Supply gains drive home sales increase in Calgary as benchmark price up 3.5%: board

An aerial view of housing is shown in Calgary on June 22, 2013. (THE CANADIAN PRESS/Jonathan Hayward)

The Calgary Real Estate Board says November home sales were similar to last year's levels, as supply gains led to increased sales in detached, semi-detached and row homes on a year-over-year basis, despite fewer condominium sales.

The board says 1,797 homes changed hands last month, which was 0.8 per cent higher than November 2023 but still around 20 per cent above long-term trends. On a month-over-month basis, home sales were down 17.3 per cent from October levels, reflecting a typical drop-off in activity for this time of year.

The benchmark price across all home types was $587,900 for November, around 0.8 per cent lower than the previous month but 3.5 per cent higher than November 2023.

There were 2,326 new listings on the market last month, 4.5 per cent more than a year earlier.

The board says November inventory levels rose 45 per cent to 4,352 units compared with a year ago.

Ann-Marie Lurie, chief economist at CREB, says Calgary has experienced a housing supply challenge in recent years due to its sudden population bump, but rising new home construction "has bolstered supply in rental, new home and resales ownership markets." She cautioned that supply improvements "vary significantly by location, price range, and property type."

This report by The Canadian Press was first published Dec. 2, 2024.