Two for two: Calgary house prices rise for the second straight month to start 2023

It is becoming a familiar story in Calgary as the average house prices went up again in February.

According to the Calgary Real Estate Board (CREB), the benchmark price for a home in Calgary is $530,900, which is exactly $10,000 more than it was in January.

It is the second straight month that we saw an increase in average Calgary house prices.

Calgary Real Estate Board

After last month we saw a rise in sales and inventory, but those numbers are WAY down from where they were a year ago. They are actually the lowest February levels seen since 2006.

CREB Chief Economist Ann-Marie Lurie says the low inventory is making the price go up more than expected.

“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”

You might also like:
• Rent prices in Calgary take one of the biggest jumps in Canada, rising 22%
• Calgary home prices stayed high while other big cities in Canada saw a dip
• Dreaming of buying a home? Here's what $1 million will get you in major Canadian cities

As usual, this did not impact the condo/apartment market. Sales for apartment condominiums did not see the same pace of decline as other types of properties in February partly due to the level of new listings coming onto the market.

The average price for an apartment is up 11.3% from this time last year to $286,000.

The average price for a detached and semi-detached home is also up from this time last year sitting at $635,900 and $568,100, respectively.