Calgary home sales set record in May
June 8, 2023
Thanks to a significant gain in apartment condominium sales, May 2023 sales rose to 3,120—a new record high for the month—according to the Calgary Real Estate Board (CREB).
While monthly gains have not outweighed earlier declines, these results reflect a shift from declines reported at the start 2023.At the same time, there continues to be fewer new listings on the market than 2022, causing inventory levels to fall. With a sales-to-new-listings ratio of 85 per cent and months of supply of one month, conditions continue to favour the seller which places further upward pressure on home prices.
“Calgary’s housing market continues to exceed expectations with the recent gain in sales activity this month,” said CREB chief economist Ann-Marie Lurie. “The higher interest rate environment and recent rental rate gains have driven more consumers to seek apartment condominium units. In addition, the recent rise in new apartment listings has provided enough options to support the sales gain. Calgary continues to benefit from the relatively healthy job market and recent population growth keeping housing demand strong across all property types.”
In May, the benchmark price reached $557,000—more than 1 per cent higher than in April 2023 and nearly 3 per cent higher than the peak price of $543,000 set in May 2022.