Price growth down to almost nothing, inventory doubling from the winter low, and the clearest sign yet that the run had ended.
In May 2022, Calgary’s benchmark home price was $546,000 — up just 0.3% from April, the smallest monthly gain in over a year, though still 20.1% above May 2021. Sales fell 9.9% to 3,063 and inventory rose to 5,214 homes, nearly double January’s level, lifting supply to 1.7 months. A typical home took 25 days to sell, three days longer than April. Apartment condos, at $275,300 and up 9%, were the only segment still gaining real ground.
May 2022 at a glance
May 2022 marked the top. The benchmark price reached $546,000 — the highest Calgary had recorded — but rose just 0.3% on the month, effectively flat after five months of rapid gains. Sales fell 9.9% to 3,063, days on market lengthened to 25, and inventory climbed to 5,214 homes, almost exactly double the 2,627 available in January. Supply had gone from 1.3 months to 1.7. Prices would not exceed this level again for well over a year.
Calgary prices over time
| Year | Benchmark price | Change on the year |
|---|---|---|
| 2014 | $459,500 | — |
| 2015 | $448,800 | ▼ -2.3% |
| 2016 | $434,100 | ▼ -3.3% |
| 2017 | $433,200 | ▼ -0.2% |
| 2018 | $424,600 | ▼ -2% |
| 2019 | $415,900 | ▼ -2% |
| 2020 | $421,300 | ▲ +1.3% |
| 2021 | $463,900 | ▲ +10.1% |
| 2022 (to May) | $546,000 | ▲ +17.7% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| June 2021 | 2,914 | 4,134 | 6,920 | 34 | $457,900 |
| July 2021 | 2,314 | 3,298 | 6,682 | 40 | $459,700 |
| August 2021 | 2,146 | 2,823 | 6,065 | 42 | $459,200 |
| September 2021 | 2,156 | 2,906 | 5,619 | 44 | $457,900 |
| October 2021 | 2,184 | 2,501 | 4,875 | 43 | $460,100 |
| November 2021 | 2,108 | 1,999 | 3,932 | 47 | $461,000 |
| December 2021 | 1,737 | 1,230 | 2,608 | 47 | $463,900 |
| January 2022 | 2,004 | 2,474 | 2,627 | 44 | $495,300 |
| February 2022 | 3,293 | 4,651 | 3,607 | 25 | $522,900 |
| March 2022 | 4,091 | 5,492 | 4,389 | 20 | $537,400 |
| April 2022 | 3,399 | 4,585 | 4,874 | 22 | $544,300 |
| May 2022 | 3,063 | 4,297 | 5,214 | 25 | $546,000 |
The headline numbers
| Metric | May 2022 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $546,000 | ▲ +0.3% | ▲ +20.1% |
| Sales | 3,063 | ▼ -9.9% | ▲ +2.8% |
| New listings | 4,297 | ▼ -6.3% | ▼ -5.8% |
| Inventory | 5,214 | ▲ +7% | ▼ -23.2% |
| Days on market | 25 | ▲ +3 days | ▼ -7 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $648,500 | ▲ +21.6% | 1,616 | 22 | 1.6 |
| Semi-detached | $584,700 | ▲ +38% | 264 | 24 | 1.5 |
| Row / townhouse | $363,300 | ▲ +22.6% | 554 | 24 | 1.5 |
| Apartment condo | $275,300 | ▲ +9% | 629 | 34 | 2.2 |
What a peak looks like from inside
Nobody rings a bell. In May 2022 the benchmark was at an all-time high, prices were up 20.1% year-over-year, and homes still sold in 25 days. On those numbers it looked like a strong seller’s market, and it was.
The turn shows up only in the rate of change: 6.8%, 5.6%, 2.8%, 1.3%, 0.3%. Five consecutive months of decelerating growth is the signature of a market running out of buyers who can afford the next price. The absolute level stays high while the momentum drains away.
Inventory doubled in four months
5,214 homes were on the market in May against 2,627 in January. That is the single most important number of the month. Supply rising while demand falls is what eventually moves prices, and both halves were now in place.
For buyers, the practical change was real. At 1.7 months of supply the market was still tight, but a buyer in May had roughly twice the selection of a buyer in January, and slightly more time to decide.
Condos were the last segment standing
Apartment condos rose 9% year-over-year to $275,300, up from 4.3% growth in February — accelerating while everything else decelerated. Row homes held at 22.6% year-over-year.
The pattern is consistent with affordability driving the market. With detached homes at $648,500, buyers who could no longer qualify at that level moved to what they could afford, and condo demand strengthened just as the top of the market began to stall.
What this meant if you were buying
For anyone who had spent eighteen months losing bidding wars, May was the first month where waiting looked defensible. Inventory was rising, price growth had stopped, and rates were expected to keep climbing — which meant further pressure on prices.
The complication is that waiting for a lower price while rates rise can leave you worse off. A cheaper home at a higher rate can cost more per month than a dearer home at a lower one. The only way to know which applies to you is to run both scenarios on your actual numbers rather than reasoning from the headline price.
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Source: CREB, May 2022 (City of Calgary geography). Prices shown are benchmark (HPI) values. Month-over-month compares to the prior month; year-over-year to the same month last year. The board may revise past months as late sales are recorded. Prepared by Mortgages for Less.
