The Gord Piper & Associates Real Estate Blog

What is really happening in the Calgary Real Estate Market?

Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.

Months of Inventory

Gord’s commentary for the month (just my opinion).

April 2023 Highlights

The Calgary Market is continuing at a blistering pace!

• We have a supply problem. Our inventory increased by only 483 listings in March however the total number of listings is only 73.6% of last year so we are very low on listings.
• 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 February however if we had inventory sales would be much higher.

Calgary Listing Inventory

Listing inventory increased an overall of 17.56% in March with the highest increase in the Attached – Row sector (23.24%).  The lowest increase is in the Semi – Detached sector at 11.76.

Calgary Sales:

Total Sale in March increased by 692 or 39.77% over February, far outpacing the increase in inventory.  All sectors were above 23% with the highest increase in the Semi – Detached Sector at 55. %

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for March were down 40.55% when compared to last March 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.

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $10,900 or 2.05% in March. The highest increase was in detached homes at $13,900 up and the lowest increase is in the Apartment Condo Sector which was $7500.

Calgary Real Estate Benchmark Year to Date Sales Price:  See chart below.

For all of Calgary we have so far seen an increase of 4.43% or a $23,000 Increase

Current Months of Inventory (Absorption Rate): 

Once again our months of Inventory decreased by .25  This number is not going to change until we start seeing more listings hit the market.

My Prediction for what’s ahead:  Being that we are in a deep Sellers Market we will continue to see prices increasing.  My gut feeling is we will start to see an increase in inventory in April and will work towards a more balanced market over the next 6 months.  

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 neighbourhood, please contact us.

CREB Stats