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Calgary Real Estate Market Snapshot – October 1, 2024

Tuesday, October 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. As you can see our months of inventory is heading upwards.

Oct 1, 2024 Months of Inventory

Graph showing Months of Inventory for Calgary Real Estate Market

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

Sept 2024 Highlights

Change is here:

  • When we have such a long period of price increases it is only natural for them to come down and bounce around until they settle where they need to land.
  • Our Months of Inventory continues to rise (see graph above. We are now in a Buyer’s market position for Apartment Condos, and a balanced position for Detached Homes.
  • Inventory continues to rise a little each week.
  • Overall Benchmark Prices Decreased a little (a total for all sectors of $4,900 in the month of September.

Calgary Listing Inventory

The Calgary listing Inventory increased again in September in all sectors. Detached homes saw the largest increase of 15.77%. The lowest increase was in the Apartment Condo Sector – 9.96%

Calgary Sales:

Sales in September slowed again. Sales were down by 183 for all sectors from August Sales.  Sales were also down 17.6% from last September.  It is important to note although sales are down, they are still higher than our long-term average.

 Sales Compared to 2023: 

Sales in September compared to 2023 were down by 427 or (17.6%) This tells me the slowdown is not just seasonal, but that market is slowing.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117 3140
2024 1650 2135 2664 2881 3092 2738
Change +452 +397 +529 +195 -25 -402
% Change 37.7% 22.8% 24.8% 7.3% – .8% -12.8%

 

  July Aug Sept Oct Nov Dec
2022 2644 2716 2430      
2023 2380 2186 2003      
Change -264 -530 -427      
% Change <10% 19.6% 17.6%      

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price declined by a total of $4,900. Or .81%. The largest declines were in the Detached sector, the Semi-Detached sector and the Attached Row sector.  The lowest decline was in the Apartment Condo sector, and it was only $1500.

 

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

Year to date the entire market has increased by $26,800 or 4.7% which is substantial.

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors. The increases were between .10 to .79 with the lowest increase in the Semi-Detached Sector and the largest increase of .79 was in the Apartment Condo Sector.

My Prediction for what is ahead: 

In the next few months, I predict more of the same, Inventory rising, Sales dropping and prices to drop a little.

In the longer term, we are now also seeing decreases in the Interest Rates and there is still huge migration which leads me to speculate that either late this year or early next year we may see another decrease in inventory and rising 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.

 

Calgary Real Estate Board Stats Summary

Calgary Real Estate Board Stats Summary

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September : Calgary Real Estate Market Snapshot

Tuesday, September 3rd, 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. As you can see our months of inventory is heading upwards.

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).

August 2024 Highlights

Change is here:

  • Our Months of Inventory continues to rise (see graph above) however we are still in a Seller’s Market Position.
  • We are trending quickly towards a more balanced market.
  • Inventory continues to rise a little each week.
  • Overall Benchmark Prices Decreased a little in the month of August.

 

Calgary Listing Inventory

The Calgary listing Inventory increased again in August to 2.05 months of Inventory, a number that has not been seen since 2022. Although the Inventory increased again, we are still 17% lower than the long-term average for the month of August. One week does not make a trend nut last week say a decrease in inventory for the first time in 8 weeks.

 

Calgary Sales:

Sales in August slowed again and were 194 (8.15%) lower than the month of July. I see this as more of a seasonal decrease.

 

Sales Compared to 2023: 

Sales in August compared to 2023 were down by 530 or (19.6%) This tells me the slowdown is not just seasonal, but that market is slowing.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117 3140
2024 1650 2135 2664 2881 3092 2738
Change +452 +397 +529 +195 -25 -402
% Change 37.7% 22.8% 24.8% 7.3% – .8% -12.8%

 

  July Aug Sept Oct Nov Dec
2022 2644 2716        
2023 2380 2186        
Change -264 -530        
% Change <10% 19.6%        

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price declined by a total of $4,900. Or .81%. The largest declines were in the Detached sector and the Semi-Detached sector.

 

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

Year to date the entire market has increased by $31,700 or 5.56% which is substantial.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors. The increases were between .18 to .51 with the lowest increase in the Detached Sector and the largest increase of .51 was in the Semi-detached sector.

 

My Prediction for what is ahead: 

Based on what the current numbers are telling me, I believe for the next few months the market will level off if not slow a little more.

In the longer term, we are now also seeing decreases in the Interest Rates and there is still huge migration which leads me to speculate that either late this year or early next year we may see another decrease in inventory and rising 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.

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Calgary Real Estate Market Snapshot for Aug 1, 2024

Thursday, August 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. As you can see our months of inventory is heading up.

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  (my opinion).

July 2024 Highlights

Change is here:

  • Our Months of Inventory continues to rise. We are still technically in a Sellers Market, but we are trending quickly towards a more balanced market.
  • Inventory continues to rise a little each week.
  • Overall Benchmark Prices stayed much the same over July.

 

Calgary Listing Inventory

Our listing inventory increased again in July. All sectors increased by between 9.5%-12% except the Semi-Detached sector where the Inventory decreased by 2%.

 

Calgary Sales:

Sales in July slowed and ended up being 13.11% lower than Junes Sales. Part of this is the normal

trend of sales slowing in the summer due to vacations, but I believe a larger part of it is less buyers

pulling the trigger on a home purchase.

 

Sales Compared to 2023: 

Sales in July compared to 2023 were down 264 sales or 10.0% which tells me the slowdown is not just seasonal.

This is another indication to me that the market is finally starting to slow.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117 3140
2024 1650 2135 2664 2881 3092 2738
Change +452 +397 +529 +195 -25 -402
% Change 37.7% 22.8% 24.8% 7.3% – .8% -12.8%

 

  July Aug Sept Oct Nov Dec
2022 2644
2023 2380
Change -264
% Change <10%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price declined by a total of $1300. Or .21% so a small change.  which is a much smaller increase than what we have been seeing.

 

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

Year to date the entire market has increased by $36,600 or 6.42% which is substantial.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors. The increases were quite substantial compared to what we have seen in the last 8 months. Increases were:  Semi-Detached – .18,  Detached -.39, Attached Row- .16, Apartment Condos -.36

 

My Prediction for what is ahead: 

I believe the landscape has changed and the market will continue to soften over the next few months. I believe we will get back to a balanced market and prices will stabilize. My gut feel is that we will not get into a buyer’s market soon as Calgary is still seeing vast numbers of people moving here which is likely to keep the market active.

 

*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 Boards Stats

Calgary Real Estate Boards Stats

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Calgary Real Estate Market Snapshot for July 1, 2024

Tuesday, July 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. As you can see the months of Inventory started increasing for the first time in recent history in June.

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).

June 2024 Highlights

Change is on the way.

  • Inventory continues to rise a little each week.
  • The Market is slowing.
  • Every Sector remains in a deep Seller’s Market
  • Overall Benchmark Prices continue to rise but the increases are getting smaller.

 

Calgary Listing Inventory

Our listing inventory increased slowly but steady in June. Increases ranged between sectors at 10 % – 12% except the Attached Row Sector which increased by 15.8%.

Calgary Sales:

Sales in June decreased by 11.2% with the smallest decrease in the Detached sector at 7.73% and the largest decrease in the Attached Row sector at 19.26% Sales decreasing in June is a normal trend but its also a big change compared to what we have been seeing the last year. Yes, the market is slowing.

Sales Compared to 2023: 

Sales in June compared to 2023 were down 402 sales or 12.8%. This is another indication to me that the market is finally starting to slow.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117 3140
2024 1650 2135 2664 2881 3092 2738
Change +452 +397 +529 +195 -25 -402
% Change 37.7% 22.8% 24.8% 7.3% – .8% -12.8%

  

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by a total of $2,700 or .45% which is a much smaller increase than what we have been seeing. Sectors increases were consistent from .45% to 1.19%.

 

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

Year to date the entire market has increased by $37,900 or 6.65% which is substantial. Increases for sectors range from Detached Homes (10.07%), Semi-Detached Homes (9.41%), Attached-Row (9.29%), Apartment Condos (7.25%).

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory increased in all sectors by a little. All sectors were similar with increases between .24 and .34. All Sectors are between 1.13 months to 1.54 month putting every sector still in a Sellers Market Position.

 

My Prediction for what is ahead: 

Based on what I am seeing I believe we will continue to see our Inventory grow over the next several months. If the same trend continues then we would hit a balanced market withing 3 to 4 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.

 

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Calgary Real Estate Market Snapshot – June 1, 2024

Monday, June 3rd, 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).

May 2024 Highlights

Change is on the way.

  • Inventory is starting to increase (not substantially but consistently over last 3 weeks.
  • Every Sector remains in a deep Seller’s Market
  • Overall Benchmark Prices continue to rise.

 

Calgary Listing Inventory

Our listing inventory increased in May by 691 Listings or by 25.49% which in my opinion is substantial.  This is likely a sign that the market is starting to settle down.  The increase was in all sectors with Detached homes leading the pack.

 

Calgary Sales:

Sales increased again in May by 7.3% over April. This increase was evenly spread across all sectors except the Semi-Detached sector where it increased by only 4.

 

Sales Compared to 2023: 

Sales in May were down 25 sales (or .8%) from May of Last year.  This again is another indication that the market is starting to settle down a bit.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686 3117  
2024 1650 2135 2664 2881 3092  
Change +452 +397 +529 +195 -25  
% Change 37.7% 22.8% 24.8% 7.3% – .8%  

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $1,600 0r .27% in May. Increases per sector were as follows: detached $11,900, Semi-Detached $9,600, Attached Row $4,400 and Apartment Condos decreased by $5,700.

 

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

Year to date the entire market has increased by $35,200 or 6.17% which is substantial. Assuming that our inventory continues to increase then the sharp increases in prices should slow down.

 

 Current Months of Inventory (Absorption Rate):  Our Months of increased in all sectors by a little. Detached homes and Semi-detached increased the most at .23.

 

My Prediction for what is ahead: 

Based on what I am seeing I believe we will see our Inventory grow over the next several months. We have to keep in mind that what is driving the market is immigration and until the immigration settles down, we may see an increase in inventory but we I believe it will be small and we will stay in a seller’s market for some time to come.

 

*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 – May 1, 2024

Wednesday, May 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).

April 2024 Highlights

2024 Continues to Roar!

  • Inventory increased but only marginally.
  • Sales Increased 7.3% over last year and are much higher than long term trends.
  • Prices increased again!
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory increased in April, only by 179 listings so our inventory is still critically low especially in the lower price brackets.

Calgary Sales:

Sales increased again in April but only by 8.15% compared to a 24.8% increase from February to March.

As I have said before if we had more inventory the sales would be substantially higher.

 

Sales Compared to 2023: 

Sales in April were 195 (or 7.3%) over April of last year. Yes, this number has dropped compared to last month, so I point out that from march to April last year we saw a significant increase as I believe we were showing an increase due to the season.  This year we started off booming and it has stayed flatter.

  Jan Feb Mar Apr May June
2023 1198 1738 2135 2686    
2024 1650 2135 2664 2881    
Change +452 +397 +529 +195    
% Change 37.7% 22.8% 24.8% 7.3%    

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $6,100 or 1.02% in April. Increases were fairly consistent across all sectors.

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

Year to date the entire market has increases by $33,600 or 5.89% which is substantial. As long as we are inventory challenged these increases will continue.

 

Current Months of Inventory (Absorption Rate):  Our Months of Inventory remained flat this month with the largest change being an increase in Apartment Condos of .10 and a decrease in Attached Row Homes of .9. 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 .94 months of inventory we are deep in Seller’s market and prices will continue to rise. On the street I am seeing more offers on listings and the amount over list price appears to be rising.

If you are following Real Estate listings you will also notice that some listings, come on the market at what looks like an incredible deal! Some sellers are listing well below market value trying to create multiple offers and then those listings sell for substantially higher than list price.

 *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 Calgary Real Estate Stats Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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Market Snapshot – Calgary Real Estate April 1, 2024

Tuesday, April 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 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).

March 2024 Highlights

A booming start to 2024!

  • Inventory increased but only marginally.
  • Sales Increased 10% over last year and are much higher than long term trends
  • Prices increased again!
  • Seller’s market continues….

Calgary Listing Inventory

Our listing inventory increased in March but only by 177 listings across all sectors. The only sector the inventory decreased was in the Semi- Detached sector and that was by only 17 listings.

Calgary Sales:

Sales increased by 529 over last month. While it is normal to see sales increase in March over February this is a significant increase. I attribute this to new listings picking up in March.

Sales Compared to 2023: 

Sales in March were 529 (or24.8%) over March of last year. I attribute this to new listings picking up a bit. Demand in Calgary is still substantially higher than supply.

 

  Jan Feb Mar Apr May June
2023 1198 1738 2135      
2024 1650 2135 2664      
Change +452 +397 +529      
% Change 37.7% 22.8% 24.8%      

 

  July Aug Sept Oct Nov Dec
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by another $12,600 or 2.15%. Increases were evenly distributed between all sectors except Apartment Condos which only saw an increase of $8,100 or 2.46%.

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

Year to date the entire market has increases by $27,500 or 4.82% which is substantial.

 

 Current Months of Inventory (Absorption Rate):  Our Months of Inventory declined again, this month by  .15 putting us into an even deeper Sellers Market. No sectors increased this month. 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 .95 months of inventory we are deep in Seller’s market and prices will continue to rise. On the street I am seeing more offers on listings and the amount over list price appears to be rising.

 

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

 

See Calgary Real Estate Stats Below

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

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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 February 1, 2024

Thursday, February 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 of Months of Inventory

Graph of Months of Inventory

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

January 2024  Highlights

The seasonal slowdown is over and here we go again!

  • Inventory decreased again however only marginally.
  • Sales increased by 20.79 over December.
  • Prices increased slightly.
  • Seller’s market continues….

 

Calgary Listing Inventory

Our listing inventory declined but by only fourteen listings, so we are the same as last month.

 

Calgary Sales:

Sales in January increased over December by 20.79%   The reason for this increase is that new listings increased to 2137 new listings in January compared to 1248 new listings in December. I have said it before, and I will say it again that our sales depend on the number of listings as the demand is far more substantial than our supply.

 

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 extraordinarily strong so the more we can list the more we sell.

 

  Jan Feb Mar Apr May June
2022 1198
2023 1650
Change +452
% Change 37.7%

 

  July 2023 Aug 2023 Sept 2023 Oct 2023 Nov 2023 Dec 2023
2022 2249 2133 1893 1855 1642 1200
2023 2647 2729 2441 2171 1787 1366
Change +398 +596 +548 316 +145 +166
% Change +17.7% 27.9% +28.9% +17.1% 8.8% 15.5%

 

Calgary Real Estate Benchmark Sales Prices:

The overall Benchmark price increased by $2,200, All sectors increased except Semi-Detached which declined by $2,100. Detached homes saw the largest increase at $4,800.

 

Calgary Real Estate Benchmark Year to Date Sales Price:  Same as above. 

 

Current Months of Inventory (Absorption Rate): 

Our Months of Inventory declined again by .28 putting us into an even deeper Sellers Market. The only sector that increased was the Semi-Detached sector and it increased by .1.

My Prediction for what is ahead: 

2024 will be a year of a Sellers Market and we will see substantial price increases in all Sectors. The root cause of our market imbalance continues to be immigration and I do not see that changing anytime soon.

 

**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.

 

Blog Link:

 

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 Nov 1, 2023

Wednesday, November 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

Months of Inventory

 

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

October 2023 Highlights

The Calgary Market appears to be slowing a bit, but is it?

  • New listing in October were down 15.9% from September.
  • Sales declined by 11.06%
  • Listing Inventory declined by 5.51%
  • Prices increased moderately.
  • Seller’s market continues….

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3190 listings on the market. This number decreased by 5.31% since September.  It is quite normal that the number of new listings declines at this time of year.

Calgary Sales:

Sales in October were down by 179 or 5.31% from September.  The sectors that saw the largest decreases were Apartment Condos at -76 and Detached Homes at -80.  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.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for October were up by 17.1% 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    
2023 2647 2729 2441 2171    
Change +398 +596 +548 316    
% Change +17.7% 27.9% +28.9% +17.1%    

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price saw a slight increase in all sectors this month. The highest increase was $7400 in the Semi-Detached sector followed by $5,800 in the Attached-Row sector.

 

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 10.18% or $52,800.

The lowest dollar increases so far has been apartment condos at $41,800 and the highest is Detached homes at $78,000.  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): 

Sales numbers decreased more than our listing inventory decreased moving our months of inventory slightly higher for the second month in a row.  All sectors remain in a seller’s market position.

 

My Prediction for what is ahead:  Based on what I am seeing, I believe we are going to see more of the same – so a little less intense competition for the next 2 months.  I predict that once January hits we will increase the number of sales and move 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.

 

Calgary Real Estate Board Stats

Calgary Real Estate Board Stats

 

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