CREB® 2023 Year in Review

As we bid farewell to another eventful year in the real estate market, it's time to take stock of the highs, lows, and everything in between. The Calgary Real Estate Board (CREB®) presents the 2023 Year in Review, capturing the essence of the past twelve months and shedding light on the latest developments in the world of real estate. From exciting news to market updates and key statistics, this comprehensive review is your go-to guide for understanding the trends that shaped the Calgary housing market in 2023. Real Estate News 2023 was a year filled with notable news stories that had an impact on the local real estate market. One of the major highlights was the sales volume, which reached an impressive 27,416 transactions. This robust activity reflects the resilience and enduring appeal of Calgary's real estate market, despite the challenges faced in recent years. Market Update Throughout the year, the Calgary market experienced a healthy influx of new listings, resulting in a total of 33,999 homes hitting the market. This increase in inventory was met with strong demand from eager buyers looking to capitalize on favorable market conditions, resulting in a balanced and dynamic real estate landscape. The total inventory of available homes in Calgary stood at 3,071 units at the end of 2023. This figure indicates a healthy supply of properties to cater to the needs and preferences of prospective buyers. However, the months' supply of inventory, which stood at 1.34, suggests a slightly tight market, with demand still outpacing supply in certain segments. Benchmark Price The benchmark price serves as a vital indicator of the overall health and performance of the market. In 2023, the benchmark price in Calgary settled at a solid $556,000, reflecting steady growth and stability in the housing sector. This figure is a reflection of the average price for typical homes sold in the area and provides a valuable benchmark for buyers and sellers alike. Looking Ahead As we venture into the new year, it's essential to consider how the trends of 2023 will shape the future of Calgary's real estate market. The impressive sales volume and growing inventory indicate a continuing demand for housing in the area. While the months' supply figure suggests a slightly tight market, it also hints at potential opportunities for sellers to capitalize on their properties' value. Additionally, the benchmark price's steady growth shows that investing in Calgary's real estate market remains a promising opportunity for buyers and investors. Despite uncertainties and challenges that may arise, Calgary's real estate market has proven time and again its resilience and ability to adapt to changing circumstances. The year 2023 was a year of growth, stability, and exciting opportunities in Calgary's real estate market. With a healthy sales volume of 27,416 transactions and a robust inventory of 33,999 new listings, the market has showcased its unwavering appeal to both buyers and sellers. The benchmark price of $556,000 reflects the overall strength and stability of the housing sector, setting the stage for a promising future. As we move forward into 2024, it is crucial to stay informed about the latest market trends and developments. Being aware of the ever-changing real estate landscape will help buyers, sellers, and investors make informed decisions and navigate the market with confidence. The Calgary Real Estate Board will continue to provide valuable insights and resources to support and empower all those involved in the Calgary real estate market.

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