Real Estate

NEWSLETTER

 

Peter Kusch

Tel.: 403-990-7990

 

 December 2022

 

INVENTORY HITS LOWEST LEVEL SINCE 2005

Calgary's real estate market saw monthly sales, prices, and new listings decline in November as the inventory of homes for sale fell to the lowest level reported since 2005.

Detached

Detached sales slowed across every price range this month, contributing to the year-over-year decline of nearly 34 per cent. The total sales until November are 5 per cent lower than at the same time last year. The market below $500,000 is still quite challenging while higher-priced properties are showing more balanced conditions. The median price year-to-date is 15 per cent higher than in the last year.

Semi-detached

The number of sales this November was 37 per cent lower than in November last year but despite this decline, year-to-date sales remain 37 per cent above long-time averages. The market conditions remain tight with sales to new listings ratio of 100 per cent. The median price year-to-date is 17 per cent higher than in the last year.

Row

Further declines in new listings contributed to the slower sales activity this month. Inventory levels are the lowest since November 2013. Despite the persistently tight market conditions, prices trended down this month reaching $352,500. The median price year-to-date is almost 16 per cent higher than in the last year.

Apartment

Despite some weakness in other segments, apartment sales continue to surge contributing a year-over-year increase of 10 per cent. The inventory fell to the lowest since November 2013. This caused a further tightening in market conditions as the sales to new listings ratio pushed above 100 per cent. The median price year-to-date is almost 9 per cent higher than in the last year but still below its previous highs set back in 2014.

 

 

 

 The average number of days on the market (Calgary Metro)

 

 

Average days on the market in 

November 2022

Average days on the market in 

November 2021

 

Detached  

 

37

40

 

Apartment

 

47

69

 

Semi-detached

 

45 49

 

Row

 

 

35

 

 

46

 

 

Median price (Calgary Metro)

 

 

Median price in  

November 2022

Median price in

November 2021

Percentage change

 

Detached

 

  $560,500

$520,000

8%

 

Apartment

 

$250,000

$230,000

9%

 

Semi-detached

 

$493,000

$425,000

16%

 

Row

 

 

$352,500

 

 

$305,000

 

 

15%

 

The median price is where half sell for more and half for less.

 

Months of supply (Calgary Metro)

 

January 2018 4.83
February 2018 4.73
March 2018 4.64
April 2018 4.82
May 2018 4.91
June 2018 4.65
July 2018 5.46
August 2018 5.47
September 2018 6.28
October 2018 5.56
November 2018 5.55
December 2018 6.18
January 2019 6.81
February 2019 6.03
March 2019 4.96
April 2019 4.57
May 2019 3.89
June 2019 4.24
July 2019 4.36
August 2019 4.45
September 2019 5.02
October 2019 4.49
November 2019 5.05
December 2019 5.30
January 2020 5.87
February 2020 4.59
March 2020 4.91
April 2020 9.71
May 2020 5.38
June 2020 3.66
July 2020 3.62
August 2020 4.11
September 2020 3.66
October 2020 3.31
November 2020 3.50
December 2020 3.06
January 2021 3.35
February 2021 2.46
March 2021 1.87
April 2021 1.89
May 2021 2.27
June 2021 2.37
July 2021 2.88
August 2021 2.81
September 2021 2.59
October 2021 2.23
November 2021 1.86
December 2021 1.50
January 2022 1.30
February 2022 1.09
March 2022 1.06
April 2022 1.69
May 2022 1.69
June 2022 1.90
July 2022 2.89
August 2022 2.24
September 2022 2.34
October 2022 2.09
November 2022 1.89

 

 

 Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits