Calgary Home Sales Surge 12% as Listings Plunge 42%
Calgary’s real estate continues to hold strong. If you are looking to sell your home, you will have very little competition and homes ARE selling.
Calgary’s real estate story is dramatically different than the rest of Canada. Home buyers continue to purchase in Calgary – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however the homes on the market are moving.
Get the data for yourself… it is simply the smartest decision. When you arm yourself with transparent data, you will feel more confident in setting the price of your home and selling it or buying at the right price.
Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōdesellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Calgary real estate market as of November 2022?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Calgary continues to see demand outpace new supply in the aftermath of COVID-19
New listings in November were down 14% while sales were up 12% vs. the average of the previous 4 years. Sales continue the strong trend they’ve been on since November 2020, however they are slowing in recent months. Sales were not as strong this November as November 2021.
The total number of homes for sale is down 42% compared to the average of the previous 4 years. Inventory levels continue to stay very low compared to historical norms.
The combination of low supply and high demand has kept ‘months of supply’ low at just under 2 months which is down 53% vs the previous 4 years. This continues to be a low level for Calgary but is higher than the first half of the year.
Low inventory & fewer months of supply makes conditions more favourable for sellers, while more inventory and higher months of supply is more favourable for buyers.
Overall, Calgary home prices are down 0.7% over last month and up 8.6% over November last year.
What does this mean for sellers?
Right now supply is still very low compared to previous years, and demand is relatively high which means it is a good time to sell your home. Sellers who price their home well will be able to sell quickly. Prices have been steadily dropping from month to month, this needs to be reflected in the seller’s list price.
However, your specific property value will be determined by market forces both within your community and against similar active listings. To find out what supply and demand look like for your specific community, click here.
What does this mean for buyers?
There are currently far fewer homes for sale than there have been in previous years. This means active buyers need to move fast to beat other buyers to available listings.
Market conditions vary substantially by property type, community, and price range
Calgary's Detached Homes
Above, we’ve looked at the overall Calgary market, but different segments are performing very differently. Let’s look at a few examples.
In November, sales of detached homes were down 7% vs the previous 4 years, while new listings were down 15%.
As a result, the overall supply of detached homes is down 39% compared to previous years.
This has led months of supply to be down 42%, which means it continues to be a relatively good time to be selling a detached home, and one of the toughest times to be buying, as there’s less inventory than normal to choose from.
Detached prices increased quickly in early 2022, putting prices above their previous record levels from 2014. However detached home prices are down 0.7% over last month and up 10.6% over November last year.
Calgary's Apartments
The apartment market improved significantly in 2021 & 2022 relative to a very difficult 2020. Sales were incredibly strong for November 2022 (up 85% vs the average of the last 4 years).
Apartments have been performing especially well (relative to detached & attached homes) since interest rates started increasing in April 2022 – due to the fact they’re relatively more affordable.
There are currently 38% fewer apartments for sale than typical for this time of year a significant drop over last month.
Apartment prices are down 0.3% over last month while being up 10% over November last year.
Calgary's Attached Homes
Attached homes (i.e. semi-detached or row homes) saw 17% fewer listings in November vs previous years. Sales were very strong at +10% compared to the last 4 years.
The total inventory of attached homes has been incredibly low in recent months. It is currently 52% lower than the average of the previous 4 years.
Prices for attached homes have generally been improving since November 2020. However, prices have started to decline. They were flat over the last month while still up 11.9% over November last year.
What really matters is what’s happening in your specific local property market. There are some communities and price bands and property types where homes are performing better/worse than the market average.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 12 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Would you like to understand the broader economic environment in Canada impacting home pricing and sales? Click here to take a high-level look!
Featured Listings
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46 Doverdale Mews SE, Calgary
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