The Calgary housing market is still busy in October 2023. Detached homes are selling at or above list price. Many are muitiple offers. Demand is due in part to low inventory, not enough homes on the market. Sold prices are rising and muitple offers are helping to push up prices. 

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Calgary home sales at record highs!

City of Calgary, October 3, 2023 - Sales reached another record high inSeptember with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are  still nearly 12 per cent lower than last year's levels. New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.
Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of October, the months of supply has remained relatively low at less than two months.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”
As of 1st October 2023, the unadjusted residential (for all types of residential) benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

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Chart shows average sold price 1st Jan 2023 to 1st October 2023.

The federal and provincial governments are trying to increase low-cost house rental builds. Which is good but takes years to implement. But what can we do right now? How do we increase rental inventory so rents stabilize, and Canadians (and newcomers) can easy find and rent a place to live. Its not as difficult to do as everyone is making out.

Ways to stabilize Canadian rental market, increase inventory and allow people to find a place to rent that they can afford:

1) Federal government to remove rental income for families with a principal residence that want to rent out part of their house/property. In other words, the income is not taxed. This would increase dramatically the rental units available in each city. 

2) Federal and provincial governments to provide grants (say $15,000) to assist with converting rental suits (in principal residence) to legal suits.

3) For the small landlord reduce rental income tax. This would increase dramatically the rental units available in each city. And provide grants to convert properties into legal rental units.

Chart shows average sold price for last 3 years. (year to date)

City of Calgary, July 4, 2023 - The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels. Notably, there hasbeen a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.

“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city.
While new home starts are on the rise, it will take time to observe their impact on supply.” With a supply of just over one month, the  current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year's levels.