affordable units limited improvements in inventory levels. In June, inventory levels reached their lowest point since June 2013, with 1,116 units available. Tight market conditions contributed to the sixth consecutive month of price increases, with the benchmark price reaching $303,200, nearly two percent higher than the previous month and 12 percent higher than last year.

Regional Market Facts: Airdrie: Airdrie's housing market reported slower sales activity due to a pullback in new listings. However, the sales-to-new-listings ratio remained elevated, favoring sellers. Airdrie also experienced gains in home prices, with the unadjusted benchmark price reaching a new record high of $511,100.

Cochrane: Sales activity in Cochrane eased in June, contributing to a year-to-date decline of 30 percent. However, sales levels remained significantly higher than pre-pandemic levels. Low inventory levels limited consumer choices and propelled further gains in home prices. The unadjusted benchmark price in Cochrane reached $526,500, nearly two percent higher than the previous month and last year.

Okotoks: Okotoks witnessed a sales-to-new-listings ratio above 100 percent, causing inventory declines and reaching the lowest months of supply reported for June. Persistently tight market conditions led to a record-high unadjusted benchmark price of $585,300, reflecting a two percent increase from the previous month and six percent higher than last year.

Conclusion: Calgary's housing market experienced another record-breaking month in June, driven by strong sales numbers and persistent inventory challenges. The market continued to favor sellers, leading to further price gains across property types. Despite the ongoing supply constraints, new listings showed signs of improvement, offering a glimmer of hope for a balanced market in the future. As the city adapts to changing dynamics, real estate trends in Calgary will continue to be closely monitored.

Why Local Events Matter

Local events are an integral part of small town life. They bring the community together, provide opportunities for people to connect with one another, and help to build a sense of pride and identity in the town.

One of the most important aspects of local events is that they bring people together. Whether it's a street fair, a parade, or a concert, local events provide an opportunity for people to gather and socialize. This is especially important in small towns, where people may not have as many opportunities to meet and interact with one another.

In addition to bringing people together, local events also help to build a sense of pride and identity in the town. When people come together to celebrate their community, they are reminded of the things that make it special. This can include its history, its unique characteristics, and the people who live there. This sense of pride and belonging is important for the well-being of the community, and can help to foster a sense of ownership and responsibility among residents.

Furthermore, local events also provide opportunities for local businesses to grow and thrive. When people come to town for an event, they are more likely to shop and dine at local businesses. This can be particularly beneficial for small businesses, which may not have the same level of visibility as larger businesses. Additionally, local events can also help to attract new visitors to the town, which can boost tourism and bring in additional revenue.

In conclusion, local events are an important part of small town life. They bring the community together, provide opportunities for people to connect with one another, and help to build a sense of pride and identity in the town. Furthermore, local events also provide opportunities for local businesses to grow and thrive. It is important for small towns to continue to host and support local events, as they play a vital role in the well-being of the community

Why Shop Local

As Realtors based in High River, Alberta, we know firsthand the unique characteristics and features of the local real estate market. When it comes to buying or selling a home in High River, there are several benefits to working with a local Realtor rather than a real estate agent based in a larger city like Calgary.

Local market knowledge: As a local Realtor, we have an in-depth understanding of the High River real estate market. We know the local neighborhoods, property values, and current trends in the area. This knowledge can be incredibly valuable when it comes to finding the right home or pricing a property for sale.

Personal connections: As a member of the High River community, we have personal connections and relationships with other local business owners, community leaders, and real estate professionals. These connections can be helpful when it comes to finding the right home or getting your property in front of the right buyers.

Convenience: Working with a local Realtor can be more convenient. We are able to show homes and handle transactions in person, rather than relying on phone or video calls. We also have a better understanding of the local amenities, schools, and other important factors that buyers may be interested in.

Responsiveness: When you work with a local Realtor, you can expect prompt and personalized service. You will have easy access to your Realtor, and they will be able to respond quickly to your needs and questions.

In conclusion, working with a local Realtor like Jim Walker And Sons has many benefits for both buyers and sellers in the High River area. We think you’ll find our local market knowledge, personal connections, convenience, and responsiveness can make the process of buying or selling a home much smoother and more successful.

Why Work With Realtor

There are many good reasons to work with a real estate professional, especially a Realtor, when buying or selling a home. Here are just a few:

Expertise: Realtors are licensed real estate agents who have completed extensive training and have a deep understanding of the real estate market. They can provide valuable insights and advice on everything from pricing and negotiations to local market trends and home values.

Marketing skills: Realtors have the tools and resources to effectively market your home to potential buyers. This includes listing your property on multiple real estate websites, hosting open houses, and using targeted marketing campaigns to reach the right audience.

Networking: Realtors have connections with other real estate professionals, including other agents, mortgage lenders, home inspectors, and more. This can be especially helpful when it comes to finding the right resources and getting the best deal on your home.

Negotiation skills: Realtors are skilled negotiators who can help you get the best price for your home. They can also help you navigate the often-complex process of making an offer on a home and negotiating repairs or other terms of the sale.

Legal knowledge: Realtors are familiar with the legal requirements and regulations involved in real estate transactions. They can help you understand and comply with all necessary paperwork and ensure that everything is handled properly.

In short, working with a Realtor can make the process of buying or selling a home smoother, more efficient, and more successful. If you're considering a real estate transaction, it's definitely worth considering working with a Realtor to help you achieve your goals.