Calgary's real estate market expected to favour sellers in 2023

Calgary’s real estate market has levelled off as the year has gone on, but a new report is stating it could shift back in the seller’s favour in 2023.

According to a new report from RE/MAX, demand in Calgary is being driven by first-time homebuyers with move-up and move-over buyers trailing close behind.

Richard Fleming from RE/MAX Real Estate Mountain View expects that to continue in 2023.

“First-time buyers dealing with higher interest rates have lowered their expectations and downsized their purchases, going from single-detached homes to duplexes or apartments,” Fleming stated. “We’re seeing first-time buyers that still want to get into real estate, they’re just adjusting what that looks like.”

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We have seen the average price for a residential unit increase pretty consistently throughout the year. Overall, it is up 13% from where it closed last year. The average cost of a house in Calgary was $585,025. As of October 31, 2022, the average price in Calgary is now sitting at $658,277.

And that growth is expected to continue into 2023 with the average price expected to come in at $703,356.39.

RE/MAX

Another trend that has picked up throughout the year is the growth in the condo market. That is projected to change in 2023, with single-detached homes expected to drive the majority of sales next year as buyers look for more space.

The problem for buyers is inventory is anticipated to remain low in the first quarter of the year, before steadily increasing through the third quarter and finally sloping down again in the final quarter of 2023.

Home sales are steadily increasing and are expected to remain on the rise in 2023. The luxury market has decreased its pace but is likely to pick back up next year. The average residential sale price in Calgary is anticipated to increase by 7% in 2023.