What is really happening in the Calgary Real Estate Market?
Months of Inventory in the Calgary Real Estate Market
Gord’s commentary for the month (just my opinion).
December 2022 Highlights
The Calgary Market is exploding again, as an agent I feel like I am reliving 2022!
- Our inventory edged up slightly, yet it is still extremely low.
- Multiple offers are being seen in all sectors with huge numbers of offers for Detached, Attached and Townhomes. Of course, they are selling well above list price.
- Sales increased over January however if we had inventory sales would be much higher.
Calgary Listing Inventory
Listing inventory increase an overall of 12.2% in February. Keep in mind that December is typically the lowest inventory months and the next several months you will see increases.
Calgary Sales:
Total Sale in February increased by 45.12% over January. This is a substantial increase however it is also important to note that this increase is substantially higher that our inventory increase which is putting upward pressure on the market.
Sales Compared to 2022:
It is also important to look at sales compared to the Previous year. Sales for February were down 47.4% when compared to last February of 2022. Although this looks like a substantial number, if we had more inventory sales would have been higher – it is a supply problem not low demand causing lower sales.
| Jan | Feb | Mar | Apr | May | June | July | |
| 2022 | 2004 | 3293 | 4107 | 3401 | 3071 | 2842 | 2254 |
| 2023 | 1199 | 1740 | |||||
| Change | -805 | -1553 | |||||
| % Change | -40.1% | -47.16% |
Calgary Real Estate Benchmark Sales Prices:
The overall benchmark price increased by $1.92% in February. The highest increase was in the Apartment Condo Sector, followed by the Attached Row Sector, Detached,
and then Semi Detached.
Calgary Real Estate Benchmark Year to Date Sales Price: See chart below.
For all of Calgary we have so far seen an increase of 2.33% or $12,100.
Current Months of Inventory (Absorption Rate):
The months of inventory decreased of.46 which is substantial. This increase was about the same in all sectors except Semi-Detached homes which decreased by .21 Even with the slight increase every sector is currently in a seller’s market position with the Attached-Row sector being the lowest months of inventory at 1.04
Question: Why is Calgary’s Real Estate Market so different from the rest of Canada.
Answer: Immigration
The number of people moving to Alberta is huge, here is a start from the Alberta Government.
Population
Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.
All numbers vary by community and price ranges, if you would like stats specifically for your neighborhood, please contact us.
Calgary Real Estate Board Stats