Calgary's October home sales flat over 2023, but supply for lower-priced homes lagging

The Calgary Real Estate Board (CREB) says October home sales were mostly flat compared with last year's levels, but remained around one-quarter higher than long-term trends for the month.

The board says 2,174 homes changed hands last month, which was 0.2 per cent higher than October 2023, as sales gains for homes priced above $600,000 offset declines at the lower end of the market.

On a month-over-month basis, home sales were up 8.6 per cent from September levels.

The benchmark price across all home types was $592,500 for October, around 0.7 per cent lower than the previous month but 4.5 per cent higher than October 2023.

There were 3,264 new listings on the market last month, 21.6 per cent more than a year earlier.

Ann-Marie Lurie, chief economist at CREB, says housing demand has stayed relatively strong in the market, but there likely would have been more activity if more supply choices existed for lower-priced homes.

The board says October inventory levels stood at 4,966 units, a 55 per cent gain from last year as nearly half of that was priced above $600,000.