CREB® reported on December 1, 2023 that new listings in November reached 2,227, nearly 40% higher than the very low level of a year earlier. Most of the gain came from homes priced over $600,000.
Calgary benchmark price by type, November 2023
The main points
- Sales were 1,787, a sales-to-new-listings ratio of 80%, so inventory stayed low with under two months of supply.
- The benchmark price was $572,700, nearly 11% higher than November 2022.
- The year-to-date average benchmark price is up over 5%.
- “Our market continues to favour the seller,” said CREB Chief Economist Ann-Marie Lurie.
By type
- Detached: year-to-date sales down 20% for lack of homes under $700,000. Higher-priced homes are more balanced. The price reached $699,500, up over 13%.
- Semi-detached: a 77% ratio; inventory over 40% below normal. The price held at $628,700, up over 12%.
- Row: 267 sales on 370 new listings, the first ratio below 75% since 2021. Supply rose to 1.6 months, but under one month below $500,000. The price reached $429,100, up 21%.
- Apartment: year-to-date sales of 7,487, already above last year’s record. The price reached $320,100, up 18%.
What it means: buyers above $700,000 now have more room. Below that, competition is still intense.
More listings, but strong demand absorbs them
New listings rose across most price ranges, with the biggest gains for homes over $600,000. Lurie said that, as in other large cities, new listings have been increasing, but in Calgary the gains have not been enough to change the low inventory situation because demand is strong. “Our market continues to favour the seller, driving further price growth,” she said. Year to date, the average benchmark price has risen by over 5%.
Compared with October
October had 2,171 sales and 2,684 new listings, so both eased in November, as they usually do heading into winter. The total benchmark rose from $571,600 to $572,700. Detached prices rose slightly from $697,600, semi-detached prices held at $628,700, row prices rose from $425,200 and apartment prices from $316,600.
Detached: two different markets
Limited supply below $700,000 has been the main reason detached sales are down 20% this year. November sales were slightly higher than a year ago, and new listings rose, but most of the gain was in higher-priced homes. The result is exceptionally tight conditions below $700,000 and more balanced conditions above it. Prices are much higher than last year in every district, and year-to-date gains are highest in the North East and East.
Semi-detached: stable prices
More new listings than last year helped prevent a year-over-year drop in inventory, but supply is still over 40% below typical November levels. Conditions are especially tight below $700,000. The year-to-date average semi-detached price is up nearly 7%, with the largest gains in the North East and East.
Row: the biggest change of the month
For seven months, row homes had less than one month of supply. In November, 370 new listings and 267 sales pushed the ratio below 75% for the first time since 2021, and supply rose to 1.6 months. Inventory is still nearly half the usual level, and homes below $500,000 still have less than one month of supply, but higher price ranges are much more balanced. The year-to-date average row price gain is nearly 13%.
Apartments: a record year
The relative affordability of apartments kept sales at record highs, and 2023 apartment sales have already passed last year’s record with a month to go. Growth in new listings made this possible. Inventory is similar to last year, but with less than two months of supply, conditions still favour sellers.
Practical takeaways
- Row buyers above $500,000: this is the first time since 2021 that the row market has given you real choice.
- Detached buyers above $700,000: conditions are more balanced; negotiate on price and terms.
- Sellers below $700,000: buyers still compete for these homes, even in winter.
