Posts Tagged ‘Calgary Home Prices’

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Sept 1, 2023 Calgary Real Estate Market Snapshot

Saturday, September 2nd, 2023

What is really happening in the Calgary Real Estate Market?

 

Months of Inventory

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

August 2023 Highlights

The Calgary Market is maintaining its strength, with no substantial change.

  • August sales reached a record high with 2729 sales.
  • August inventory dropped to a record low of 3254 units, well below the 6000 units typically available.
  • Prices continue to increase.
  • Seller’s market continues.

Calgary Listing Inventory

Our listing inventory remains very low with a total of 3254 listings on the market, a decrease of 234 units since August 1st.   Its important to note that new listings are up, but they are being absorbed so the inventory is not increasing. Typically, in August we would see inventory rising but that is just not happening.

Calgary Sales:

Sales in August were up by 82 or 3.1% over July.  The largest sales increase was in the Apartment condo sector at 13.47%.

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for August were up by 27.9% from last year.  I attribute this to an increase in listings.  The demand is certainly still large 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        
2023 2647 2729        
Change +398 +596        
% Change +17.7% 27.9%        

 

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price continues to increase. The overall benchmark price increased by$3000 or .53%.   The increase in Benchmark was consistent across all Sectors.

 

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% or $51,900.

The lowest dollar increases so far has been apartment condos at $34,300 and the highest is Detached homes at $77,100.  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): 

Months of Inventory has decreased in all but the Semi-Detached sector which saw a very small increase. This decrease is a change from last month when months of inventory rose.

My Prediction for what is ahead:  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 although based on trends I see us slowly climbing out of the seller’s market, but it will likely take 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.

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

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 Feb 1, 2023

Thursday, February 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 Calgary Real Estate

 

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

December 2022 Highlights

The Calgary Market is exploding again, as an agent I feel like I am reliving 2022!

  • Our inventory edged up slightly.
  • Demand for homes under the $600,000 price range has exploded, as long as listings are priced reasonably I am seeing between 5-15 offers on most listings, and of course they are selling well above list price.
  • Sales increased marginally over December.
  • Months of Inventory increased slightly.

 

Calgary Listing Inventory

Listing inventory increase an overall of 10.7% this month.  Keep in mind that December is typically the lowest inventory months and the next several months you will see increases. The economist for the Calgary Real Estate Board indicated that the level of new listings in January fell to the lowest level seen since the late 90s.

 

Calgary Sales:

Total Sale in January were 5 less than in December or down .42% It is critical to understand this is in no way a lack of demand, but a lack of supply (inventory).

 

Sales Compared to 2022: 

It is also important to look at sales compared to the Previous year. Sales for December were down 40.1% when compared to last December of 2022. 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. As noted above if we had more inventory sales would have been higher – it is supply not demand causing lower sales.

 

  Jan Feb Mar Apr May June July
2022 2004 3305 4107 3401 3071 2842 2254
2023 1199            
Change -805            
% Change -40.1%            

   

Calgary Real Estate Benchmark Sales Prices:

The overall benchmark price increased by $2,100 for January.  Increases were in all sectors except for Semi-Detached homes which saw a decrease of $3,800.

 

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

Same as above.

 

Current Months of Inventory (Absorption Rate): 

The months of inventory increased a total of .21.  This increase was in all sectors except Semi-Detached homes which decreased by .59   Even with the slight increase every sector is currently in a seller’s market position.

 

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.

 

Calgary Real Estate Stats for 2023 – Information from the Calgary Real Estate Board

Calgary Real Estate Stats

Calgary Real Estate 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 – 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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Calgary Real Estate Market Snapshot: July 1, 2022

Wednesday, July 6th, 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

Months of Inventory

 

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

June 2022 Highlights

  • Inventory Increased marginally
  • Sales decreased marginally
  • All sectors are still in a seller’s market position except Apartment Condos which are in a balanced market position.
  • Overall, we saw a marginal decrease in prices.

Calgary Listing Inventory

Listing inventory increased in all sectors combined by a total of 205 listings. Attached Row homes decreased by 32 while all other sectors increased.

 

Calgary Sales:

Sales in all categories decreased from May. The decrease for all sectors was only 229 less sales than May. The only sector that did not see a decrease is the Row Home sector and sales were even with last month.

  

Sales Compared to 2021: 

Calgary home sales for June were just slightly lower than June of 2021. June sales this year were down by 72 over 2021 or 2.5%.

 

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

 

 

  Aug Sept Oct Nov Dec
2020 1574 1702 1763 1438 1199
2021 2151 2162 2186 2110 1737
Change +577 +456 + 423 +672 +538
% Change 136.6% 126.7% 123.9% 146.7% 144.9%

 

 

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors combined decreased by $2100 for the month.

 

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.

Current Months of Inventory (Absorption Rate): 

The months of continues to increase at a slow rate. Over all sectors, the months of Inventory increased by .21. The only sector bucking this trend is the Row House sector and it decreased marginally at .06.

 

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

Based on what I am seeing we are on our way towards a more balanced market. As noted above apartment condos have already entered balanced territory. If we keep up at the same pace, I estimate it will be September until we hit a balanced market position across the board.  What is interesting is this is after mortgage rates went up which seems to be having little affect on the market so far.  Time will tell, but Alberta’s economy seems to be doing much better and lots of people are moving to Calgary which may keep our market relatively strong compared to other parts of Canada.

 

Calgary Real Estate Board Stats

Key Stats from the Calgary Real Estate Boards Stats Package.

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Calgary Real Estate Market Snapshot for June 1, 2022

Wednesday, June 1st, 2022

What is really happening in the Calgary Real Estate Market?

Change is  happening

 

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 2022 Highlights

  • All sectors increased the months of Inventory this month.
  • All sectors however are still in a seller’s market position
  • All Sectors showed marginal increases in price

Calgary Listing Inventory

Listing inventory increased in all sectors combined by a total of 350 listings. Detached and Semi-Detached increased the least both under 6% while Apartment Condos and Row Houses increased by 11.2% and 12.75%. See chart below for details

 

Calgary Sales:

Sales in all categories decreased from April. The decrease for all sectors was less than 50 except detached homes where the decrease was 231 sales less. See chart below for details

  

Sales Compared to 2021: 

Calgary home sales for May were just slightly higher than in May 2021 – by 90 Sales or 1.03%

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204 2981    
2022 2009 3305 4107 3401 3071    
Change + 802 1474 +1204 +197 90    
% Change + 66.4% +180.5% +141.5% +1.06 +1.03%    

  

  Aug Sept Oct Nov Dec
2020 1574 1702 1763 1438 1199
2021 2151 2162 2186 2110 1737
Change +577 +456 + 423 +672 +538
% Change 136.6% 126.7% 123.9% 146.7% 144.9%

 

 

Calgary Real Estate Benchmark Sales Prices:

*Note: If you have been following my reports you may have noticed some changes in the Benchmark Prices compared to my last report. The Calgary Real Estate Board has changed how they calculate the Benchmark Price. It is my understanding that previously they used numbers all the way back to 2005 when the Home Price Index was introduced. The new method is to only use the last 5 years so as communities change the benchmark price will more quickly reflect the change.

 

The benchmark price for all sectors increased combined increased marginally (between $2,100 to $4,700. See chart below for details

 

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.

Current Months of Inventory (Absorption Rate): 

The months of inventory increased in all sectors in May by between .25 and .28. We are seeing all sectors creep up weekly.  All sectors currently remain in a seller’s market position however Apartment condos are just about into a balanced market again.

 

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

Based on what I am seeing we are on our way towards a more balanced market. At this stage it has been a gradual increase however we will see what impact today’s interest rate increase has – I think it will slow things down even more.

 

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

Stats from the Calgary Real Estate Board

Select Stats from the Calgary Real Estate Board

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Calgary Real Estate Market Snapshot – May 1, 2022

Monday, May 2nd, 2022

What is really happening in the Calgary Real Estate Market?   Yes, there is change on the horizon!

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).

March 2022 Highlights

  • The direction of months of Inventory has changed and it is now increasing in all sectors – marginally!
  • All Sectors of the Calgary Real Estate Market continue to be in a deep seller’s Market position
  • Sales continue to be strong but are cooling from the highs we have had in recent months.
  • Prices are still going up
  • We are still running low on Inventory
  • We are still seeing multiple offers, but the offers are now much more reasonable.

 

Calgary Listing Inventory

Listing inventory increased in all sectors combined by a total of 486 listings or 11.14%. The highest increase was in Detached homes at 12.2% and the lowest was in the Semi – Detached sector of 1.87%

 

Calgary Sales:

This is where the largest change has happened. Total Sales for the month dropped from last month by a total of 706 sales or 17.19%.  The decrease was fairly consistent across all sectors.

 

Sales Compared to 2021: 

Calgary home sales for April were just slightly higher than in April 2021 – by 197 Sales or 1.06%

 

  Jan Feb Mar Apr May June July
2021 1207 1831 2903 3204      
2022 2009 3305 4107 3401      
Change + 802 1474 +1204 +197      
% Change + 66.4% +180.5% +141.5% +1.06      

  

  Aug Sept Oct Nov Dec
2020 1574 1702 1763 1438 1199
2021 2151 2162 2186 2110 1737
Change +577 +456 + 423 +672 +538
% Change 136.6% 126.7% 123.9% 146.7% 144.9%

 

 

Calgary Real Estate Benchmark Sales Prices:

The benchmark price for all sectors increased combined increased by 1.56% or $8,100. The increase was consistent across all sectors.

 

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

Year to date all sectors combined have increased by $62,800 or 13.54%. The highest increase (14.91%) was in the Detached home sector while the lowest increase was in the Apartment Condo sector (8.35%).

 

Current Months of Inventory (Absorption Rate): 

The months of inventory increased in all sectors in April by an average of .36

All sectors were equal with the lowest increase (.18) being in the Semi-Detached sector.

 

What might 2022 bring: (again just my opinion)

Based on what I am seeing we are on our way towards a more balanced market although if the increase in months of inventory rises at the same rate that it has been it will take us between 2 to 3 months to hit balanced. Apartment condos may reach balanced within 1-2 months. With all sectors still in a Sellers Market position we will continue to see price increases – just not to the level it has been the last 3 months.

 

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