The latest Calgary and Cochrane real estate market updates.
Cochrane Real Estate Market Update - October 2022
A pullback in new listings relative to sales activity caused the sales-to-new-listings ratio to push up to 90 per cent once again, causing inventories to trend down relative to last month. While overall inventories still remain higher than the exceptionally low levels seen last year, levels are still well below what is typically seen in the market.
While prices have eased off recent highs, at a benchmark price of $507,000, prices remain over 16 per cent higher than last years levels. Price growth has been mostly driven by the detached and semi-detached sector which have reported year-over-year gains exceeding 18 per cent.
October 2022 CREB® Calgary Regional Housing Market Statistics
Calgary Real Estate Market Update - October 2022
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October sales eased compared to last year’s levels, mostly due to slower activity in the detached sector. However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only two months to go, 2022 will likely post a record year in terms of sales.
“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”
New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000.
While conditions are not a tight as what was seen earlier in the year, with only two months of supply, conditions remain tighter than historical levels. We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges.
As of October, prices have eased by four per cent relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities. It is also important to note that the October benchmark price is still nearly 10 per cent higher than levels reported last year.
October 2022 CREB® Monthly Statistics City of Calgary
Housing Statistics - City of Calgary October 2022