Written by Alan Kelly, Founder & Bōde’s Chief Revenue Officer
Real Estate Market Report | Calgary | September 2023
Calgary sets new August record for home sales as well as record high prices
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 September 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:
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.
Home sales in August 2023 set a new record for the month
Home sales in August 2023 set a new record for the month. They were higher than 2022 & 2021 and 53% higher than the avg of the last 5 years. Inventory remains at historic lows. There are 50% fewer homes for sale than typical for this time of year. Strong demand and low supply sent prices up by 0.5% MoM and 7.9% YoY
Calgary's Detached Homes
Detached home sales were up 15% in August 2023 vs the avg of the last 5 years. They were higher than 2022, but lower than 2021. There are 50% fewer detached homes for sale right now. Detached prices are up 10.3% YoY
Calgary's Apartments
Apartment sales were up 174% in August 2023 vs. the average of the last 5 Augusts. Apartment sales are over 3X what they were pre-pandemic. The number of apartments for sale is down 41% from where it would typically be this time of year. Strong demand and low supply have led prices up 13.5% YoY.
Calgary's Attached Homes
Attached sales were up 56% in August 2023 vs the average of the last 5 years. The number of attached homes for sale is down 60% from where it would typically be this time of year. This has caused attached prices to be up over 12.6% YoY.
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 2 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.
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