Market update archive
Calgary real estate market update: December 2023
From our archive of monthly updates: CREB®’s official numbers for the City of Calgary for December 2023, in plain language.
This is our archived report for December 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 December 2023, released Jan. 2, 2024.
December at a glance
- Sales1,366+13.83% vs. Dec. 2022
- New listings1,248+21.05% vs. Dec. 2022
- Homes for sale (inventory)2,164−2.48% vs. Dec. 2022
- Months of supply1.581.85 a year ago
- Benchmark price$570,100+10.44% vs. Dec. 2022
- Average days on market3346 a year ago
Source: CREB®, City of Calgary Monthly Statistics Package, December 2023.
| City of Calgary, all residential | December 2022 | December 2023 | Change (CREB®) |
|---|---|---|---|
| Sales | 1,200 | 1,366 | +13.83% |
| New listings | 1,031 | 1,248 | +21.05% |
| Inventory (homes for sale) | 2,219 | 2,164 | −2.48% |
| Months of supply | 1.85 | 1.58 | −14.33% |
| Sales-to-new-listings ratio | 116.39% | 109.46% | −6.94 pts |
| Benchmark price | $516,200 | $570,100 | +10.44% |
| Median price | $451,750 | $504,250 | +11.62% |
| Average price | $495,605 | $540,090 | +8.98% |
| Average days on market | 46 | 33 | −28.28% |
| Sale price as % of list price | 97.69% | 99.32% | +1.63 pts |
Source: CREB®, City of Calgary Monthly Statistics Package, December 2023, page 5 [1]. Change is CREB®’s year-over-year change; for the two ratios it is the change in percentage points.
In 2023 as a whole, 27,416 homes sold in Calgary, 7.56% fewer than in 2022 (29,659) [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 December 2023: “Strong migration and low supply drive Calgary housing prices in 2023” (news release, Jan. 2, 2024) [2].
In its year-end release, CREB® reported that 2023 sales eased from the 2022 peak but stayed far above long-term trends, with a shift toward more affordable apartment condominiums. Ann-Marie Lurie said strong migration kept demand relatively strong while supply stayed low, which led to stronger than expected price growth. [2]
By type of home
Benchmark price by property type
City of Calgary, December 2023
Benchmark price vs. December 2022
Change from a year earlier
Sales by property type
City of Calgary, December 2023 (change vs. Dec. 2022)
Months of supply by property type
City of Calgary, December 2023
City, all homes: 1.58
| December 2023, City of Calgary | Benchmark price | vs. Dec. 2022 | Sales | Sales vs. Dec. 2022 | Months of supply |
|---|---|---|---|---|---|
| Detached | $697,400 | +12.85% | 598 | −2.61% | 1.71 |
| Semi-detached | $627,100 | +11.96% | 116 | +33.33% | 1.57 |
| Row (townhouse) | $425,100 | +19.98% | 253 | +34.57% | 1.13 |
| Apartment condo | $321,400 | +19.13% | 399 | +28.30% | 1.69 |
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, December 2023
SouthSouth East
Months of supply: South vs. South East
CREB® districts, December 2023
SouthSouth East
| December 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 | $664,600 | +12.23% | 2.02 | $674,000 | +10.71% | 1.28 |
| Semi-detached | $487,700 | +13.39% | 0.50 | $479,800 | +11.76% | 0.54 |
| Row | $374,400 | +25.13% | 0.83 | $426,000 | +15.38% | 1.30 |
| Apartment | $293,200 | +22.94% | 1.45 | $337,000 | +23.26% | 1.26 |
Source: CREB® [1], page 7 (Calgary Districts). In December 2023, CREB® counted 95 detached sales in the South district and 78 in the South East [1].
December over the years
Here is how December compared in Calgary from 2022 to 2023, using CREB®’s December statistics package for each year.
Benchmark price, all residential
City of Calgary, December of each year
Sales, all residential
City of Calgary, December 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, December 2023. CREB® is a registered trademark of Calgary Real Estate Board Co-Operative Limited. Figures are shown as CREB® published them for December 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, December 2023 (pages 5–7). CREB® no longer hosts this file (https://www.creb.com/Housing_Statistics/documents/12_2023_Calgary_Monthly_Stats_Package.pdf); archived copy: https://web.archive.org/web/20240125215101id_/https://www.creb.com/Housing_Statistics/documents/12_2023_Calgary_Monthly_Stats_Package.pdf
- CREB®, “Strong migration and low supply drive Calgary housing prices in 2023”, news release, Jan. 2, 2024: https://www.creb.com/News/Media_Releases/2024/January/Dec_2023_stats/