Calgary home sales jump 29% in September, condominium sales reach new highs

Calgary home sales are setting records, despite low inventory and rising prices, according to new data from the Calgary Real Estate Board.

The board says there were 2,441 home sales last month, the most ever recorded in September.

The figure marked a 29 per cent increase compared with the same month last year, as the unadjusted residential benchmark price rose to $570,300, nearly nine per cent higher than September 2022.

But despite reporting year-over-year gains over the past four months, the board says year-to-date sales are still nearly 12 per cent lower than last year's levels.

It says inventory levels in September remained more than 24 per cent lower than levels last year and have not changed enough relative to sales activity to prompt a significant shift in supply and demand balances.

"We haven't seen inventories this low for a very long time," said Ann-Marie Lurie, chief economist with CREB.

"Until we start to see supply improve, either from improvements in new listings or new home supply coming on, that's something that I think is the biggest challenge for anyone who's looking to get into this housing market right now."

Lurie says strong interprovincial migration has boosted housing demand in the region despite higher lending rates and that "while new listings are improving, it has not been enough to take us out of sellers' market conditions."

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New apartment condominium listings in September were at the highest levels reported for the month, as year-to-date sales in the category reached 6,286 sales, a 25 per cent gain over last year.

"We've seen a big pick-up in terms of apartment condo sales," she said.

"Makes a lot of sense with the higher interest rate environment, people are seeking out affordable product as well as with the high rental rates."

Condominium apartments are the only property type to see year-to-date gains in the number of sales compared to 2022.

The price of row housing saw the highest year-over-year price increase at 17 per cent to $419,400, and detached home prices rose by 11 per cent to $696,100.