🏡 Calgary's 2023 Real Estate Landscape: A Year in Review 📊

As we bid farewell to 2023, lets reflect on the dynamic trends that shaped Calgary's real estate market. Despite challenges such as higher lending rates and persistent inventory constraints, the year witnessed noteworthy shifts and resilient performances across various property types.

The year began with a total of 27,416 sales, a slight ease from the previous year's peak. However, levels remained significantly higher than long-term trends, showcasing the market's robustness post-pandemic. Interestingly, there was a notable shift towards more affordable apartment-style condominiums, indicating changing consumer preferences.


Market Dynamics and Influencers:

"Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market," noted CREB® Chief Economist Ann-Marie Lurie. The juxtaposition of strong demand and low supply levels contributed to unexpectedly robust price growth throughout the year.


Property Type Insights:

Detached Homes:

The detached market experienced an annual decline of nearly 20%, particularly in lower price ranges. Limited supply choices prompted consumers to explore alternative housing styles. Despite the challenges, the persistently tight market conditions supported a benchmark price rise of nearly eight percent in 2023.


Semi-Detached Homes:

Similar to the detached sector, year-over-year sales for semi-detached homes declined by 10%. This decline, driven by pullbacks in lower-priced homes, did not hinder price growth, which rose by seven percent on an annual basis.


Row Homes:

Limited supply choices in lower price ranges contributed to an 11% decline in annual sales for row homes. Seller-favored conditions throughout the year led to an annual benchmark price gain of over 13%, with varying growth rates across districts.


Apartment Condominiums:

Apartment-style properties stood out as the only property type reporting a gain in sales, reaching a record high of 7,884. Despite tightening conditions favoring sellers, the 2023 benchmark price rose by over 13%, surpassing the previous 2014 high.


Regional Market Facts:



Sales in Airdrie declined by 24% primarily due to pullbacks in detached homes. Despite low inventory levels, seller-favored conditions drove a benchmark price rise of nearly five percent.



Both sales and new listings in Cochrane fell, impacting inventory levels. Despite recent gains in new listings, conditions remain relatively tight, driving a four percent increase in detached benchmark prices.



Challenges in supply affected Okotoks, impacting sales and prices. Despite recent improvements in new listings, inventories remained near record lows, with prices rising over six percent annually.


All information taken from the Calgary Real Estate Board (CREB) For more insight, please refer to https://www.creb.com/News/CREBNow/2024/January/Strong_migration_and_low_supply_drive_Calgary_housing_prices_in_2023/


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