This relentless surge in demand is fueled by a growth story that has been unfolding for years, with no signs of slowing down. Alberta's attraction as a haven of opportunity continues to captivate individuals from all corners of the country and beyond. Travis Toews, Alberta's former Minister of Finance, summed it up perfectly, "Our lower cost of living, affordable housing, abundant jobs, higher earnings, and lower taxes are attracting newcomers from all over the country and abroad."

Moreover, the influx of people moving to Alberta, as shown by the significant increase in population from other provinces and international migration in the first quarter of 2023, adds to the need for housing. Many start as renters and gradually become homeowners, solidifying the region's growth story. With this trend expected to continue, we can confidently say that buyer demand in Alberta will last for years to come.

Notably, Alberta has the youngest demographic in the nation adding further momentum to our housing demand in the long run. The sheer magnitude of this demand cannot be ignored, even by the biggest fans of the Greater Toronto Area (GTA) and Greater Vancouver Area (GVA).

Now that we've looked at the sales data and understood the sustained demand that lies ahead, let's shift gears and explore the availability of properties in the market. Many have hoped for an influx of new listings to alleviate the tight conditions and provide prospective buyers with more options to explore.

Has this hope finally materialized?

The answer, though not a simple one, can be distilled into two parts—yes and no.

"Yes," in the sense that we have been diligently listing homes at near-record numbers. In June alone, nearly 4,000 new homes entered the market—a pace of approximately 133 homes per day. This supply meets the demands of the 105 sales per day we achieved the previous month. A historical analysis of the past three years reveals that we are consistently adding record numbers of properties to the market during this time of year. Considering the current pace, we shouldn't expect a significant surge beyond what we are already witnessing. Additionally, the landscape is augmented by new home construction, which has experienced a substantial uptick in Calgary. In fact, recent data released by the Canada Mortgage and Housing Corporation (CMHC) indicates a 36% increase in new construction activity in Alberta.

Calgary, in particular, has witnessed a busy construction scene, with a 17% year-over-year rise in housing starts between May 2022 and May 2023. Taylor Pardy, senior specialist of market analysis at CMHC, summarized the situation, stating, "What it means is that Alberta is actually doing pretty well, overall."

However, the answer is also a resounding "no" for buyers hoping for more options and the luxury of time in their decision-making process. Despite the steady influx of new listings, Calgary currently has an all-time low number of homes available for purchase—merely 3,474 in total. Naturally, this situation varies across property types, with new inventory replenishing at a faster pace in areas where demand is highest. For instance, the Apartment market witnessed a remarkable 48% surge in total sales and a 12% increase in new listings compared to the same period in 2022. Conversely, the Detached segment—the most expensive market—experienced a 3% increase in sales over the previous year, yet new listings lagged by 10% in comparison.