From a sales price perspective, the Calgary real estate market is outperforming all expectations that market watchers had last fall, when predictions were for much lower prices, this spring compared to spring 2022..The Calgary Real Estate Board’s report for March shows benchmark prices were up year-over-over in every home category, as were average prices..The market-wide benchmark price was $541,800, up 1% from March 2022. The single-family home benchmark came in at $649,800, up 2%. The $581,300 benchmark for semi-detached sales also saw a 2% increase, while the townhome benchmark increased 8% to $378,100 and the apartment benchmark prices shot up 11%, year-over-year, to $293,500..One expectation from last fall that came true, and has since the beginning of the year, is sales are down on a year-over-year basis, declining 41% from March last year. That decline will ease as we move further into 2023..On a trending basis, sales were up from February. Total sales last month were 2,432 units up from 1,740 in February; single-family home sales reached 1,145 units, compared to 794 in February; March saw 388 townhome sales, up from 315 in February; 217 semi-detached sales in March, up from 140 in February, and; 682 apartment sales in March, compared to 491 in February..There are several factors driving the market, says Ann-Marie Lurie, CREB’s chief economist..“The challenge has been centred around supply, with the 3,233 active listings at the end of March reflecting the lowest March inventory levels since 2006, leaving the months of supply just above one month, firmly in the seller’s territory. While conditions are not as tight as last March, low inventory levels leave purchasers with limited choice, once again driving up home prices,” says Lurie. .“As expected, sales have eased from record levels while remaining stronger than they were before the pandemic thanks to recent gains in migration supporting demand.”
From a sales price perspective, the Calgary real estate market is outperforming all expectations that market watchers had last fall, when predictions were for much lower prices, this spring compared to spring 2022..The Calgary Real Estate Board’s report for March shows benchmark prices were up year-over-over in every home category, as were average prices..The market-wide benchmark price was $541,800, up 1% from March 2022. The single-family home benchmark came in at $649,800, up 2%. The $581,300 benchmark for semi-detached sales also saw a 2% increase, while the townhome benchmark increased 8% to $378,100 and the apartment benchmark prices shot up 11%, year-over-year, to $293,500..One expectation from last fall that came true, and has since the beginning of the year, is sales are down on a year-over-year basis, declining 41% from March last year. That decline will ease as we move further into 2023..On a trending basis, sales were up from February. Total sales last month were 2,432 units up from 1,740 in February; single-family home sales reached 1,145 units, compared to 794 in February; March saw 388 townhome sales, up from 315 in February; 217 semi-detached sales in March, up from 140 in February, and; 682 apartment sales in March, compared to 491 in February..There are several factors driving the market, says Ann-Marie Lurie, CREB’s chief economist..“The challenge has been centred around supply, with the 3,233 active listings at the end of March reflecting the lowest March inventory levels since 2006, leaving the months of supply just above one month, firmly in the seller’s territory. While conditions are not as tight as last March, low inventory levels leave purchasers with limited choice, once again driving up home prices,” says Lurie. .“As expected, sales have eased from record levels while remaining stronger than they were before the pandemic thanks to recent gains in migration supporting demand.”
