CREB® released its April 2023 figures on May 1. After four straight monthly gains, the total benchmark price reached $550,800, nearly 2% higher than in March and a new record for Calgary.
Calgary, April 2023: sales-to-new-listings ratio by type
The main points
- Sales: 2,690, down 21% from last April.
- New listings: 3,133, so the sales-to-new-listings ratio was 86%.
- Inventory was 34% lower than a year ago and over 45% below long-term averages, leaving just over one month of supply.
“The limited supply choice is causing more buyers to place offers above the list price,” said CREB Chief Economist Ann-Marie Lurie.
By type
- Detached: a record $661,900. Every district except the City Centre set a record, and the East district had the largest gain at 6%.
- Semi-detached: a record $593,200 on 234 sales and 264 new listings.
- Row: the tightest segment, with a 95% ratio, 416 sales and a record $387,400.
- Apartment: the only type with more sales than last year. With 734 sales and 953 new listings, the price reached $299,400, just shy of the 2014 high.
What it means: multiple offers are common again. Buyers should know their limit before they see a home; sellers can expect strong interest if the price is right.
Supply fell much faster than sales
Lurie said sales are performing as expected, but the steeper pullback in new listings has kept supply low. With an 86% sales-to-new-listings ratio, inventory fell 34% from a year earlier and was over 45% below long-term averages for April. Sales were down 21%, yet months of supply eased to just over one month, tighter than earlier this year and tighter than last April. Limited choice is pushing more buyers to offer above the list price, which helps explain why prices rose faster than expected.
Detached: every district but one at a record
New listings eased in every price range, with the biggest declines below $700,000. That pushed the detached sales-to-new-listings ratio to 88% and months of supply to just over one month. Every district except the City Centre set a new record price. The City Centre was also the only district with more than two months of supply. The most affordable district, the East, had the largest annual gain, at 6%.
Semi-detached and row: affordability drives demand
Semi-detached homes had an 89% ratio, and inventory fell to the lowest April level since 2007. All districts posted record semi-detached prices, with the strongest gains in the North East and East. Row homes faced the tightest conditions of any type, with under one month of supply. Sales eased from last April’s record but were still far stronger than long-term trends. After four straight monthly gains, row prices were over 7% higher than a year ago, and the steepest growth was again in the most affordable districts: the North East, East and South.
Apartments: close to the 2014 high
A boost in new listings let apartment sales rise above last year. Inventory moved up from March but stayed below last year, with 1.5 months of supply. Prices are just shy of the previous 2014 high. The North, North West and South East districts reported new highs.
Compared with March
In March, the total benchmark was $541,800 and the detached benchmark $649,800, both already strong. April added another $9,000 to the total. The sales-to-new-listings ratio jumped from 73% to 86% because new listings fell from 3,318 to 3,133 while sales rose from 2,432 to 2,690.
Practical takeaways
- Buyers: many homes are selling above list price. Decide your maximum before you write an offer, and keep financing and inspection conditions realistic.
- Sellers: this is a strong market, but buyers are stretched by higher rates; an aggressive price can still slow a sale.
- City Centre buyers: this is the one district with more supply, so there is more room to negotiate.
