New year, same story: Calgary housing prices jumped in January
Calgary housing prices saw an increase in the first month of the year, as the number of sales and listings dropped significantly.
According to the Calgary Real Estate Board (CREB), the benchmark price for a home in Calgary rose to $520,900 — a slight increase from the $516,625 we closed 2022 with. It is the first time in seven months that the price increased month to month. Year-over-year, Calgary housing prices saw a 5% increase.
The good news for people looking to buy a home in Calgary is this is still well below the record highs we saw in May of last year, when the benchmark price was $546,000.
These increases come as the number of sales and the available inventory declined in a big way.
The 1,199 sales in Calgary were down 40.2% from this time last year. We also saw a shift in the types of homes being sold, with detached homes only comprising 47% of all sales.
The available inventory in Calgary is 2,451 which is down 6.7% year-over-year.
And it is even more sparse if you are looking for an affordable home. Homes priced under $500,000 saw year-over-year inventory declines of nearly 30%, while inventory levels improved for homes prices above that level.
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CREB Chief Economist Ann-Marie Lurie explains the variance in Calgary housing prices.
“Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said Lurie. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”
New listings were down 25.1% at 1,852, which is the lowest it has been in Calgary since the 1990s.