Market Updates

The latest Calgary and Cochrane real estate market updates.

Cochrane August 2022

In August, easing sales were met with gains in new listings, causing the sales-to-new-listings ratio to drop to 70 per cent in Cochrane. The rise in new listings compared to sales caused inventory gains, but levels are still far below what is typical for our market.

 

The gains in inventory did support a shift toward more balanced conditions, but with a month of supply still averaging just over two months, conditions remain tight. Benchmark prices in the centre remain relatively stable this month but is still nearly 17 per cent higher than levels reported last year.

August 2022 CREB® Calgary Regional Housing Market Statistics


Calgary August 2022

August sales activity was comparable to the strong levels recorded last year and well above long-term trends for the month.

 

While sales have remained relatively strong, there continues to be a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.

 

“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said CREB® Chief Economist Ann-Marie Lurie. “This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”

 

At the same time, new listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply.

 

Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months. This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.

 

For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11 per cent higher than last year.

August 2022 CREB® Monthly Statistics City of Calgary

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