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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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Calgary Real Estate Market Snapshot – June 1, 2023

Thursday, June 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

Months of Inventory

 

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

May 2023 Highlights

The Calgary Market is continuing at a blistering pace!

  • Months of Inventory declines again
  • Prices continue the upward trend.
  • New listings increased resulting in a sale increase.

 

Calgary Listing Inventory

There were only small changes in the listing inventory for the month resulting in 31 less listings as of today compared to May 1, 2023

 

Calgary Sales:

Sales increased in all sectors this month.  The overall increase was 15.99% The different sectors ranged from 13.78% for detached homes to 19.47% for Attached-Row.  In my opinion the cause of the increase in sales is because we had substantially more new listings hit the market this month. New listings went from 3132 in April to 3652 in May.  Sales should continue to be strong as the demand seems to be much higher than the supply.

 

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 3120
Change -805 -1565 -1659 -711 +57
% Change -40.1% -47.4% -40.55% -20.9% +1.9%

 

 Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $6,200 in May.  The largest increase was in the detached sector at $12,100 and the smallest increase was in the Apartment Condo sector at $4,500.  My predictions are that this trend will continue as the months of inventory is still very low putting us in deep seller’s market territory.

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

For all of Calgary we have so far seen an overall increase of 7.36% or $38,200. The lowest dollar increases so far has been apartment condos at $23,800 and the highest is Detached homes at $54,400.

 

Current Months of Inventory (Absorption Rate): 

Months of Inventory decreased again in all sectors making things even tighter.

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 still have to say this trend is going to continue for the next several 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 – 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 for Jan 1, 2023

Tuesday, January 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.

Calgary Real Estate Market Trend

Graph shows the months of inventory for all sectors in the Calgary Real Estate Market. Also show for each sector it that sector is in a Buyers, Sellers or Balanced Market position.

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

December 2022 Highlights

The Calgary Market continues to stay strong!

  • Our Inventory continues to decline, and we are well below normal levels of listings
  • Sales declined but not as much as Inventory
  • Months of Inventory declined again

 

2022 Summary at a Glance

The first half of the year sales were sky high and tapered off in the last half of the year.

  • Sales reached a record high in 2022 with 29,672 sales
  • As of January 1, there were 2214 listings on the market – the lowest level of Inventory for December in over a decade.
  • Calgary continues to report activity that is better than levels seen before the pandemic and higher than long term trends.
  • Benchmark Prices eased to $518,000 in December down 5% from the peak in May but are still almost 8% higher than December last year.

 

Calgary Listing Inventory

Listing Inventory declined again this month. In all sectors combined we are down 28.79% in listings from December 1st. While declining numbers of listings are normal for this time of year this is a steeper decline than what I would like to see. Although this is good for sellers, I think this could be another tough year for buyers.

 

Calgary Sales:

All sectors saw a decrease of sales in December, overall sectors the decline was 26.94% putting the decline of sales less than the decline of inventory (listings).

 

Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for December were down 30.61% when compared to last December of 2021. Although this looks like a substantial number, we also need to consider that last December is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. Overall sales in December were still 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 2157 2184 2108 1735
2022 2136 1901 1857 1648 1204
Change -10 -256 -327 -460 -531
% Change -.5% -11.9% -17.6% -21.8% 30.61%

  

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined declined by $1,400 in December. All sectors saw a decline except the Semi-Detached Sector that increased by $200.

 

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

Year to date the Calgary Benchmark Price increased by 7.81% in 2022. All the increases were between 7.8% to 9.8% except the Attached Row Sector which increased by 14.36%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The Detached and Attached Row houses both saw a small decline in the months of inventory.

The apartment condo market saw a slight increase of .11 while the Semi-Detached market saw a significant increase of .58 months of Inventory.

 

What might the first quarter of 2023 bring: (again just my opinion)

Based on what I am seeing, I believe that for the first half of the year we will continue to see a low inventory of listings. This is going to push sales numbers down as buyers are just not finding what they are looking for so are waiting. Depending what the Federal bank does with interest rates, but I speculate that we will see another 1 or 2 increases in the interest rate which will put more downward pressure on demand.

 

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 stat specifically for your neighborhood, please contact us.

Stats from the Calgary Real Estate Board

Shows the number of listings, sales, Benchmark Price and Months of Inventory for all sectors of the Calgary Real Estate Market for the last 2 months along with the change. Numbers are taken from the Calgary Real Estate Board Realtors Stats package.

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Calgary Real Estate Market Snapshot, December 1, 2022

Thursday, December 1st, 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).

November 2022 Highlights

The Calgary Market continues to stay strong!

  • Inventory continues to decline
  • Sales declined but not as much as Inventory
  • Months of Inventory declined again

 

Calgary Listing Inventory

Listing Inventory in all sectors declined this month by 20.02% overall. The largest % decline was in the Apartment condo sector followed by the detached home sector. It is very normal to see our Inventory decline at this time of year as many people do not want to sell their homes over the holiday season.

 

 Calgary Sales:

All sectors saw a decrease of sales in November except the Apartment Condo sector which saw a slight increase of 2.52% over October. Again, a decline in sales is normal at this time of year with Christmas coming (yes, already).

 

 Sales Compared to 2021: 

It is also important to look at sales compared to the Previous year. Sales for November were down 21.8% when compared to last November. Although this looks like an exceptionally substantial number, we also need to consider that Last November is when things in the Calgary Real Estate Market started getting heated so not meeting last years sales does not concern me at all. Sales in November were still 12% 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 2157 2184 2108  
2022 2136 1901 1857 1648  
Change -10 -256 -327 -460  
% Change -.5% -11.9% -17.6% -21.8%  

 

 Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all Detached homes, Attached Row homes and Apartment Condos declined by $4,200, $2,300, and $800, respectively. The benchmark price for Semi-Detached homes increased by $5,100 I believe the reason for this is some buyers are no longer able to buy detached homes with the price and interest rate increases pushing them towards the Semi-Detached sector.

 

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

Year to date the Calgary market has increased by 8.1%. See stats below for sector breakdowns.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory for all sectors decreased again this month in all sectors except Attached Row Homes which increased by .63 The total month of inventory is at 1.89 putting us clearly in a seller’s market position again. If the month of Inventory continues to decrease, then we could end up with another wild and crazy Jan – Feb – March.

 

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 in the first quarter of next year.

 

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.

All numbers vary by community and price ranges,  If you would like stat specifically for your neighborhood please contact us.

 

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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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