“At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”
Inventory levels were persistently below long-term trends for the city throughout most of the year, averaging a 44 per cent decline over the 10-year average. We also saw the months of supply remain well below two months throughout most of the year across homes priced below $1 million mark.
The persistently tight conditions contributed to our city's new record high price.
*The above chart is for Benchmark Calgary sold price which is more accurate than the average sold price, & reflects the lastest month, Dec 2023 for most recent data, and compares to the previous Decembers. Since homes can vary widely in size and features, a simple average price is often not meaningful. Instead, CREB® Chief Economist Ann-Marie Lurie calculates benchmark prices using recent sales data for homes with specific features typical of a given neighbourhood.