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