There are daily headlines regarding the "Canadian Real Estate Market". However, a basic tenet of residential real estate is that markets are local. While housing trends across Canada may be influenced by broad factors such as rising interest rates, there are numerous "local" variables which are positively impacting Calgary's real estate market. Low employment, positive migration, low listing supply, affordable cost of living, and quality of life are helping to shape continued stability in the local Calgary real estate market.
In January 2023, the benchmark residential price in Calgary was $520,000, increasing 5% year-over-year. The largest volume of sold properties in Calgary is in the price segment of $400,000 to $600,000, yet listings priced under $500,000 have declined roughly 30% year-over-year. Overall in January, new listings fell to the lowest level seen since the late 1990's. While inventory remains tight, unlike Toronto or Vancouver, Calgary offers an appealing selection of properties for purchase in the $500K price range.
There is wide consensus that the future outlook for housing sales in Calgary for 2023 is optimistic and Alberta is expected to outperform the rest of the country. Moreover, the Bank of Canada recently signaled that the rapid increase of interest rates is behind us. Calgary has forward momentum going into Spring2023.