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The Calgary Real Estate Market is considered a sellers or a buyers market when we are above or below three months of supply. Look at any chart to see how many properties were sold last month. If we have three times that number in current listings we are in a balanced housing market in Calgary. The supply and demand of homes in the three distinct home types in Calgary are the net effect of everything else happening in the world. Mortgage Interest Rates, Employment, new homes being built, politics, etc. all eventually show up in the actual supply and demand numbers.
Thus the current rise in oil and gas prices is another tailwind for the Calgary real estate market. The housing market became a destination for some of this newly created money. Though home prices are not included in the official inflation number, increases in house prices cause increases in landlords' asking rents, which in turn increases tenants' rents. With a considerable time lag, real estate inflation finds its way into official inflation numbers.
Most Recent Calgary Real Estate Statistics: November 2022
The Calgary housing market is exhibiting very interesting dynamics. Benchmark prices slowly decrease from their all-time high in May 2022 while the inventory levels are very low. We see a slowdown in sales but an even faster slowdown in listings. This condition suggests that buyers have become more disciplined about their purchase price and more conservative about the risk they are willing to take. That's 0.2% lower than last November’s average sales price and 3.8% lower compared with last month. Average home prices do not show the true extent of price changes because of the substitution effect.
You'll also find that houses and apartments in Calgary, AB range from affordable to luxury. Expand this block to see the historical median price of single family homes in the United States. Below, I provide and graphhistorical monthly median single-family home valuesin the United States. Significantly, this data isnon-seasonally adjustedand based onsales of existing homes.
Market Overview for Townhouses in November 2022
Benchmark apartment prices are up 10% year-over-year to $277,000 while decreasing 0.3% compared with October. April 2012 Update – Increased migration and employment growth have both led to a huge 26 percent gain in year over year sales for the month of April 2012. Estimates for the most recent period have a high degree of uncertainty due to limited data for this bedroom type in Calgary, AB and may not be representative of the actual market. And Skyview Ranch, where the average rent can go for $1,445/month.
Canada’s official inflation topped 5% in January this year, which was the highest inflation number seen in close to three decades. This level of inflation was a threat to the central bank's credibility. Because central banks’ mandate requires them to maintain price stability, the BoC started raising interest rates in its first policy meeting after inflation passed 5%. Shortly after, BoC started removing money through the quantitative tightening program.
Calgary Housing Statistics
Find my historical home price series using nominal prices and one adjusted for inflation. The tool automatically checks for data updates weekly, but due to report release cadence, the data lags behind . We believe politicians are hoping to guide the market toward a typical annual real estate cycle with price growth in the range of 1 to 3% annually – in line with income growth. There is a tremendous amount of risk and uncertainty in the market fundamentals, and consumer sentiment has deteriorated considerably. However, consumer sentiment is volatile and historically has been an unreliable predictor of future price trends.
In November, average prices for detached and semi-detached homes increased 6.4% and 18% yearly to reach $623.4k and $587.1k. At the same time, row house and apartment average prices increased by 8% and 2.3% year-over-year, respectively, to reach $356.7k and $292.1k. New listings in the city of Calgary decreased 19% year over year and 26% month over month to 1,611 homes.
April 2014 Update – All the residential sectors in Calgary saw an improvement of new listings supported by the warmer season and price gains. May 2014 Update - With more choice for buyers as a result of elevated inventory levels, May of 2014 saw a record high total number of sales ever. August 2014 Update - Condominium sales activity soars with double-digit year-over-year increases while the single-family sector slows. There are a total of 887 apartments for rent available in Calgary, AB. 2-Bedroom apartments are the most common, with a total of 343 listings available. Studio apartments are the least common, with a total of 15 listings available.
They are holding out for the return of inflation to housing prices. The average price of a home in Calgary was $490,134 in November 2022. Currently, it compares to be about the same as it was in the same month of 2021 when the combined price of single-family, condominiums and attached homes were recorded at $490,257. Detached homes are selling at a rate never before seen in the City of Calgary as buyers from Calgary and across Canada stampede to snap up the new listings. The detached market daily sales almost equalled the daily sales number for the entire market in April of 2021.
October 2014 Update - Once again, high demand for affordable properties lead many to buying multi-family residences throughout the city. Looking for specific market information to create new editorial content or innovative ways to present and share housing trends and statistics? I don't know the condo, co-op, townhome, or multi-family market well enough to try to create proxies. However, single-family homes are mostly comparable countrywide, so this feels like a good series. Home prices have an extensive span, and there are some wildly expensive properties in the United States.
April 2013 Update – The single-family home sector set a new record benchmark price of $452,900 in April, finally surpassing peak levels seen in the booming real estate market of 2007. Since the peak in Spring 2022, house prices in the Calgary area have fallen significantly. Government intervention successfully shielded the real estate market from the pandemic-induced recession, but now higher interest rates are weighing on the market. The continuation of the Bank of Canada rate hikes is a headwind for real estate markets as it raises prime rates at financial institutions and causes mortgage rates in Canada to rise. This headwind acts on Canadian real estate, the Canadian stock market, and the bond market. This headwind shows its effect on the Canadian real estate market in the form of declining prices.
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