OCTOBER 2022 CALGARY AND AIRDRIE REAL ESTATE MARKET UPDATE – THE RESULTS ARE IN…
According to the Calgary Real Estate Board, sales remain stronger than pre-covid levels. Here is the full report:
“City of Calgary, Nov. 1, 2022 – October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector.
However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.
“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”
New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.
While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.
As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.”
Easing sales over the past several months have not been enough to offset earlier gains as year-to-date sales reached 2,269 units, over 11 per cent higher than last year and on pace to hit a new record high. The growth in sales was possible thanks to a boost in new listings this year. However, the gains in new listings did little to impact inventory levels which remained well below levels traditionally seen in the market in October.
While conditions are not as tight as they were earlier in the year, the months of supply remained exceptionally tight at one and a half months. Despite persistently tight conditions, prices have trended lower from the earlier highs. Airdrie hit a record high price back in April of this year at $510,700, prices have since fallen by six per cent since then yet remain over 14 per cent higher than levels reported last year.
Access the full reports here: