November 2023 Calgary Real Estate Market Update

Calgary Real Estate Market Update - November 2023

Increased Listings, Strong Sales, and Price Growth

In November 2023, the Calgary real estate market witnessed significant shifts characterized by increased listings, robust sales, and continued price growth across various property types.

New Listings and Sales Overview: New listings in November soared to 2,227 units, marking a remarkable 40% increase compared to the same period last year. This surge in listings was widespread across most price ranges, with the most significant gains observed in homes priced over $600,000. Despite the substantial year-over-year jump in new listings, the inventory levels remained relatively low due to sustained strong sales. November recorded 1,787 sales, maintaining a high sales-to-new-listings ratio of 80%, with months of supply staying below two months.

According to CREB® Chief Economist Ann-Marie Lurie, the rising trend in new listings has yet to alleviate the low inventory situation in Calgary, given the persistent strong demand. As a result, the market continues to favor sellers, driving further price growth.

Benchmark Price and Price Growth: As of November, the benchmark price reached $572,700, reflecting a month-over-month increase and a substantial 11% rise compared to November 2022. Year-to-date, the average benchmark price has witnessed a commendable increase of over five percent.

Detached Homes: Limited supply choices for homes priced below $700,000 led to a decline in detached home sales, with year-to-date sales down by 20%. While November reported a marginal gain over the previous year, higher-priced homes primarily drove the increase in new listings. This created exceptionally tight conditions for prices below $700,000, with the overall month of supply remaining below two months. The unadjusted benchmark price for detached homes reached $699,500 in November, showing a slight increase over the previous month and a substantial 13% surge compared to last November.

Semi-Detached Homes: November witnessed a boost in new listings for semi-detached homes, preventing a year-over-year decline in inventory levels. However, inventory levels remained over 40% below typical levels for November. With a sales-to-new-listings ratio of 77% and a month-of-supply below two months, conditions remained exceptionally tight, particularly for homes below $700,000. Benchmark prices remained stable compared to the previous month, but at an unadjusted benchmark price of $628,700, prices were over 12% higher than the previous year.

Row Homes: New listings for row homes increased compared to last year, resulting in a rise in inventory levels. For the first time since 2021, the sales-to-new-listings ratio fell below 75%. Although conditions are more balanced in higher price ranges, homes below $500,000 continue to face less than one month of supply. The unadjusted benchmark price for row homes reached $429,100 in November, marking a 21% increase compared to the previous year and an average year-to-date gain of nearly 13%.

Apartment Condominiums: Apartment-style homes, known for their relative affordability, contributed to record-high sales in November. Year-to-date sales exceeded the previous year's record, reaching 7,487. The growth in new listings supported these sales, with inventory levels remaining similar to last year. The unadjusted benchmark price for apartment condominiums reached $320,100 in November, indicating a monthly gain of over one percent and a substantial year-over-year increase of 18%. Year-to-date price gains were notable across every district, with significant increases in the lower-priced North East and East districts.

In conclusion, the Calgary real estate market in November 2023 showcased resilience with increased listings, strong sales, and continued price growth, favoring sellers across various property types.