Streetview of Calgary Real Estate

The trend of diminishing sales that has plagued our market all year continued in August.

This past month, 1,660 homes changed hands. That's down 16 percent from last year. New listings dropped too, down almost 10 percent to 3,141. Fewer homes for sale, but even fewer buyers. That combo is pushing the months of supply up to nearly four months.

Here's the twist: it's not slow everywhere. Homes over $1,000,000 are actually selling more than last year. Buyers with money are stepping up, mostly for detached and semi-detached homes. But below that price point, rentals are still a good deal, so fewer people are buying. That's keeping the lower end of the market stuck in neutral.

The citywide benchmark price sits at $569,800. That's basically flat from July, and only down one percent from last year. Detached and semi-detached homes are holding steady. Condos and other higher-density homes keep sliding.

MARKET BREAKDOWN BY PROPERTY TYPE

Detached Homes

Sales fell 12 percent to 875 units. New listings dropped too, landing at 1,635. Months of supply climbed just over three. Location matters a lot here. The North West, West, South and South East are still under three months of supply. The North and North East are over four. Prices in the West and City Centre are actually up over two percent from last year. The North East isn't so lucky, down over six percent.

Citywide, the benchmark price is $744,300, basically the same as July, down one percent from last year.

Semi-Detached

Year-to-date sales sit at 1,516 units, down over two percent from last year. Sales slowed down more than listings did, dropping the sales-to-listings ratio to 56 percent. Inventory is up nearly five percent from last year.

Months of supply pushed above three for the first time since January. Still, prices held up. The benchmark price is $690,500, about the same as July, and up almost one percent from last year. Gains in the City Centre, North West and West made up for softer numbers elsewhere.

Row Houses

Sales kept easing, and year-to-date volume is down 15 percent. Months of supply stayed near four months for the second month straight. Prices are down everywhere, but not by the same amount. The North East dropped over 12 percent. The North West only dropped just over one percent. The benchmark price is $415,200, down almost one percent from July, and down five percent from last year.

Apartment Condos

Condos are still the toughest spot in this market. Supply sits near six months, the highest of any property type. Year-to-date sales are down 26 percent. New listings are dropping too, but not fast enough to fix the oversupply. The benchmark price is $295,400, down about one percent from July, and down eight percent from last year. Prices peaked back in August 2024 at $341,300. We're now sitting nearly 13 percent below that peak.

REGIONAL MARKET FACTS

Airdrie

Year-to-date sales are down 13 percent. New listings dropped seven percent. Months of supply is still under four. The benchmark price is $508,800, down one percent from July, and down over four percent from last year. Apartment-style homes here are seeing the steepest price drops.

Cochrane

Good news here. Sales improved in August, pushing the year-to-date number up over five percent, mostly thanks to semi-detached homes. New listings improved too. Months of supply dropped back to just over three months. Prices still eased slightly, down about one percent from July and two percent from last year.

Okotoks

Supply is tight here, just over two months. The sales-to-listings ratio sits at 81 percent. The benchmark price is $608,400, down over one percent from July, and down almost two percent from last year.

Chestermere

The softest market in the region. The sales-to-listings ratio dropped below 30 percent. Months of supply jumped to nine. Prices dipped again, now down over one percent from last year.