In a slight change from what we have been reporting over the last few months, sales have increased in Calgary over the course of October. Fortunately, inventory has remained high at a number of 4 966 units, which is over 50% higher than last October.
The average residential price in Calgary is at $592 500, which is $5 000 lower than last month. Each type of home in Calgary is showing slightly lower prices again this month. Comparing prices with last year, the current average is about 5% higher than October 2023, which means the current average is almost $30 000 more than last year’s average. Detached homes show a price of $753 900, Semi-detached homes are at $677 000 even, and townhomes have an average price of $546 600. Finally, Apartments are selling for around $342 000 on average.
Regional analysis shows that all of the major cities around Calgary have seen some significant drops in their average prices. Airdrie has had a $5 000 drop, to $546 000, Cochrane’s seen a
$6 000 decrease, to about $572 000, and Okotoks prices dropped by a whopping $11 000 in only one month. Statistics for each city shows a large increase in inventory from last year, with an average of about 50% increase. Sales percentages are also higher than last year, with Okotoks presenting a 46% increase in sales compared to last year.
In most cases, when there are decreases to the mortgage rates, sales prices go up. It is interesting to consider that we have seen prices slowly start to decline, even after the rate decrease. It may be because the government is implementing staggered decreases in rates, a large drop in rates would probably lead to a big increase in prices. Considering this, it looks like homes will continue to become more affordable in the near future.