Courtesy of Lori Loewen

Prices rise as conditions favour the seller

$293,500 apartment UP 10.59% year-to-year

$649,800 detached UP 1.80% year-to-year

BENCHMARK PRICES

3,318 NEW LISTINGS 2,432 SOLD LISTINGS

$378,100 rowhouse UP 7.54% year-to-year

detached 1,612 detached 1,145 682 apartment 919 apartment

3,233 ACTIVE LISTINGS

73% SALES TO NEW LISTING RATIO

27 DAYS ON MARKET

1.33 MONTHS OF INVENTORY

Calgary, April 3, 2023 - Sales and new listings have improved over the levels reported at the beginning of the year. As a result, the spread between sales and new listings supported some expected monthly inventory level gains. However, the 3,233 available units reflected the lowest March inventory levels since 2006 and left 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. Total unadjusted residential home prices reached $541,800 in March, a two percent gain over last month and nearly one percent higher than prices reported last year. While prices remain below the May 2022 high of $546,000, the pace of price growth over the first quarter has been stronger than expected due to the persistent seller’s market conditions.

“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,” said CREB ® Chief Economist Ann-Marie Lurie. “The challenge has been centered around supply. As a result, existing homeowners may be reluctant to list as they struggle to find an acceptable housing alternative in this market. At the same time, higher lending rates can also reduce the incentives for existing homeowners to list their home.” March recorded 3,318 new listings compared to the 2,432 sales, leaving the sales-to-new listings ratio relatively high at 73 percent. However, both sales and new listings have eased by 40 percent compared to levels reported last March. Statistics reflect market activity in March 2023 | Source: CREB ® Calgary Real Estate Board. Market values stated are of the benchmark of the city of Calgary. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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