Strong migration and low supply drive Calgary housing prices in 2023 

Sales Trends: Despite a relative ease from the previous year's peak, Calgary witnessed 27,416 home sales in 2023, surpassing long-term trends. A notable shift towards more affordable apartment condominium-style homes was observed.

Supply and Demand Dynamics: Higher lending rates tempered housing demand, but strong migration levels sustained demand, especially for affordable options. Persistent low supply compared to demand drove stronger than expected price growth.

Inventory and Price Trends: Inventory levels consistently lagged behind long-term averages, contributing to a record high in prices. Although the average annual benchmark price growth slowed to nearly six per cent, it remained robust.

Property Type Analysis:

Detached Homes: Experienced a significant decline in sales activity, particularly in lower price ranges, sales did improve for houses priced above 700K. However, tight market conditions supported further price growth, with an average benchmark price increase of nearly eight per cent.

Semi-Detached Homes: Saw a sales decline of 10 per cent, primarily due to limited supply choices. Prices trended up, with a seven per cent annual benchmark price increase.

Row Houses: Sales declined over 11 per cent due to limited supply choices, driving an annual benchmark price gain of over 13 per cent.

Apartment Condominiums: Recorded a gain in sales, reaching a record high. Tightening conditions favored sellers, with a benchmark price increase of over 13 per cent annually.

Regional Market Facts:

Airdrie: Sales declined by 24 per cent, mainly in detached homes. Conditions favored sellers, with a nearly five per cent annual benchmark price rise.

Cochrane: Both sales and new listings fell, supporting inventory gains. Prices continued to rise, with a four per cent increase in detached benchmark prices.

Okotoks: Supply challenges persisted, impacting sales and prices. Prices rose by over six per cent annually despite low inventories.