CREB® reported on August 1, 2023 that Calgary had 2,647 sales in July, 18% more than a year earlier and the strongest July on record. Year-to-date sales are still 19% lower than last year.
Calgary benchmark price by type, July 2023
The main points
- Inventory stayed near the July record low set in 2006.
- The sales-to-new-listings ratio was 82% and months of supply 1.3 months.
- The benchmark price reached $567,700, the seventh monthly gain in a row and over 4% above the May 2022 peak.
- CREB Chief Economist Ann-Marie Lurie pointed to migration and relative affordability, and to tight supply in the resale, new home and rental markets.
By type
- Detached: 1,197 sales and 1,587 new listings. Inventory of 1,720 was the lowest July level on record. The price rose to $690,500, up over 7%.
- Semi-detached: 211 sales on 248 new listings. The price reached $616,800.
- Row: 467 sales on 488 new listings, a 96% ratio. The price reached $407,500, up 14%.
- Apartment: year-to-date sales up 16%, the only type with a gain. The price reached $305,900, up over 12%.
What it means: the usual summer slowdown is mild this year. Sellers still set the terms in most segments.
Rates had little effect on July sales
The Bank of Canada raised its policy rate to 5% on July 12, the second increase in a row. Yet Calgary’s 2,647 sales were 18% higher than a year earlier. CREB says the record pace has come mainly from big gains in the relatively affordable apartment condo sector. In line with the season, both sales and new listings eased from June, which had 3,146 sales. That had little effect on inventory, which stayed close to the July record low set in 2006.
Detached: lowest July inventory ever
With 1,197 sales and 1,587 new listings, detached inventory rose from June. But the 1,720 homes available were the lowest ever reported for July, and inventory fell in every price range below $1,000,000. Months of supply moved up from the roughly one month seen over the past several months, but conditions stayed tight. The benchmark rose nearly 1% from June’s $685,100. The North East and East, the most affordable districts, again had the strongest monthly and annual growth.
Semi-detached and row
Only 248 semi-detached homes were listed against 211 sales, so the ratio was above 85% again and supply stayed just over one month. The benchmark rose from $613,100 in June. North East and East prices rose more than 2% in a month, while the City Centre was the only district where prices held steady. Row homes had a 96% ratio and under one month of supply for the fourth month in a row. Their benchmark rose nearly 2% from June’s $400,000.
Apartments: the only type with more sales this year
Apartment sales are 16% higher year to date, the only property type with a gain. More new listings made that possible, but conditions stayed tight, with an 84% ratio and 1.4 months of supply. The benchmark rose nearly 1% from June’s record of $303,200. Prices are higher than last year in every district, but the City Centre had the lowest annual growth, at nearly 9%.
Compared with the 2022 peak
The total benchmark is now over 4% above the previous high from May 2022. Earlier this year, prices were still below that peak: in January, the benchmark was $520,900, compared with $546,000 in May 2022. Seven straight monthly gains have more than erased last year’s decline.
Practical takeaways
- Buyers: expect a mild summer slowdown, not a pause; compare recent sales in your target community before making an offer.
- Sellers: with 1.3 months of supply, conditions still favour you, but a correctly priced home still matters more than timing.
- Apartment buyers: the City Centre, where prices have risen least, may offer more room to negotiate.
