Current Calgary Real Estate Market Statistics

The Calgary real estate market has been heating up in recent months, with strong demand and low supply driving prices up. According to the Calgary Real Estate Board (CREB), the median home price in Calgary reached $505,000 in September 2023, up 9.8% year-over-year.

There are a number of factors contributing to the strong demand in the Calgary real estate market. One factor is the city's growing population. Calgary is one of the fastest-growing major cities in Canada, and this growth is putting a strain on the city's housing supply.

Another factor contributing to the strong demand is the city's strong economy. Calgary's economy is recovering from the oil price downturn of 2014-2016, and this recovery is leading to increased job creation and higher incomes. This is making Calgary an attractive place to live and work, and it is also leading to increased demand for housing.

Current Calgary Real Estate Market Statistics

Here are some of the key statistics for the Calgary real estate market in September 2023:

• Median home price: $505,000
• Average home price: $539,021
• Total sales: 2,441
• New listings: 3,191
• Sales-to-new listings ratio: 76%
• Days on market: 28

The sales-to-new listings ratio is a key indicator of market conditions. A ratio above 50% indicates a seller's market, while a ratio below 50% indicates a buyer's market. The current sales-to-new listings ratio of 76% indicates that the Calgary real estate market is a strong seller's market.

The days on market is another key indicator of market conditions. A lower number of days on market indicates that homes are selling quickly, while a higher number of days on market indicates that homes are taking longer to sell. The current days on market of 28 indicates that homes in Calgary are selling very quickly.

Outlook for the Calgary Real Estate Market

The outlook for the Calgary real estate market is positive for the remainder of 2023. CREB is forecasting that home sales in Calgary will reach 23,500 in 2023, up from 23,097 in 2022. CREB is also forecasting that the median home price in Calgary will reach $510,000 in 2023, up from $495,000 in 2022.

Tips for Buyers and Sellers in the Calgary Real Estate Market

If you are a buyer in the Calgary real estate market, it is important to be prepared to act quickly and be willing to pay a premium for a home. It is also important to have a pre-approved mortgage in place before you start shopping for a home.

If you are a seller in the Calgary real estate market, you are in a good position to negotiate a top price for your home. However, it is important to price your home competitively and to make sure that it is in good condition. It is also important to work with a qualified real estate agent who can help you navigate the market and get the best possible price for your home.