Calgary Real Estate Market Update January 2023

Written by Alan Kelly, Bōde’s Chief Economist

Real Estate Market Report | Calgary | January 2023

Calgary home sales are up 5% and the number of homes for sale are down 44%

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. 

It is a new year and a new story when it comes to Calgary’s real estate market. 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. 

We empower home buyers and sellers with the data they need to be successful. 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. It is dead-easy to look at our data with a personal lens. 

Bōde sellers 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 January 2023?

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:


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)


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

Calgary Housing supply and demand Jan 2023

New listings in December were down 8% while sales were up 5% vs. the average of the previous 4 years. Sales continue the strong trend they’ve been on since December 2020, however they are slowing in recent months. Sales were not as strong this December as December 2021.

The total number of homes for sale is down 44% 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 55% 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 0.3% over last month and up 7.8% over December 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 December, sales of detached homes were down 9% vs the previous 4 years, while new listings were down 17%.


Detached Home Supply and Demand Calgary Jan 23

As a result, the overall supply of detached homes is down 42% compared to previous years.


This has led months of supply to be down 46%, 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. 

Calgary house inventory down

Detached prices increased quickly in early 2022, putting prices above their previous record levels from 2014. However detached home prices are stable over last month and up 9.8% over December last year.

Calgary Detached Prices

Calgary's Apartments

The apartment market improved significantly in 2021 & 2022 relative to a very difficult 2020. Sales were incredibly strong for December 2022 (up 70% 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.

Calgary Apartment Supply and demand

There are currently 41% fewer apartments for sale than typical for this time of year a significant drop over a few months ago.

Calgary Apartment inventory Jan 23

Apartment prices are down 0.8% over last month while being up 9.2% over December last year.

Calgary apartment prices Jan 23

Calgary's Attached Homes

Attached homes (i.e. duplex or row homes) saw 9% fewer listings in December vs previous years. Sales were down 2% compared to the last 4 years.

Total inventory of attached homes has been incredibly low in recent months. It is currently 51% lower than the average of the previous 4 years.

Prices for attached homes have generally been improving since December 2020. However prices have started to decline. They were flat over last month while still up 11.5% over December last year.

Calgary Attached Home Prices Jan 23

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 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.

Featured Listings

Bōde sellers sell for more and save a lot

Here are a just few of the many successful sellers

46 Doverdale Mews SE, Calgary

Progressive builders sell with Bode

47 Coach Ridge Point SW, Calgary

As a homeowner, or potential buyer, it's important to stay
up to date with current mortgage rate trends

Historical Mortgage rates in Canada Jan 23

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