Calgary, Alberta, September 3, 2024 – Housing activity continues to move away from the
extreme sellers’ market conditions experienced throughout the spring. Easing sales,
combined with gains in supply, pushed the months of supply above two months in August, a
level not seen since the end of 2022.

“As expected, rising new home construction and gains in new listings are starting to support
a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB®. “This
trend is expected to continue throughout the remainder of the year, but it’s important to
note that supply levels remain low, especially for lower-priced properties. It will take time
for supply levels to return to those that support more balanced conditions.”

Inventory levels in August reached 4,487 units, 37 percent higher than last August but
nearly 25 percent lower than long-term trends for the month. Higher-priced properties
mostly drove the supply gains, as the most affordable homes in each property type
continued to report supply declines.

The supply gains were made possible by increased new listings in August and a
pullback in sales activity. There were 2,186 sales in August, representing a 20 percent
decline from last year’s record high, but still 17 percent higher than long-term averages for
the month. The sales declines were driven by homes priced below $600,000.

Following stronger-than-expected gains earlier in the year, price growth is
starting to slow. In August, the total unadjusted residential benchmark price was $601,800,
six percent higher than last year and just slightly lower than last month. Year-to-date, the
average benchmark price rose by nine percent.