Start saving up: Calgary house prices jumped a lot in 2022

If you looked at Calgary house prices and thought they were high this past year, you were right: 2022 closed with housing prices up over 10%.

According to a year-end report from the Calgary Real Estate Board, the benchmark for Calgary house prices finished the year at $518,800 which is up 12% from the end of 2021.

The good news for home buyers is that price is actually down from where it was earlier in the year. The average price of a home in Calgary peaked in May and actually dipped 5% from November to December.

Even with that, Calgary set a record for home sales in 2022 with 29,672.

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Home sales dipped as the year went on, as did inventory. As of December, there were 2,214 units available, making it the lowest level of inventory reported for December in over a decade.

“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB Chief Economist Ann-Marie Lurie.

“However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”

Those sales numbers did dip in December again, with the total coming in over 30% lower from December of 2021.

Calgary Real Estate Board (CREB)

Some of the big sales numbers throughout the year came in through the apartment/condo market. Sales of these units rose by 50% to 6,221 units, a new record high. CREB says demand for an affordable product, along with renewed investor interest thanks to rental rate growth, helped support sales growth.