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Calgary Benckmark Sold Price is up!
Thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie.
“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.
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Calgary Hot Housing Market Continues - Feb 2022

We have a Hot Calgary Market! What is happening to Calgary real estate market? Cash offers! Competing offers! Offers way over list price! Prices rising fast! Frustrated buyers! No condition offers! The detached market has gone a little crazy.

Detached Market: This is where the market has shifted dramatically. Prices are rising month over month. We have had a 14% increase in prices over the past 12 months and this is accelerating. We just had a 2% increase in the last month from previous month.
Why is this happening? Many reasons:

1) Net migration into Calgary is up. 
Migration is one of the main drivers in house price increases.

2) Mortgage rates are low.
3) We are moving towards full employment.
4) Calgary house prices are very affordable compared to Toronto and Vancouver. Many young people are moving here.
5) Oil is over $90 and rising. And diversification is happening.
6) Very few homes on the market for buyers to choose. Low inventory!

Sellers are seeing multiple offers coming in as soon as they list their home. Some are cash offers way above list price. We are seeing unconditional Offers $50,000 and over the list price. The Attached and Row markets are following the detached market.

The apartment market is not as hectic and is a balanced market right now. But sales have dramatically increased. We are seeing sales closing in on the sales of 2007. The apartment market is turning and given the right conditions may follow the surge we had in 2007.

What is your Calgary house worth right now? 



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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.