Market update archive
Calgary real estate market update: February 2023
From our archive of monthly updates: CREB®’s official numbers for the City of Calgary for February 2023, in plain language.
This is our archived report for February 2023. CREB®’s figures are shown as they were published at the time. Newer numbers are available: see the latest Calgary market update.
Calgary Real Estate Board (CREB®) statistics for February 2023, released March 1, 2023.
February at a glance
- Sales1,740−47.16% vs. Feb. 2022
- New listings2,389−48.63% vs. Feb. 2022
- Homes for sale (inventory)2,750−23.76% vs. Feb. 2022
- Months of supply1.581.10 a year ago
- Benchmark price$530,900+1.53% vs. Feb. 2022
- Average days on market3325 a year ago
Source: CREB®, City of Calgary Monthly Statistics Package, February 2023.
| City of Calgary, all residential | February 2022 | February 2023 | Change (CREB®) |
|---|---|---|---|
| Sales | 3,293 | 1,740 | −47.16% |
| New listings | 4,651 | 2,389 | −48.63% |
| Inventory (homes for sale) | 3,607 | 2,750 | −23.76% |
| Months of supply | 1.10 | 1.58 | +44.29% |
| Sales-to-new-listings ratio | 70.80% | 72.83% | +2.03 pts |
| Benchmark price | $522,900 | $530,900 | +1.53% |
| Median price | $520,000 | $460,000 | −11.54% |
| Average price | $547,868 | $506,685 | −7.52% |
| Average days on market | 25 | 33 | +34.46% |
| Sale price as % of list price | 103.14% | 99.28% | −3.86 pts |
Source: CREB®, City of Calgary Monthly Statistics Package, February 2023, page 5 [1]. Change is CREB®’s year-over-year change; for the two ratios it is the change in percentage points.
From January to February 2023, 2,938 homes sold in Calgary, 44.53% fewer than in the same months of 2022 (5,297) [1].
What these numbers mean. The benchmark price is CREB®’s price for a “typical” home and is the best number for tracking price trends, because the median and average move with the mix of homes that happen to sell in a month. Months of supply is how long today’s inventory would last at the current pace of sales. A lower number usually means a tighter market for buyers.
What CREB® reported
CREB®’s headline for February 2023: “Lowest February inventory since 2006” (news release, March 1, 2023) [2].
CREB® reported that sales, new listings and inventory all rose from January, as is typical for the season, but inventory stayed among the lowest February levels since 2006. According to CREB®, new listings pulled back more than sales, which kept supply low and supported monthly price gains. [2]
By type of home
Benchmark price by property type
City of Calgary, February 2023
Benchmark price vs. February 2022
Change from a year earlier
Sales by property type
City of Calgary, February 2023 (change vs. Feb. 2022)
Months of supply by property type
City of Calgary, February 2023
City, all homes: 1.58
| February 2023, City of Calgary | Benchmark price | vs. Feb. 2022 | Sales | Sales vs. Feb. 2022 | Months of supply |
|---|---|---|---|---|---|
| Detached | $635,900 | +2.53% | 794 | −58.12% | 1.63 |
| Semi-detached | $568,100 | +2.67% | 140 | −52.70% | 1.82 |
| Row (townhouse) | $369,700 | +9.09% | 315 | −41.23% | 1.04 |
| Apartment condo | $286,000 | +11.33% | 491 | −13.10% | 1.78 |
Source: CREB® [1], page 6.
South and Southeast Calgary
CREB® groups Calgary communities into eight districts. The 15 south Calgary communities we focus on are in two of them, South and South East; see our Calgary Neighbourhood Guide for the full list.
Benchmark price: South vs. South East
CREB® districts, February 2023
SouthSouth East
Months of supply: South vs. South East
CREB® districts, February 2023
SouthSouth East
| February 2023 | South: benchmark | South: vs. last year | South: months of supply | South East: benchmark | South East: vs. last year | South East: months of supply |
|---|---|---|---|---|---|---|
| Detached | $619,200 | +4.30% | 1.37 | $618,200 | +3.57% | 1.99 |
| Semi-detached | $449,900 | +5.93% | 1.14 | $433,100 | +2.41% | 1.57 |
| Row | $311,000 | +14.25% | 0.71 | $381,300 | +12.54% | 1.00 |
| Apartment | $252,900 | +15.48% | 1.06 | $302,900 | +18.64% | 1.35 |
Source: CREB® [1], page 7 (Calgary Districts). In February 2023, CREB® counted 172 detached sales in the South district and 74 in the South East [1].
February over the years
Here is how February compared in Calgary from 2022 to 2023, using CREB®’s February statistics package for each year.
Benchmark price, all residential
City of Calgary, February of each year
Sales, all residential
City of Calgary, February of each year
Want today’s numbers? See our latest Calgary market update, or book a call and we’ll pull the recent sales near you.
Source of the city and district statistics: CREB® (Calgary Real Estate Board), City of Calgary Monthly Statistics Package, February 2023. CREB® is a registered trademark of Calgary Real Estate Board Co-Operative Limited. Figures are shown as CREB® published them for February 2023; CREB® may revise past months in later packages. This update is general market information, not an appraisal or advice on a specific property. Berg Estate Team, eXp Realty · 587-888-2919.
Sources
- CREB®, Monthly Statistics Package, City of Calgary, February 2023 (pages 5–7). CREB® no longer hosts this file (https://www.creb.com/Housing_Statistics/documents/02_2023_Calgary_Monthly_Stats_Package.pdf); archived copy: https://web.archive.org/web/20230307182231id_/https://www.creb.com/Housing_Statistics/documents/02_2023_Calgary_Monthly_Stats_Package.pdf
- CREB®, “Lowest February inventory since 2006”, news release, March 1, 2023: https://www.creb.com/News/Media_Releases/2023/March/Lowest_February_inventory_since_2006/