Strong migration and low supply drive Calgary housing prices in 2023
Sales in 2023 did ease relative to 2022 peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic. There was notable shift in activity toward more affordable condominium style homes.
“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie.
“At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”
Inventory levels were below long-term trends throughout most of the year, averaging a 44% decline over the 10-year average. Months of supply remained well below 2 months throughout most of the year across homes priced below $1,000,000.
The tight conditions contributed to our city's new record high price. While the average annual benchmark price growth did slow from 12% in 2022 to nearly 6% growth in 2023, the price growth was still relatively strong especially compared to some markets in the country.
Detached Homes
- Detached sales decreased by -2.6% compared to a year ago
- New listings increased by 16% compared to a year ago
- Inventory decreased by -4% compared to a year ago
- Benchmark Price increased by 13% to $697,400 compared to a year ago
Semi-Detached Homes
- Semi-Detached sales increased by 33% compared to a year ago
- New listings decreased by -2% compared to a year ago
- Inventory decreased by -19% compared to a year ago
- Benchmark Price increased by 12% to $627,100 compared to a year ago
Row homes (townhouses)
- Townhouse sales increased by 35% compared to a year ago
- New listings increased by 37% compared to a year ago
- Inventory increased by 3% compared to a year ago
- Benchmark Price increased by 20% to $425,100 compared to a year ago
Apartment Units
- Apartment unit sales increased by 28% compared to a year ago
- New listings increased by 30% compared to a year ago
- Inventory increased by 4% compared to a year ago
- Benchmark Price increased by 19% to $321,400 compared to a year ago
Contact Emin for full real estate statistics package.