Calgary real estate sales last year eased compared to 2022’s peak, the Calgary Real Estate Board (CREB) reports. However, the 17,416 sales were still much higher than pre-pandemic long-term trends and activity. Notably, there was more activity toward more affordable apartment condominiums.

Tight conditions set the stage for Calgary’s record-high pricing. Price growth was strong although average annual benchmark growth dropped from 12 per cent in 2022 to almost six per cent in 2023.

Demand stayed strong despite higher interest rates

“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” CREB’s chief economist, Ann-Marie Lurie, notes. “At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”

Lower inventory than usual

The city saw inventory levels persistently lower than long-term trends over most of the year, with a 44 per cent average decline over the 10-year average. Months of supply also stayed well below two months throughout most of 2023 for homes priced below $1 million.

Detached

The detached home market experienced the biggest sales decline, dropping almost 20 per cent. There was limited supply of this home type for under $700,000, with record-low inventories, creating tight conditions that raised prices. The average benchmark price went up by about eight per cent.

Semi-detached

Sales were down 10 per cent for semi-detached homes in 2023, mainly due to properties priced under $500,000 thanks to limited supply. Prices increased thanks to tight market conditions, with the average benchmark price rising seven per cent

Row

For row homes, annual sales declined by more than 11 per cent, although sales for homes over $400,000 increased. It was a seller’s market during most of the year, with an average benchmark price boost of over 13 per cent.

Apartment condominium

Apartment condominium properties stood out with a sales gain in 2023 — a record-high of 7,884. This was thanks to higher inventory and new listings. However, conditions tightened and favoured sellers, resulting in average benchmark price growth of more than 13 per cent.

Check out the city of Calgary and Calgary region statistics.