City of Calgary, August 1, 2023 – Rising rates had little impact on sales this month
as the 2,647 sales represented a year-over-year gain of 18 percent, reflecting the
strongest July levels reported on record. The record-setting pace has been driven
mainly by significant gains in the relatively affordable apartment condominium
sector. Despite recent gains, year-to-date sales have declined by 19 percent over
last year.

In line with seasonal expectations, sales and new listings trended down compared
to last month. However, this had minimal impact on inventory levels, which
remained near the July record low set in 2006. With a sales-to-new-listings ratio of
82 percent and months of supply of 1.3 months, conditions continue to favour
the seller.

“Continued migration to the province, along with our relative affordability, has
supported the stronger demand for housing despite higher lending rates,” said
CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to
struggle with supply in the resale, new home and rental markets resulting in further
upward pressure on home prices.”

In July, the unadjusted total residential benchmark price reached $567,700,
marking the seventh consecutive monthly gain. Prices are now over four percent
higher than the previous peak in May of 2022.