Market update archive
Calgary real estate market update: March 2023
From our archive of monthly updates: CREB®’s official numbers for the City of Calgary for March 2023, in plain language.
This is our archived report for March 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 March 2023, released April 3, 2023.
March at a glance
- Sales2,432−40.55% vs. March 2022
- New listings3,318−39.58% vs. March 2022
- Homes for sale (inventory)3,233−26.36% vs. March 2022
- Months of supply1.331.07 a year ago
- Benchmark price$541,800+0.82% vs. March 2022
- Average days on market2720 a year ago
Source: CREB®, City of Calgary Monthly Statistics Package, March 2023.
| City of Calgary, all residential | March 2022 | March 2023 | Change (CREB®) |
|---|---|---|---|
| Sales | 4,091 | 2,432 | −40.55% |
| New listings | 5,492 | 3,318 | −39.58% |
| Inventory (homes for sale) | 4,390 | 3,233 | −26.36% |
| Months of supply | 1.07 | 1.33 | +23.88% |
| Sales-to-new-listings ratio | 74.49% | 73.30% | −1.19 pts |
| Benchmark price | $537,400 | $541,800 | +0.82% |
| Median price | $501,000 | $485,000 | −3.19% |
| Average price | $537,853 | $535,743 | −0.39% |
| Average days on market | 20 | 27 | +33.23% |
| Sale price as % of list price | 101.78% | 99.43% | −2.35 pts |
Source: CREB®, City of Calgary Monthly Statistics Package, March 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 March 2023, 5,370 homes sold in Calgary, 42.80% fewer than in the same months of 2022 (9,388) [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 March 2023: “Prices rise as conditions favour the seller” (news release, April 3, 2023) [2].
CREB® reported that sales and new listings improved from the start of the year, but March inventory was the lowest for the month since 2006, leaving just over one month of supply, firmly in seller’s market territory. The total unadjusted benchmark price rose about two per cent from February. [2]
By type of home
Benchmark price by property type
City of Calgary, March 2023
Benchmark price vs. March 2022
Change from a year earlier
Sales by property type
City of Calgary, March 2023 (change vs. March 2022)
Months of supply by property type
City of Calgary, March 2023
City, all homes: 1.33
| March 2023, City of Calgary | Benchmark price | vs. March 2022 | Sales | Sales vs. March 2022 | Months of supply |
|---|---|---|---|---|---|
| Detached | $649,800 | +1.80% | 1,145 | −49.49% | 1.35 |
| Semi-detached | $581,300 | +1.55% | 217 | −37.10% | 1.31 |
| Row (townhouse) | $378,100 | +7.54% | 388 | −45.28% | 1.04 |
| Apartment condo | $293,500 | +10.59% | 682 | −11.43% | 1.47 |
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, March 2023
SouthSouth East
Months of supply: South vs. South East
CREB® districts, March 2023
SouthSouth East
| March 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 | $626,100 | +2.19% | 1.06 | $629,800 | +1.24% | 1.07 |
| Semi-detached | $454,000 | +3.16% | 0.79 | $443,100 | +0.61% | 1.04 |
| Row | $316,600 | +12.91% | 0.62 | $389,500 | +8.44% | 0.92 |
| Apartment | $257,500 | +14.39% | 0.95 | $306,100 | +15.47% | 0.81 |
Source: CREB® [1], page 7 (Calgary Districts). In March 2023, CREB® counted 234 detached sales in the South district and 158 in the South East [1].
March over the years
Here is how March compared in Calgary from 2022 to 2023, using CREB®’s March statistics package for each year.
Benchmark price, all residential
City of Calgary, March of each year
Sales, all residential
City of Calgary, March 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, March 2023. CREB® is a registered trademark of Calgary Real Estate Board Co-Operative Limited. Figures are shown as CREB® published them for March 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, March 2023 (pages 5–7). CREB® no longer hosts this file (https://www.creb.com/Housing_Statistics/documents/03_2023_Calgary_Monthly_Stats_Package.pdf); archived copy: https://web.archive.org/web/20230403192332id_/https://www.creb.com/Housing_Statistics/documents/03_2023_Calgary_Monthly_Stats_Package.pdf
- CREB®, “Prices rise as conditions favour the seller”, news release, April 3, 2023: https://www.creb.com/News/Media_Releases/2023/April/Prices_rise_as_conditions_favour_the_seller/