Calgary June home sales dip amid supply challenges, rising prices

A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. (THE CANADIAN PRESS Jonathan Hayward)

Supply challenges and rising prices led to Calgary home sales dipping slightly in June.

There were 2,738 sales in June 2024, according to housing statistics from the Calgary Real Estate Board (CREB).

That figure marks a 12.8 per cent decline year-over-year from June 2023, which set a record high for sales for the month in the city.

“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, chief economist at CREB.

“Inventory in the lower price ranges of each property type continues to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 percent of the homes sold selling over list price.”

The total residential benchmark price rose to $608,000 – an 8.5 per cent increase year-over-year.

CREB said prices rose across all of Calgary’s districts, with the most significant year-over-year increases seen in the northeast and east districts.

By housing type, the benchmark prices are:

• Detached: $767,600;
• Semi-detached: $686,100;
• Row: $464,600; and
• Apartment: $344,700.

New listings also dipped to 3,798, a 3.6 per cent decrease year-over-year.

Despite the decrease in new listings, the city’s inventory increased relative to the low levels seen in 2023.

In turn, the months of supply increased to 1.38 – an increase of 25.2 per cent year-over-year. CREB notes these conditions continue to favour sellers.