September 2021 Update

Market Update as Of September,2021: –

Residential sales in month of September,2021 is 2,162 which is 26.7% higher than last year and almost touching the record high for month recorded since September,2005. “Market still continues to favour seller but it’s not as tight as they were earlier this year” said CREB chief economist Ann-Marie Lurie. Inventory levels of detached properties is under two months whereas, apartment condominium sector is not facing any supply challenges as its inventory available for this sector is nearly five months based on current demand levels. The prices of residential properties have gone down a little but is still 8.6% higher than last year. As of September, benchmark prices for a residential property is $457,900. There is some movement in prices and sales relating to different sector of houses which has been categorized as following: –

• Detached Properties

The benchmark price for detached houses is at $537,500 as of September,2021 which is slightly lower than last month’s $538,700 but still 10% more than last year. One of the factors contributing to the rise in sale price of detached property is inventory which is down 12% lower than last year September. Moreover, consumer’s interest is rising in detached property putting pressure on inventory for this sector.

• Semi-Detached Properties

Tight inventory situations faced by consumers in detached property is shifting people’s interest to Semi-detached properties making it’s sales increase by 45% from last year September standing at 2,005 in sales this year and a benchmark price of $424,900 which is lower than last month but 8.4% higher than last year.

• Row Houses

The benchmark price for Row houses is at $299,600 with low supply at less than three months. There were 318 sales which happened in this sector for the month of September making a total of 3,057 sales for this year, which is 62% above long-term trends. Tighter conditions have supported price growth across all districts of Calgary so far in 2021.

• Apartments

The conditions for this type of property remain balanced as the supply remained just below five months in September. The benchmark price for this type of property is $253,200 which is 1.2% higher than last year. There was a boost in new listings in the month of September helping some gains in sales activity for these properties.

Source Of Above Information: Calgary Real Estate Board (CREB)