CALGARY REAL ESTATE STATS OCTOBER 2023

The Calgary real estate market continues to exhibit positive trends in property prices, driven by a persistent shortage of available properties. Although there was a slowdown in sales during October, which is typical for this time of year, there were still 2,171 sales recorded, representing a 17% increase compared to the same period last year. This figure marks one of the highest October sales levels since 2015. The surge in sales can be attributed to the growing demand for apartment condominiums, as consumers seek more affordable housing options amidst high-interest rates.

New listings also showed improvement, reaching 2,684 units, the highest reported for October since 2015. Despite this increase, the strong sales activity has prevented a significant change in inventory levels, which remain over 40% lower than the usual levels for October.

In terms of detached homes, both sales and new listings saw improvement compared to the previous October. However, with 1,302 new listings and 976 sales, the inventory levels slowed down, remaining at the lowest levels ever reported for October. Tight market conditions persist, particularly for homes priced below $700,000, while the months-of-supply for homes above $1,000,000 rose to 4.3 months.

The detached housing market experienced further price gains, with the unadjusted benchmark price reaching $697,600 in October—a 12% increase from the previous year. Prices increased in all districts except the South East, with the North East and East districts experiencing the highest year-to-date benchmark price growth.

Semi-detached homes witnessed an improvement in new listings, but the high sales-to-new listings ratio of 76% maintained tight inventory conditions. The unadjusted benchmark price for semi-detached homes reached $628,700 in October, reflecting a year-over-year gain of 13%. The City Centre district recorded the most significant monthly gain, mirroring the trends observed in the detached housing sector.

In the row housing sector, there were 420 new listings and 375 sales, resulting in a high sales-to-new listings ratio of 89%. As a result, significant inventory shifts were prevented. The unadjusted benchmark price for row houses reached $425,200 in October, showing a monthly gain of over one percent and nearly a 19% increase compared to the previous year. The City Centre district experienced the largest monthly gain in this sector.

The apartment condominium market witnessed record-high sales in October, primarily due to a substantial increase in new listings. However, with 727 new listings and 641 sales, the high sales-to-new listings ratio of 88% and declining inventories were notable. Persistent seller market conditions, particularly for condos priced below $300,000, led to a 16% year-over-year increase in the unadjusted October benchmark price, reaching $316,600. Year-to-date price gains were observed across all city districts, with significant increases in the North East and East districts, which are known for their affordability. creb housing stats