Airdrie, Cochrane and Okotoks in April 2023: nearly every listing sells
Airdrie had its lowest April inventory since 2007, Cochrane had only 142 homes for sale and Okotoks 67, the lowest April since 2006.
News & Insights
Market News – Page 17
Monthly Calgary housing market updates: benchmark prices, sales and inventory, explained by Berg Estate Team (Tom Berg, eXp Realty).
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Calgary condo prices close in on their 2014 record
After years of oversupply, apartment condos are in demand again. Prices are up over 10% in a year, and three districts already set new highs.
Calgary housing market, April 2023: prices reach a new record
More buyers are offering above list price. The total benchmark price set a record, and detached, semi-detached and row prices did too.
CREB’s first-quarter 2023 report: supply, not demand, is the challenge
New listings fell faster than expected, so the quarterly benchmark price rose nearly 2% to $531,200. CREB now sees a possible modest annual gain.
Bank of Canada holds at 4.5% as inflation falls to 5.2%
A second hold in a row. The Bank noted strong population gains and subdued housing activity, and kept the door open to further increases.
Airdrie, Cochrane and Okotoks in March 2023: a record in Okotoks
Before the pandemic Okotoks usually had over 200 homes for sale; in March it had 61. Airdrie and Cochrane prices are still over 20% above March 2021.
Calgary detached homes reach a record price as cheaper listings dry up
Detached sales fell below long-term trends, but supply of homes under $600,000 is so thin that prices still set a new high.
Calgary housing market, March 2023: prices climb in a seller’s market
Sales and new listings were both 40% lower than a year ago, but with only 3,233 homes for sale, prices rose 2% in a month.
The tax-free First Home Savings Account opens for first-time buyers
Contributions are deductible like an RRSP, and withdrawals for a first home, including investment growth, are tax-free like a TFSA.
CREB members vote down a merger with the Alberta Real Estate Association
The Calgary board will continue as a separate organization. Nothing changes for buyers and sellers: listings, statistics and services continue as before.
Bank of Canada pauses at 4.5% for the first time since early 2022
As promised in January, the Bank held its rate at 4.5%. It said it is ready to raise it again if needed to bring inflation back to 2%.
Airdrie, Cochrane and Okotoks in February 2023: Okotoks nears its peak
Okotoks had a 90% sales-to-new-listings ratio and near-record low inventory. Airdrie ($487,200) and Cochrane ($492,900) are still below their 2022 peaks.