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Calgary Real Estate Market Snapshot – March 1, 2024

Friday, March 1st, 2024

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.

Graph showing Months of Inventory for Calgary Real Estate Market

Graph showing Months of Inventory for Calgary Real Estate Market

 

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

February 2024 Highlights

A booming start to 2024!

  • Inventory increased but only marginally.
  • Sales Increased
  • Prices increased!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in February but only by 205 listings of which half of the increase is in the Apartment sector.

 

Calgary Sales:

Sales increased by 485 sales (or 29.4%).  This number is not surprising as the end of the year is always the low point and sales will normally increase from here until May or June.

 

Sales Compared to 2023: 

It is also important to look at sales compared to the Previous year. Sales for February beat sales from February 2023 by 397 or 22.8%.

 

  Jan Feb Mar Apr May June
2023 1198 1738
2024 1650 2135
Change +452 +397
% Change 37.7% 22.8%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $12,700 or 2.22%. Increases were seen in all market sectors with Detached homes leading (2.72%) followed by Attached Row (2.37%), then Semi-detached homes at (2.26%) and finally Apartment Condos at 1.73%

 

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

Year to date the entire market has increases by 2.61% with 2.22% of that being in February only.

Again, all sectors are up year to date.

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .20 putting us into an even deeper Sellers Market. The only sector that increased was the Attached Row sector and it increased by .01%

Keep in mind that anything below 2.5 is in a seller’s market position so we are deep in Seller’s market territory and prices will continue to rise.

 

My Prediction for what is ahead:  Anything below 2.5 months of Inventory is in a seller’s market position so at 1.1 month of inventory we are deep in Seller’s market and prices will continue to rise.

 

*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.

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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Calgary Real Estate Market Snapshot for Jan 1, 2024

Tuesday, January 2nd, 2024

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.

Graph of Months of Inventory

Graph of Months of Inventory

 

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

December 2023 Highlights

The Calgary Market remains tight – exceptionally low in supply.

  • Sales declined by 11.06%
  • Sales are up from last December.
  • Prices declined marginally.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory remains extremely low with a total of 2164 listings on the market. This number decreased by 27.6% from November. It’s important to note that this number is only 55 listings lower than on Dec 31, 2022.  It is quite normal that the number of new listings declines at this time of year and I’m confident we will start seeing this number increase.

Calgary Sales:

Sales in December were down by 421 or 23.5% from November. The decreases were somewhat consistent in all sectors. This decline is very normal in December as Holiday celebrations trump Real Estate for many people.

As I have said many times what is keeping our sales down is our Inventory if there were more listings we would certainly sell more. It is interesting to note that Row Houses only decreased by 5.2%

 Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for December were up by 13.8% from last year. The demand is still extraordinarily strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1785 1366
Change +398 +596 +548 316 143 166
% Change +17.7% 27.9% +28.9% +17.1% 8.7% 13.8%

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price decreased by $2,600 this month. The largest decreases were in the Attached-Row sector followed by Detached and then Semi-Detached. Price of Apartment condos increased by $1,300.

 

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

For all of Calgary in 2023, we saw an increase in all sectors of 9.89% or $51,300.

The lowest dollar increase was apartment condos at $46,600 followed by Attached Row at $66,800 then Semi-Detached at $64,100, and the highest sector is Detached homes at $77,800. It is important to note that this is a Calgary number and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

All sectors except Apartment Condos saw a small decrease in the Months of Inventory. Apartment Condos increased by .12. All sectors remain fairly deep in a seller’s market position.

 

My Prediction for what is ahead:  In 2024, I believe we are going to see more of the same. I know the demand is outpacing the supply by quite a but. What this means if we list more homes then it will increase our Sales not our inventory so we can expect a low inventory throughout 2024. Sales will either stay on pace or increase, and the months of inventory will remain low keeping us in a seller’s market ultimately increasing prices again.

 

**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.

 

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot for dec 1, 2023

Friday, December 1st, 2023

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.

Graph of Months of Inventory

Graph of Months of Inventory

 

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

October 2023 Highlights

The Calgary Market appears to be slowing a little.

  • New listing in November were down 17% yet were up 38% from last year.
  • Sales declined by 18.2%%
  • Prices increased moderately.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our inventory of listings declined in November by only 206 listings.  This is very normal as the normal trend is to see less new listings at this time of year.  When I look at last year the decline from Oct to Nov was 773 so the listing inventory change is much smaller this year.

Calgary Sales:

Sales in November were also down 382 Sales from October.  Seeing this decrease is very normal as moving towards the holiday season we typically see a slowdown.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for November were up by 8.8% from last year.  The demand is still very strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 2004 3305 4091 3401 3071 2837
2023 1199 1740 2432 2690 3120 3146
Change -805 -1565 -1659 -711 +57 +309
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642  
2023 2647 2729 2441 2171 1787  
Change +398 +596 +548 316 +145  
% Change +17.7% 27.9% +28.9% +17.1% 8.8%  

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price saw a slight increase in all sectors this month.  The overall benchmark price increased by $1,100 in November. The highest increase was $3900 in the Attached-Row sector followed by an increase of $3500 in the Apartment Condo sector. Detached homes gained $1,900 while Semi-Detached homes remained flat.

 

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

For all of Calgary year to date we have so far seen an increase in all sectors of 10.29% or $53,900.

Here are the dollar increases for each sector:

Detached: $79,900

Semi Detached: $65,700

Attached Row: $70,800

Apartment: $45,300

It is important to note that these are Calgary overall numbers and each community within Calgary will be different – some higher and some lower.

 

Current Months of Inventory (Absorption Rate): 

With the number of sales dropping less than the number of listings our Months of Inventory have been pushed up.  The largest change is in the Attached Row Sector which increased by .53.

While all sectors are increasing their months of inventory keep in mind that we are still very much in a seller’s market.

 

My Prediction for what is ahead:  Based on what I am seeing and taking history into account, I believe we will see the same slowing trend in December.  I believe this is going to be short lived and in January we will start to see the trend reverse pushing us into a deeper seller’s market.  This prediction is largely based on what is driving demand (immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards throughout 2024.

**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.

 

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot – Aug 1, 2023

Tuesday, August 1st, 2023

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).

July 2023 Highlights

The Calgary Market is maintaining its strength, although there are signs of change on the horizon.

  • Sales were the strongest July on record.
  • Months of Inventory increased by .22 for the month.
  • We remain in a deep seller’s market.

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3488 listings on the market, an increase of 30 since July 1, 2023.  Its important to note that new listings are trending slightly up, but they are being absorbed so the inventory is not increasing at a pace we typically expect at this time of the year.

Calgary Sales:

Sales in July were 2647 making this the best July on record with the Calgary Real Estate Board.   Sales were down by 499 compared to June but it is normal that once we hit July sales decline every month until the end of the year.  What’s interesting is that sales were 309 higher than last year.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2837 2249
2023 1199 1740 2432 2690 3120 3146 2647
Change -805 -1565 -1659 -711 +57 +309 +398
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9% +17.7%

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by $3000 or .53%. The largest gain was in the Attached -Row sector with an increase of $7,500 which happens to be the same sector that saw the smallest increase in months of inventory.

 

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

For all of Calgary we have so far seen an increase in all sectors of 9.43% or $48,900. The lowest dollar increases so far has been apartment condos at $31,100 and the highest is Detached homes at $70,900.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory has increased for the second month in a row, which tells me that the direction is changing.  Our overall months of inventory is 1.32. Months of inventory below 2.5 indicates a seller’s market so we are still deep in a seller’s market.  The largest increase in Months of Inventory was in the Detached sector increasing by .35. Note the Attached-Row sector saw the smallest increase of .10.

 

My Prediction for what is ahead:  Based on what is driving demand (largely immigration) and I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards although based on trends I see us slowly climbing out of the seller’s market.

*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

See Stats from the Calgary Real Estate Market Below

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot, July 1, 2023

Tuesday, July 4th, 2023

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).

May 2023 Highlights

The Calgary Market is continuing at a blistering pace!

  • Another new sales Record – 3146 Sales
  • Prices continue the upward trend.
  • New listings increased resulting in a sale increase.
  • Listing inventory remains very low.

 

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3457 listings on the market, an increase of 251 since June 1, 2023.  Its important to note that new listings are trending slightly up, but they are being absorbed so the inventory is not increasing like we typically expect at this time of the year.

 

Calgary Sales:

Sales in June set another new record high with 3146 sales, an increase of 26 sales from May.  What is interesting is that sales in June were 309 above June sales which is 10.9% higher than last year. I still believe that one of the largest reasons for the continuous increase in sales in the increased level of immigration. For the time being I do not see anything that is going to change that trend so I predict we will continue to see strong sales at least through the end of this year.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2837  
2023 1199 1740 2432 2690 3120 3146  
Change -805 -1565 -1659 -711 +57 +309  
% Change -40.1% -47.4% -40.55% -20.9% +1.9% +10.9%  

 

 Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by $7,700 or 1.38% All sectors increased fairly equally.

 

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

For all of Calgary we have so far seen an increase in all sectors of 8.85% or $45,900. The lowest dollar increases so far has been apartment condos at $28,400 and the highest is Detached homes at $65,500.

 

 Current Months of Inventory (Absorption Rate): 

Months of Inventory has finally started to turn the corner with an overall increase from 1.03 to 1.10 which still leaves us in a deep Sellers Market.

My Prediction for what is ahead:  Based on what is driving demand (immigration) and the fact I do not see that changing any time soon, I predict sales are going to remain strong and prices are going to continue to trend upwards.  One thing I am seeing on the street is even though we are still in a very strong sellers market, the  buyers are starting to act much more cautiously and while their offers are still often coming in above list price they are coming in only a little above list compared to what I was seeing a few months ago.

**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.

 

Calgary Real Estate Board Stats

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Calgary Real Estate Market Snapshot

Tuesday, May 2nd, 2023

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!

  • New listings declined again. We had 3183 compared to 4885 last year.
  • Inventory is still Low – We are at our lowest inventory level since 2007.
  • Benchmark prices increased in all sectors for a total of $9,000.

  

Calgary Listing Inventory

Listing Inventory is identical to last month, this is concerning as normally at this time of year our listing inventory increases and this year it is remaining flat. It seems like everything we list is getting sold almost immediately.

 

Calgary Sales:

Sales increased over last year by 261 this month. Sales for Attached Row homes declined by 154 (again this is due to having no listings to sell). All other sectors increased marginally.

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for April were 711 less than last year. Again, in my opinion this is simply due to not having enough Inventory on the market.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2842 2254
2023 1199 1740 2432 2690
Change -805 -1565 -1659 -711
% Change -40.1% -47.4% -40.55% -20.9%

 

 Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased in all sectors with the overall increase being $9,000 or 1.66%. The increase was similar in all sectors. It is my opinion that until our Inventory situation changes, we will continue to see increases like this.

 

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

For all of Calgary we have so far seen an increase of 6.17% or $32,000. The lowest dollar increase so far has been apartment condos at $24,600 and the highest is Detached homes at $42,300.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory decreased in the Detached and Semi-Detached sectors and increased slightly in the Attached-Row and Apartment sectors.

 

My Prediction for what is ahead:  Being that we are in a deep Sellers Market, we will continue to see prices increasing. As we have seen all new inventory get sold right away and no net gain, I have to predict this trend is going to continue for the next several months.

 

All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate Stats May 1, 2023

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Calgary Real Estate Market Snapshot – April 1, 2023

Monday, April 3rd, 2023

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.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4091 3401 3071 2842 2254
2023 1199 1740 2432        
Change -805 -1565 -1659        
% Change -40.1% -47.4% 40.55%        

 

  

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

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Calgary Real Estate Market Snapshot Nov 1, 2022

Wednesday, November 2nd, 2022

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

Chart shows the months of Inventory for all sectors of the Calgary Real Estate Market for the last year.

 

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

October 2022 Highlights

The Calgary Market continues to stay strong!

  • Inventory Declined substantially
  • Sales declined
  • Benchmark price declined slightly
  • Months of Inventory decreased a little.
  • Overall, still a great market, especially for sellers.

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 12.7% overall. The largest decline was in the detached sector (-272) followed by the Apartment Condo Sector (-133) and Attached- Row-Homes  (-117). It is very normal for sales to decline in Oct and will likely continue to do so until the new year.

 

Calgary Sales:

All sectors saw a decrease of sales in September. The total decrease in sales was only 2.31% and was spread equally between sectors. My sense is most of the decrease is due to seasonal trends and a shortage of inventory on the market.

  

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for October were down 17.6% when compared to last October. Sales compared to long term trends are still on the high side.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

 

 

  Aug Sept Oct Nov Dec
2021 2146 2157 2184    
2022 2136 1901 1857    
Change -10 -256 -327    
% Change -.5% -11.9% -17.6%    

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $3,500 for the month. Detached and Semi-Detached homes lost $4,100 and $3,700, respectively. Attached Row Homes decreased by $1,100, and Apartment condos decreased by $100

 

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

Year to date the Calgary market has increased by 8.87%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory took a turn this month and, in all Sectors, decreased marginally. When a market goes up like it has in Calgary it then typically goes down and then will go up and down until it settles, I believe we have now had the down cycle and we are going up to find the new normal.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing with the Inventory, my prediction is that we are going to be in a tight market for the next few months. I personally have several buyers who are just waiting for something to come on the market that fits their criteria. I see this trend continuing and therefore prices are likely to increase again.

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot – October 1, 2022

Monday, October 3rd, 2022

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 Trendline

Months of Inventory Trendline

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

August 2022 Highlights

I find it extremely interesting that while the numbers say we are clearly in a Sellers Market, on the street buyers are acting like we are in a Buyers market.

  • Inventory and sales declined a little
  • Benchmark price declined slightly
  • Months of Inventory increased but by very little.

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 6.8% overall. The largest decline was in the detached sector (-171) followed by the Apartment Condo Sector (-123). The other sectors were almost flat. It is very normal for sales to decline in Oct and will continue to do so until the new year.

 

 Calgary Sales:

All sectors saw a decrease of sales in September. The total decrease in sales was 11% and was spread equally between sectors. When I read the full Calgary Real Estate Boards Statistics package, they are saying that activity is still far stronger than levels achieved prior to the pandemic and is well above long term trends for September. My sense is most of the decrease is due to seasonal trends and the rising interest rates may have started to have a slight impact.

 

 Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for September were down 11.9% when compared to last September. This is the first time in months that we have seen a decrease from last years sales. When I read the full Calgary Real Estate Boards Statistics package they are saying that activity is still far stronger than levels achieved prior to the pandemic and is well above long term trends for September.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

  

  Aug Sept Oct Nov Dec
2021 2146 2157      
2022 2136 1901      
Change -10 -256      
% Change -.5% 11.9%      

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $4,400 for the month. Detached and Semi-Detached homes lost $5,000 and $6,900 respectively. Attached row homes increased by $800 while apartment condos increased by $200 in September.

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

Year to date the Calgary market has increased by 9.6%.

Current Months of Inventory (Absorption Rate): 

The month of inventory is still trending upwards but by much smaller numbers than we have seen in past months. Detached, Semi-Detached and Row homes are still sitting in a Sellers market position while Apartment condos are in a balanced market position.

 

What might the last quarter of 2022 bring: (again just my opinion)

Based on what I am seeing we are still trending towards a more balanced market however the move is getting slower. I believe after the surge we had in the early part of the year the market is just trying to figure out our new normal and since the amount the market is changing is decreasing, we might be at our new normal.

 

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot – Sept 1, 2022

Thursday, September 1st, 2022

What is really happening in the Calgary Real Estate Market?

Months of Inventory Trendline

Months of Inventory Trendline

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.

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

August 2022 Highlights

  • Inventory continues to decline
  • Sales below last month but almost equal to August 2021
  • Prices in all sectors dropped
  • Prices year over year are still way up

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 8% to 16%

It is typical to see our inventory decline and it will continue to decline until the new year.

 

Calgary Sales:

All sectors saw a decrease in sales in August compared to July except apartment Condos and they increased by eleven sales. The decline overall was exceedingly small with total sales in August being only 118 sales less than July.  This works out to only a 5.24% decrease compared to the 8% to 16% decline in our Inventory. Another trend I am seeing in the sales category is there is slightly less activity in the detached sector and more activity in other sectors and it is because of the Mortgage rates and higher prices some people can no longer afford detached homes, so they are looking at other options.

  

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. August sales were only ten sales less than August 2021. This confirms for me that the decline in sales we are seeing is seasonal.

The Calgary Real Estate Board is also indicating that our August Sales were well above the long-term average.

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981 2914 2314
2022 2009 3305 4107 3401 3071 2842 2254
Change + 802 1474 +1204 +197 90 -72 -60
% Change + 66.4% +180.5% +141.5% +1.06 +1.03% 2.5% 2.7%

  

  Aug Sept Oct Nov Dec
2021 2146        
2022 2136        
Change -10        
% Change -.5%        

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $8,200 for the month.

I attribute this to when we go back a few months, and everything was selling in competing offers some consumers bid extremely high to make sure they got the home.  With competing offers happening less frequently buyers are becoming more cautious in what they are paying. In summary we were artificially high, and the market is just settling out to where it should be.

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

Year to date all sectors have seen substantial increases with the highest increases being in the detached sector. See chart below for details. Even though prices dropped a little last month the overall Benchmark price for all sectors is still 10.52% higher than in January of this year.

Current Months of Inventory (Absorption Rate): 

The months of inventory declined in all sectors during August. Simply put our Inventory decreased by 10.5% and our sales only decreased by 5.24%. What I find interesting is if you look at my graph above months of inventory increased for about three months and now it declined again.  This is just the market trying to figure out where it should be in our new normal.

 

What might the last half of 2022 bring: (again just my opinion)

Although we had one month of our Months of inventory decreasing, we are on our way towards a more balanced market. As noted above apartment condos have already entered balanced territory. This depends on if the Bank of Canada does another interest rate hike which I believe is likely.

 

Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.

Calgary Real Estate

Key Stats from the Calgary Real Estate Boards Stats Package.

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