Calgary housing market, February 2023: lowest February supply since 2006
New listings fell faster than sales, so supply stayed among the lowest February levels since 2006 and the benchmark price rose nearly 2% in a month.
Berg Estate Team blog
News & Insights – Page 18
Calgary real estate market news, our monthly market updates and new videos from the Berg Estate Team: Tom Berg and Valery Berg, REALTORS® with eXp Realty.
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Alberta Budget 2023 freezes the education property tax
The provincial requisition stays at about $2.5 billion for 2023/24, so the residential rate returns to the 2021/22 level of $2.56 per $1,000 of equalized assessment.
Airdrie, Cochrane and Okotoks in January 2023: more supply, still tight
Airdrie's benchmark price was $480,200, Cochrane's $488,900 and Okotoks' $539,000. Supply is up from a year ago but far below long-term levels.
Townhomes and condos: Calgary’s affordable homes stay in demand
While the overall benchmark price is still below its 2022 high, row homes are just $2,300 off their peak and condo inventory is the lowest for January since 2014.
Calgary housing market, January 2023: new listings at a 25-year low
Buyers shifted to lower-priced homes, but that is where supply is scarcest. Prices rose slightly for the first time after seven monthly declines.
Bank of Canada raises its policy rate to 4.5% and signals a pause
The eighth increase since March 2022 took the policy rate to 4.5%. The Bank expects to hold it there if the economy evolves as projected.
CREB’s 2023 forecast: fewer sales and stable prices for Calgary
Higher rates should cool sales to 25,921, still above pre-pandemic levels. Migration, jobs and low inventory are expected to prevent big price declines.
2023 property assessments: Calgary’s median home now $555,000
The City mailed more than 565,000 notices. Typical residential values rose 12%, and the median single residential assessment jumped from $485,000 to $555,000.
Airdrie, Cochrane and Okotoks in 2022: record prices around Calgary
Airdrie sold a record 2,469 homes, Cochrane's annual benchmark price reached $504,067 and Okotoks detached prices passed $600,000 for the first time.
Calgary’s 2022 housing market: record sales and double-digit price growth
Sales hit a record 29,672 in 2022. Rate hikes slowed the second half, but low inventory kept annual prices more than 12% above 2021.
Canada’s ban on foreign home buyers takes effect
The Prohibition on the Purchase of Residential Property by Non-Canadians Act is now in force for two years, with a $10,000 fine and some exceptions.