Home prices soared last month in Calgary, with the total unadjusted benchmark price in April climbing to $550,800 – a new monthly record high according to the Calgary Real Estate Board.
Affordable Property Types Experienced the Most Gains
Following months of extremely low supply and tightening conditions, prices reached new peaks in nearly all property types. This was largely driven by a pullback in new listings resulting in greater competition among buyers.
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The steepest price growth was seen in row properties, where the benchmark price reached a new record high of $387,400 – a month-over-month increase of 2.5% and a year-over-year increase of over 7%. Also reaching a new record high, the benchmark price of semi-detached properties increased by just over 2% from March, now at $593,200.
The benchmark price of an apartment rose month-over-month by 2% to $299,400, marking a more than 10% increase from April 2022. It’s important to note that the apartment condominium sector was the only sector to experience a year-over-year sales increase and year-over-year new listings increase. Despite not seeing a price increase as high as the more affordable markets, detached house prices still rose to a new record high of $661,900.
Demand Outpacing Supply, Making Conditions Increasingly Tight for Buyers
Total residential sales were up from last month with 2,960 homes trading hands, however with only 3,133 new homes hitting the market the sales-to-new-listings ratio increased to 86%. A high sales-to-new-listings ratio indicates a strong sellers’ market with demand far outpacing supply. This leaves months of supply at just over 1.2 months, meaning conditions are even tighter than they were in March.
Row properties have the tightest conditions with a sales-to-new listings ratio of 95%. Semi-detached and detached properties are in similarly tight conditions, with sales-to-new-listings ratios of 89% and 88% respectively.
As for the surrounding communities, month-over-month sales were up in Airdrie, but with new listings down it had a sales-to-new listings ratio near 100. Cochrane actually reported higher inventory than last year, however nearly all new listings were sold so it had an extremely high sales-to-new-listings ratio of 98%.
If you’re looking for a home in Calgary, we’re here to help. Give us a call today to speak with an experienced real estate agent that can help you find exactly what you’re looking for.
