Calgary Real Estate Market Update - November 2023

Increased Listings, Strong Sales, and Continued Price Growth

In November, the real estate market demonstrated robust performance, marked by a notable surge in new listings, strong sales, and sustained price growth.

New listings soared to 2,227 units, representing an impressive 40% increase compared to the same period last year. The surge in listings was widespread across most price ranges, with particularly significant gains observed in homes priced above $600,000.

Despite the substantial increase in new listings, the sales-to-new-listings ratio remained high at 80%, indicating sustained demand.

Inventory levels, while impacted by the rise in listings, remained low due to continued strong sales, with a months-of-supply figure staying below two months.

The benchmark price as of November reached $572,700, reflecting an increase of nearly 11% compared to November 2022. Year-to-date, the average benchmark price has seen a commendable rise of over five percent.

Detached Homes:
Limited supply choices for homes below $700,000 led to a decline in detached home sales. The unadjusted benchmark price for detached homes reached $699,500 in November, showcasing a slight increase over the previous month and an impressive 13% rise compared to last November.

Semi-Detached Homes:
Despite a boost in new listings, inventory levels for semi-detached homes remained over 40% below typical levels. Benchmark prices held stable compared to the previous month, with an unadjusted benchmark price of $628,700—over 12% higher than last year.

Row Houses:
New listings for row houses increased compared to the previous year, leading to a slight improvement in inventory levels. Despite this shift, prices continued to rise, with the unadjusted benchmark price reaching $429,100 in November—21% higher than the same period last year.

Apartment Condominiums:
Record-high sales were achieved in November, contributing to a year-to-date sales figure surpassing the previous year’s record. The unadjusted benchmark price for apartment condominiums reached $320,100, showing a monthly gain of over one percent and an impressive year-over-year increase of 18%.

Regional Market Insights:

Airdrie:
Despite a decline in year-to-date sales, the market saw gains in November sales. The unadjusted benchmark price rose to $524,500 in November, reflecting an 11% year-over-year gain.

Cochrane:
A boost in new listings in November supported an increase in inventory levels. The unadjusted benchmark price rose to $548,600, marking a monthly gain of over one percent and a year-over-year increase of 11%.

Okotoks:
November witnessed a boost in new listings, contributing to a year-over-year gain in sales. The unadjusted benchmark price rose to $590,200, a one percent gain over last month and over eight percent higher than last November.

In conclusion, the real estate market remains dynamic, with heightened activity across various property types and regions, driven by increased listings, strong sales, and persistent price growth. The market continues to favor sellers, emphasizing the need for prospective buyers to navigate these conditions strategically.