CREB® reported on November 1, 2023 that Calgary had 2,171 sales in October, down from September as usual for the season but 17% higher than a year earlier.
Calgary benchmark price by type, October 2023
The main points
- New listings reached 2,684, the highest October level since 2015.
- Inventory is still over 40% lower than what is traditionally available in October.
- Months of supply was 1.5 months.
- The benchmark price reached $571,600, nearly 10% higher than last October.
- “It will take some time to see a shift toward more balanced conditions,” said CREB Chief Economist Ann-Marie Lurie.
By type
- Detached: 976 sales on 1,302 new listings and the lowest October inventory on record. Homes over $1,000,000 had 4.3 months of supply. The price reached $697,600, up 12%.
- Semi-detached: a 76% ratio and the lowest October inventory since 2005. The price reached $628,700, up 13%.
- Row: record October sales of 375 on 420 new listings. The price reached $425,200, up nearly 19%.
- Apartment: record sales of 641 on 727 new listings. Condos under $300,000 are now 38% of inventory, down from 53%. The price reached $316,600, up 16%.
What it means: the top end of the detached market is the one place buyers have room to negotiate.
Condos drive the sales gains
Sales eased from September’s record 2,441, as is normal for the season, but October’s 2,171 sales were among the highest for the month. CREB says the gains came mainly from apartment condos, as buyers look for affordable options while interest rates are high. New listings reached the highest October level since 2015, but strong sales prevented any real change in inventory. Lurie said supply remains challenging, and it will take some time to reach more balanced conditions and, ultimately, more price stability.
Compared with September
The benchmark price, which paused in September at $570,300, rose again to $571,600. Every property type gained from the month before. Months of supply stayed at about one and a half months, a level that keeps upward pressure on prices.
Detached: tight below $700,000, looser above $1 million
Detached inventory fell from September and is the lowest ever reported for October. Inventory declined for all homes priced below $700,000, so conditions are exceptionally tight for lower-priced homes. Homes above $1,000,000 are the only segment where conditions are looser than last year. Prices rose in every district except the South East. Year to date, the North East and East have had the largest gains.
Semi-detached and row
There were 235 semi-detached new listings and 179 sales. Inventory is nearly half the usual October level and the lowest since October 2005. The City Centre had the biggest monthly gain. Row homes had an 89% ratio and also the lowest inventory since October 2005, with supply of one month. The City Centre had the biggest monthly row gain, although it has had the lowest year-to-date growth.
Apartments: cheaper condos are disappearing
A steep gain in new listings made record apartment sales possible, but the 88% ratio meant inventory kept falling. The decline is concentrated in condos priced below $300,000, which are now only 38% of inventory compared with 53% a year ago. Year to date, apartment prices have risen in every district, with some of the largest gains in the lower-priced North East and East.
Practical takeaways
- First-time buyers: the share of condos under $300,000 is shrinking quickly; if that is your budget, be ready to move.
- Move-up buyers: above $1,000,000, there are 4.3 months of supply, so you can negotiate.
- Sellers: new listings are at their highest October level since 2015, so present and price your home carefully.
Compared with October 2022, every property type is up by double digits, from 12% for detached homes to nearly 19% for row homes.
