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.
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3) Seal air leaks: check for air leaks around doors and windows, and seal them to reduce energy loss.
4) Conserve water: install low-flow showerheads and fix leaks.
5) Take advantage of off-peak hours: shift energy-intensive activities, such as laundry and dishwashing, to off-peak hours when rates are lower.
6) Invest in energy-saving appliances: upgrading to energy-efficient appliances can save money on utility bills in the long run.
Calgary affordability advantage is the reason Canadians are moving here. Want to start a family in an apartment in Toronto? Or come to Calgary for townhouse or detached home, with higher income & lower taxes!
The Calgary affordability advantage for the average family is outstanding. So when you look at the national news media and
hear that residential markets have dropped substantially, they are talking about Toronto, Vancouver, and other cities. The media does not often focus on the Calgary advantage. This is one of many reasons why Canadians are moving to Calgary. Plus we have jobs, high income, low gas prices & heating costs, and no PST!!!
This chart shows the trend for the three cities for benchmark sold prices, Year over year (1st Mar 2022 to 1st Mar/23).
It shows all residential, which is all housing types: including apartments, townhouses, semi-detached & detached.
Summary for All Residential Sold Benchmark Prices for 1st March 2023 (over past 12 months)
Calgary: $530,900 up 1.53%
Toronto: $1,095,617 down 18%
Vancouver: $1,123,400 down 9.3%
Moving to Calgary? Contact me at cell 403 608 5682, Geoff Antrum.
Realtor at CIR Realty
Data provided by "Canadian mortgage trends", CREB and other real estate boards.
Detached: While supply continues to be low relative to demand for lower-priced homes, we are seeing conditions shift into balanced territory for homes priced above $700,000. Both sales and new listings reported significant year-overyear declines over last year’s record high. While the seasonal monthly gain did see inventories move up over the last two months, levels are still amongst the lowest seen in February, and the months of supply fell below two months. The average sold price so far in 2023 is higher than 2022, see chart above.
Semi-detached: Like the detached sector despite the seasonal monthly gain, both sales and new listings fell from last year’s record high. While inventories are starting to rise over the levels seen in the past few months, they remain amongst the lowest levels reported for February. The relatively low inventory levels caused the months of supply to fall below two months in Feb/23, while it is still higher than last year’s ultra-low levels, conditions.
Townhouse/Row: Conditions remained exceptionally tight in Feb/23 with only one month of supply and a sales-to-new listings ratio of 87 percent. While row sales have eased over record levels, they have remained relatively strong for February as demand shifts toward the affordable product in the market. The persistently tight conditions caused further upward pressure on prices.
Apartment: Sales for apartment condominiums did not see the same pace of decline as other property types in Feb/23 partly due to the level of new listings coming onto the market. Persistently strong sales compared to listings have caused February inventory levels to remain relatively low compared to levels seen over the past eight years and the months of supply once again dropped below two months. The tight market condition contributed to the upward pressure on Benchmark prices, but average sold price was similar to 2022.
When to Hire a Contractor?
Renovating a home can be a daunting task, but with the help of a home contractor, the process can be much smoother and more efficient. However, it’s important to know when it’s theright time to hire a contractor for renovations.
If the renovation project is complex and involves major changes to the structure or layout of the home. A contractor has the necessary skills, knowledge, and experience to handle
such projects, and can ensure that the work is done safely.
If the renovation project requires permits and inspections. Contractors have experience working with local building codes and regulations and can help you navigate the permit process. If you don’t have the necessary skills, tools, and equipment to complete the project on your own. A contractor hasaccess to the tools and equipment needed to complete the job and can ensure that the work is done efficiently. If you’re short on time and need the project completed quickly. A contractor can dedicate their full attention to the project, which can help ensure that it’s completed on time and on budget.
In conclusion, hiring a home contractor for renovations is a smart decision when the project is complex, requires permits and inspections, requires specialized skills and tools, or needs to be completed quickly. By hiring a contractor, you can ensure that the renovation is done safely, efficiently, and to your satisfaction.
Calgary townhouses are a hot commodity in 2023! Prices are rising. The average sold price in the first 6 weeks in Calgary has risen to $391,387, as of 11 Feb/23. What is the rest of the year going to do? Calgary has very low inventory right now, so buyers are scrambling to see townhouses that are on the market. First time buyers moving into the Calgary housing market are switching from detached homes to townhouses, due to mortgage rate increases. This trend looks set in for the rest of the year.
Calgary & area residents want to know the value of their property right now! And see how much it has gone up! This chart shows the average sold price of homes in Calgary for the past 3 years. Need detailed sold data on your home & community? Contact Geoff, REALTOR at CIR Realty, at : 403 608 5682 call or text.
Its a sellers market right now for row, semi, and detached homes. Apartment sales is still balanced but moving towards a sellers market. Investor alert!! Apartments could be the next big price jump. Next month I will focus on Luxury property prices.
Calgary is in a unique position right now to see a major shift in real estate prices. We are already beginning to see it in detached homes and apartments will follow. Need an online house evaluation? Message me now!