Thinking of snapping up some properties for yourself this year? Join us as we go through an overview of Calgary’s real estate market!
This way, you have a picture of what you may be in for before committing yourself to any purchase.
Table of Contents
What is Calgary’s real estate market like in 2023?
Calgary’s real estate market in 2023 shows a seller’s market, with home prices higher than they were in 2022. That said, aggregate prices will likely go down to at least 1% in the first quarter.
Experts predict that demand will continue to outpace supply this year. Property owners looking to sell will be in the most comfortable position.
Calgary’s Real Estate Market Trends in 2023
Trend reports from the Calgary Real Estate Board note the following real estate market trends for Calgary in 2023:
- Residential sales will dip to 26,000 due to continuously increasing house prices. The market saw a steep yearly decline in raw sales, with a 40% downturn from last year.
- Despite dropping sales, pricing will continue to go up. Those who already have properties to sell will have more power to increase prices.
- The Calgary real estate market won’t see any signs of fully slowing down for most of the year. Relative stabilization will simply see fewer homes up for sale compared to the increase in properties completely sold.
Individuals looking to invest in real estate will find that prices are still more manageable than they were at 2022’s peak, despite the continuous annual increase.
It’s also worth noting that Calgary will see a continued expansion in the market, in contrast to the falling markets in other areas of the country. How individuals can capitalize on this will depend on the online resources, research, and partnerships made along the way.
*Based on data from the Calgary Real Estate Board
Calgary Compared to Other Cities in Canada This Year
Compared to other Canadian cities, Calgary’s real estate market in 2023 is expected to keep growing even as other Canadian cities drop off. Calgary’s comparatively robust economy is attributed to the potential increase in average prices locally.
It’s also worth noting that the Bank of Canada kicked off the year with interest rates hiked up to 4.25 percent, with further increases still on the horizon. The inventory lows being experienced in Alberta were last seen more than a decade ago.
Calgary has also seen an increase in the average annual home price in 2023, which is in contrast to decreases in price and sales on a more national level.
For instance, other major cities like Toronto have seen a collapse in sales volume. On the other end of the spectrum, British Columbia remains at the top of the price ceiling despite a sharp downturn in prices.
We looked at the mortgage rates and average annual home price percentages to get a better picture of Calgary’s real estate market compared to others.
Property Market Prices in Calgary in 2023
The average home price in Calgary for all properties is $511,944 in 2023.
Although this means prices are lower than at the peak of 2022, you should still go to real estate agents to find a listing at your preferred price range. This is due to the stark limitation in inventory.
We break down the specific market prices for various property types in the table below.
**Market prices based on the latest data compiled by WOWA
Rental Market Prices in Calgary in 2023
Although Calgary’s real estate market is expected to stabilize as 2023 progresses, the vacancy rate and availability of properties mean rentals will remain in demand.
The Calgary Herald reports that rent is likely to keep rising throughout the year, as the number of prospective renters sees no signs of tapering off.
Right now, the vacancy rate for newer units is only at 1%, with rents seeing an upward turn. Let’s look at the current rental rate in Calgary below.
