The fewest new listings Calgary has recorded, inventory down a fifth, and a slowdown that somehow kept getting tighter.
In November 2022, Calgary’s benchmark home price was $520,200 — down 0.7% from October and 12.8% above November 2021. Sales fell 22.1% year-over-year to 1,642, but new listings fell further, down 25.9% on the month to 1,611 — fewer new listings than sales. Inventory dropped 19.9% to 3,116 homes, taking supply to 1.9 months. A typical home sold in 40 days. Apartment condos, at $277,000, were up 10.1% year-over-year.
November 2022 at a glance
November 2022 produced an unusual statistic: Calgary recorded 1,611 new listings and 1,642 sales. The market sold more homes than were added to it. Inventory fell 19.9% to 3,116, supply dropped to 1.9 months — back under the two-month threshold — and prices eased just 0.7% to $520,200. Six months into a correction driven by the sharpest rate increases in decades, Calgary’s housing market was tighter than it had been in October.
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 November) | $520,200 | ▲ +12.1% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| June 2022 | 2,839 | 4,055 | 5,404 | 27 | $543,900 |
| July 2022 | 2,249 | 3,178 | 5,343 | 31 | $539,900 |
| August 2022 | 2,133 | 2,718 | 4,783 | 35 | $531,800 |
| September 2022 | 1,894 | 2,626 | 4,461 | 39 | $527,400 |
| October 2022 | 1,857 | 2,174 | 3,889 | 40 | $523,900 |
| November 2022 | 1,642 | 1,611 | 3,116 | 40 | $520,200 |
The headline numbers
| Metric | November 2022 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $520,200 | ▼ -0.7% | ▲ +12.8% |
| Sales | 1,642 | ▼ -11.6% | ▼ -22.1% |
| New listings | 1,611 | ▼ -25.9% | ▼ -19.4% |
| Inventory | 3,116 | ▼ -19.9% | ▼ -20.8% |
| Days on market | 40 | — 0 days | ▼ -7 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $619,700 | ▲ +14.2% | 814 | 37 | 1.9 |
| Semi-detached | $562,800 | ▲ +30.9% | 132 | 45 | 2.0 |
| Row / townhouse | $358,700 | ▲ +19.9% | 248 | 35 | 1.6 |
| Apartment condo | $277,000 | ▲ +10.1% | 448 | 47 | 2.0 |
Selling more than you list
In a normal month, new listings comfortably exceed sales and inventory accumulates. November reversed that. Every home sold came out of existing stock rather than being replaced, which is why inventory fell so sharply.
This is the mechanical reason Calgary’s prices never fell far. The correction reduced how much buyers could pay, but it never produced the surplus of unsold homes that forces sellers to compete with each other.
Prices had found a floor
Monthly declines had run at -1.5%, -0.8%, -0.7% and now -0.7%. Cumulatively the benchmark was down 4.7% from the May peak of $546,000 — meaningful, but a long way from the double-digit declines being recorded in some other Canadian markets at the same time.
The stabilisation reflects the supply picture. With under two months of inventory, any seller who didn’t want to accept a lower price could simply wait, and most of them did.
Condos had gained $24,000 in a downturn
Apartment condos ended November at $277,000, up 10.1% year-over-year. Over a year in which the overall market peaked and rolled over, condos had added about $24,000 to the price of a typical unit.
Row homes were similar: $358,700, up 19.9% year-over-year. The whole affordable end of Calgary’s market had re-rated during a period most people remember as a downturn — because as rates rose, that’s where the buyers went.
What this meant if you were buying
Winter with 3,116 homes on the market meant thin pickings, but also the least competition of the year. Buyers willing to shop in December and January typically face fewer rival offers, and sellers listing at that time of year usually have a reason to move.
The more important preparation was around renewal risk, for anyone buying with a shorter term. If you were taking a two- or three-year fixed rate in late 2022, it was worth stress-testing your own budget against a renewal at a similar or higher rate — not because it was the likely outcome, but because knowing you could carry it is what makes the decision comfortable.
Frequently asked questions
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Source: CREB, November 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.
