Courtesy of Laurie Paynter

Low inventory and high demand drive price gains in February Strong migration and low supply drive Calgary housing prices in 2023

$329,600 apartment UP 17.2% year-to-year $321,400 apartment UP 19.1% year-to-year

$721,300 detached UP 13.2% year-to-year $697,400 detached UP 12.9% year-to-year

BENCHMARK PRICES BENCHMARK PRICES

2,711 NEW LISTINGS 2,135 SOLD LISTINGS 1,248 NEW LISTINGS 1,366 SOLD LISTINGS

$436,500 rowhouse UP 18.8% year-to-year $425,100 rowhouse UP 20.0% year-to-year

detached 1,195 detached 954 638 apartment 836 apartment detached 574 detached 598 399 apartment 373 apartment

1.13 MONTHS OF INVENTORY 1.6 MONTHS OF INVENTORY

2,355 ACTIVE LISTINGS 2,164 ACTIVE LISTINGS

78.8% SALES TO NEW LISTING RATIO 109.5% SALES TO NEW LISTING RATIO

24 DAYS ON MARKET 33 DAYS ON MARKET

Calgary, March 1, 2024 – New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales to new listings ratio exceptionally high at 79 per cent ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year. “Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB ® . “It is this Calgary, January 2, 2024 – Sales in 2023 did ease relative to last year's peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. While sales stayed relatively strong, there was a notable shift in activity toward more affordable apartment condominiums style homes. “Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB ® Chief Economist Ann-Marie Lurie. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.” With an annual decline of nearly 20 per cent, the detached market saw the most significant decline in sales activity. While

strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.” In February, the unadjusted detached benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Statistics reflect market activity in February 2024 | Source: CREB ® Calgary Real Estate Board. Market values stated are of the benchmark of the city of Calgary. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home. sales did improve for homes priced above $700,000, limited supply choices in the lower price ranges caused consumers to turn to alternative housing styles. Despite some recent gains in higher-priced new listings, inventories have remained near record lows, and the months of supply have remained relatively low throughout 2023. Apartment-style properties were the only property type to report a gain in sales this year, resulting in a record high of 7,884. The growth in sales was possible thanks to the higher starting point for inventory levels and gains in new listings. However, conditions tightened throughout the year, favouring the seller and driving price growth. Statistics reflect market activity in December 2023 | Source: CREB ® Calgary Real Estate Board. Market values stated are of the benchmark of the city of Calgary. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Senior Real Estate Specialist (SRES) Laurie Paynter REALTOR® Let me help you start your next chapter. Bus/Cell: 403-818-2677 lpaynter@shaw.ca www.lauriepaynter.com

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