Calgary Real Estate Market Report - October 2023
Lesley Birkkjaer • November 20, 2023
Welcome to November!
October flew by as we head down the home stretch to the Holiday season.
Home sales slowed down in the month of October, but that is a normal trend heading into the holidays. That being said, sales were still about 17% higher than they were in October of 2022.
We are still seeing gains. These gains are mainly taking place in the apartment sector due in part to their affordability and the interest rate.
Looking forward, we are hoping to see interest rates come down a bit in the spring or summer of 2024.
October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.
New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.
Welcome to September! Summer may be winding down, but the great weather has been a bonus. Looking back at August, the market feels very similar to July. We’re seeing more inventory on the market, which has created a buyer’s market. Prices have dipped about 4% overall, with row houses and apartments seeing the biggest declines, while detached homes in popular areas are holding up a little better. For buyers, this means more choice and opportunity. For sellers, it means homes are taking longer to move, closer to 60 to 90 days or more, and pricing them correctly has never been more important. If you’d like to talk about how this market affects your plans, I’d be happy to chat .
As summer winds down, Calgary’s real estate market continues to shift. Inventory is climbing as a wave of new builds reach completion across the city. The apartment sector has felt the biggest impact, with new complexes rising in nearly every quadrant. At the same time, a number of communities are seeing increased supply of detached homes. With this added inventory, Calgary’s benchmark price has started to ease. Market conditions are returning to more typical, pre-pandemic levels, and properties are taking longer to sell. If you’d like to talk about what these changes mean for your plans, I’d be happy to connect .
Hope your July’s off to a great start, and that you get to enjoy a little Stampede fun along the way! We’re keeping things pretty low-key, but definitely plan to catch a few events. Market-wise, June brought another bump in inventory across all property types, with a few shifts worth noting, especially in the apartment and row house sectors. I’ve pulled together a quick update with what’s going on and what it might mean if you’re thinking about a move. Give it a watch, and reach out if anything sparks a question. I’d love to hear from you.
Can you believe it’s already mid-June? The pace of the market has cooled, May brought a big shift, a 97.5% increase in listings. That means more inventory, more choices for buyers, and a more balanced market overall. That said, the right property can still go fast. I recently listed a beautifully maintained home in Evanston and it sold within a week. When homes show well and are priced right, they continue to draw strong interest. If you’re thinking of selling, I’m happy to offer tips on how to prepare your home and make the process as smooth as possible. Questions about buying or selling? I’m always just a call or message away . Enjoy the rest of your June, and I’ll check in again next month!
Spring is finally here—and so is a balanced market. Inventory is up, days on market are longer, and buyers have more to choose from. It’s a very different vibe than last year’s sprint! If you’re curious about what that means for you, or want the scoop on my listings in Dalhousie and Citadel, I’m just a call away.
Spring is here—well, sort of! While the weather is still sorting itself out, the real estate market is also going through some changes. March saw a 19% drop in sales across all property types, shifting us further toward a balanced market. After four years of a strong seller’s market, we’re finally seeing things level out, which is good news for buyers looking for more options. With economic uncertainty and other factors at play, we’ll be keeping a close eye on how things unfold in the coming months. In the meantime, I’ve got new listings coming up in Dalhousie and Citadel, so if you’re thinking about buying or selling, let’s chat !
Stepping into March, it’s exciting to see the weather starting to warm up. Hopefully, you are getting out and enjoying it! Looking back at February, we saw more properties hitting the market, especially those under $500K. Things are slowing down, but it seems good properties priced right are still moving! We were already heading for a balanced market but now with the shifting situation in the U.S. there’s a bit of nervous energy around. People still need a place to live, which is great but we will definitely be watching the Real Estate market closely and seeing how it trends. If you’re wondering what these changes might mean for you or have any questions, feel free to reach out .
The 2025 real estate forecast points to a more balanced market with more homes available—good news for buyers and sellers alike. Plus, exciting new listings are coming to Royal Oak, Oakridge, and Shawnessy! Contact me for all your real estate needs.
Happy New Year! 🎉 2025 is here, and I hope your holiday season was as wonderful as ours—filled with family, friends, and great memories. Looking back at 2024, the real estate market started with a bang and eased into a steadier pace later in the year. December saw a slight 3% dip in sales from last December but nearly 20 per cent higher than long-term trends. Overall, we had solid growth throughout 2024 As for January? It’s already shaping up to be a busy start! If you’re thinking about buying, selling, or just want to chat about the market, I’m here to help. Let’s make 2025 an amazing year together!
As we wrap up 2024, here's a quick look at what happened in November. Inventory levels continued to rise, helping balance demand. However, we’re still seeing price decreases as some sellers adjust from the spring’s high prices. Pricing your home correctly remains crucial—it's the key to selling quickly and for the best value. Here’s an example: I recently listed a home in Acadia at a competitive price, and within days, it sold for $30,000 over asking with seven offers—three of them unconditional. This just goes to show the power of strategic pricing in today’s market. If you’re thinking about selling or want to know more about the market, let’s chat ! Wishing everyone a joyful holiday season, and I’ll see you in 2025. Cheers to a bright and successful new year!
