CREB® reported on October 3, 2023 that Calgary had 2,441 sales in September, another record for the month. Year-to-date sales are still nearly 12% below last year.
Calgary benchmark price by type, September 2023
The main points
- New listings rose, and the sales-to-new-listings ratio fell to 76%, so inventory stopped declining.
- Inventory was still over 24% lower than last year, and months of supply stayed under two months.
- The benchmark price was $570,300, similar to August and nearly 9% higher than last year.
- “While new listings are improving, it has not been enough to take us out of sellers’ market conditions,” said CREB Chief Economist Ann-Marie Lurie.
By type
- Detached: $696,100, stable on the month and over 11% higher on the year. Homes under $700,000 still had less than one month of supply.
- Semi-detached: the ratio fell below 70% for the first time since September 2022. The price eased to $621,300 after ten straight gains but is up 11%.
- Row: an 84% ratio, down from a 90% average since April. The price reached $419,400, up 17%.
- Apartment: year-to-date sales of 6,286, up 25% and a record. The price reached $312,800, up nearly 15%.
What it means: the market is still tight, but the pace of price growth is slowing as listings pick up.
The first pause in eight months
From January to August, the total benchmark rose every month, reaching $570,700 in August. In September it was $570,300, essentially unchanged. That is the first sign that more listings are taking some pressure off prices. The 76% ratio was well below August’s 87%, and inventory stopped falling. Lurie said strong interprovincial migration has kept demand high despite higher lending rates, and that improving new listings are not yet enough to end sellers’ market conditions.
Compared with a year ago
Sales have been higher than a year earlier for four months in a row, but year-to-date sales are still nearly 12% below 2022, which started with a record spring. Prices tell a different story: the benchmark is nearly 9% higher than last September, and inventory is more than 24% lower. Relative to sales, supply has not changed enough to shift the balance.
Detached: West end adjusts
Detached inventory stayed at record lows for September. The decline was driven by homes under $700,000, while supply above that level improved somewhat. Most of the gain in detached sales came from higher-priced homes, where buyers have some choice. Homes below $700,000 still had less than one month of supply. The benchmark was stable from August’s $696,700 because a monthly price adjustment in the West offset gains in every other district. Annual gains ranged from 20% in the East to 9% in the City Centre.
Semi-detached: more choice, still very low
New listings jumped relative to sales and the ratio fell below 70%, the first time since September 2022. Inventory rose, but the 295 units available were the lowest for September since 2005. The price pause after ten monthly gains came mainly from the West and North West, where months of supply rose above last month and last year.
Row and apartment
Row sales fell more than new listings, so the ratio dropped to 84% from an average of 90% since April. With under one month of supply, prices still rose 1.5% in a month, with the biggest gains in the most affordable districts. Apartment new listings were the highest ever for a September, which helped produce record sales. Higher rates and tight rental conditions are keeping demand strong. Inventory rose modestly, but supply is still only 1.5 months, and the benchmark rose 1.2% from August’s $309,100.
Practical takeaways
- Buyers above $700,000: detached supply is improving; you may have more time and room to negotiate.
- Buyers below $700,000: under one month of supply means competition continues.
- Sellers in the West and North West: prices paused there first; price carefully against recent sales.
