Calgary’s real estate market stayed hot in November, with home sales up 9% compared to last year. This surge came despite a near 40% jump in new listings, particularly in the luxury segment ($600,000+).
However, the good news on listings couldn’t solve the city’s ongoing inventory crunch. “Strong demand” quickly absorbed the new options, keeping overall inventory 4% lower than last year.
The price tag on this scarcity? A whopping 10.7% increase in the benchmark price, reaching $572,700 in November. This follows an average price rise of over 5% so far in 2023.
While apartment condos continued to break sales records due to affordability, detached homes saw a decline. Limited options below $700,000 seem to be driving buyers away.
So, what’s next? The market remains a seller’s paradise, with low inventory and high demand fueling price growth. But affordability concerns, particularly for detached homes, could start to cool things down, especially if interest rates continue to rise.
