Calgary resale home prices hit record high
May 29, 2023
After four months of persistent gains, Calgary resale home prices hit a record benchmark price of $550,800 in April 2023, according to the Calgary Real Estate Board (CREB).
“While sales activity is performing as expected, the steeper pullback in new listings has ensured that supply levels remain low,” said CREB chief economist Ann-Marie Lurie. “The limited supply is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices.”
In April, sales reached 2,690 units compared to 3,133 new listings. With a sales-to-new-listings ratio of 86 per cent, inventories declined by 34 per cent compared to last year and are over 45 per cent below long-term averages for April.
While sales have eased by 21 per cent compared to last year, the steep decline in supply has caused the months of supply to ease to just over one month. This reflects tighter market conditions than earlier in the year compared to April 2022.
Detached-house listings have eased across all price ranges with the most significant declines occurring for homes priced below $700,000. The decline in new listings far outpaced the pullback in sales, causing the sales-to-new-listings ratio to rise to 88 per cent and the months of supply to fall to just over one month—tighter than both last year and last month reports CREB.
The apartment condo sector was the only sector to see sales activity rise over last year’s levels. With a sales-to-new-listings ratio of 77 per cent and 1.5 months of supply, conditions are not as tight as other property types in the city.
As of April, the unadjusted benchmark condo price reached $299,400—a significant gain over the $277,600 reported at the start of 2023 and more than 10 per cent higher than April 2022.