Calgary Real Estate Market Update May 2023

Written by Alan Kelly, Founder & Bōde’s Chief Revenue Officer

Real Estate Market Report | Calgary | May 2023

Calgary Home Prices reach new record high

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 May 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

Strong demand and very low supply pushed prices upwards again in April. After 4 months of price gains, Calgary home prices reached a new record high for the city. There are almost 50% fewer homes for sale than there would typically be at the end of April. While sales were 21% lower than last year, they are still up 70% vs pre-pandemic levels.

Calgary's Detached Homes

There are very few detached homes for sale in Calgary. Inventory is down 53% vs the avg of the last 5 years. Sales are down significantly vs last 2 years, but still up 40% vs pre-pandemic levels. Strong demand and very low supply helped increase prices 1.9% last month

Calgary's Apartments

Apartment sales were even stronger than April last year. Sales are up 118% vs the avg of the last 5 years. There are low levels of inventory right now, but not as low as other property types thanks to lots of new apartment listings. Apartment prices went up 2% vs previous month, and are up 10.2% vs this time last year.

Calgary's Attached Homes

There are very few attached homes for sale in Calgary. Inventory is down 56% vs the avg of the last 5 years. Sales are down vs last 2 years, but still up 77% vs pre-pandemic levels. Strong demand and very low supply helped increase prices 2.2% last month

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 one of the many successful sellers

35 Clarendon Road NW

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With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!

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