Calgary Housing Market Update: February 2023
The biggest monthly price gain in ten months, and a market that turned the moment buyers came back from the winter.
In February 2023, Calgary’s benchmark home price was $526,500 — up 2% from January, the largest monthly gain since April 2022, though only 0.7% above February 2022. Sales rose 45% on the month to 1,737, while new listings fell 48.7% year-over-year to 2,386. Inventory was 2,747 homes, 23.8% below last February, tightening supply to 1.6 months. A typical home sold in 33 days. Apartment condos, at $271,800, were up 5.8% year-over-year.
February 2023 at a glance
Calgary’s correction lasted eight months and ended in February. The benchmark rose 2% to $526,500 — the largest monthly gain since the previous April — as sales jumped 45% from January to 1,737. The cause was not a surge of buyers; sales were still 47.3% below February 2022. It was that sellers had almost entirely withdrawn. New listings fell 48.7% year-over-year, inventory sat 23.8% below last February, and supply tightened to 1.6 months.
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 | $518,800 | ▲ +11.8% |
| 2023 (to February) | $526,500 | ▲ +1.5% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| December 2022 | 1,201 | 1,032 | 2,222 | 46 | $518,800 |
| January 2023 | 1,198 | 1,852 | 2,451 | 42 | $516,300 |
| February 2023 | 1,737 | 2,386 | 2,747 | 33 | $526,500 |
The headline numbers
| Metric | February 2023 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $526,500 | ▲ +2% | ▲ +0.7% |
| Sales | 1,737 | ▲ +45% | ▼ -47.3% |
| New listings | 2,386 | ▲ +28.8% | ▼ -48.7% |
| Inventory | 2,747 | ▲ +12.1% | ▼ -23.8% |
| Days on market | 33 | ▼ -9 days | ▲ +8 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $637,200 | ▲ +2.7% | 793 | 31 | 1.6 |
| Semi-detached | $565,100 | ▲ +2.1% | 140 | 36 | 1.8 |
| Row / townhouse | $364,700 | ▲ +7.6% | 314 | 34 | 1.0 |
| Apartment condo | $271,800 | ▲ +5.8% | 490 | 36 | 1.8 |
A rebound built on scarcity
Normally a 2% monthly price gain signals strong demand. Here it signalled the opposite of supply. Sales were down nearly half from the prior year, but listings were down by the same proportion, so the ratio between them tightened anyway.
This is the defining mechanic of Calgary through 2023. Demand was genuinely weaker than in 2021 and 2022 — and prices rose regardless, because there was less and less to buy.
Days on market fell nine days in a month
From 42 days in January to 33 in February is a large shift in four weeks, and a reliable early indicator. Buyers were back, the stock was thin, and well-priced homes were moving again.
The by-type picture was already tight. Row homes had fallen to 1.0 months of supply and apartment condos to 1.8 — both lower than detached at 1.6. The affordable end of the market, which had led on price through 2022, was now leading on scarcity too.
Why sellers stayed away
2,386 new listings was the fewest February on record at that point, down almost half from a year earlier. The reason was the same one that had held listings down since mid-2022: most owners held a mortgage at a rate far below what a new one would cost, and selling meant giving that up.
It created a genuine trap for move-up buyers. Selling was easy and buying was hard, so the rational choice for most homeowners was to do neither — which made the shortage worse for everyone, including them.
What this meant if you were buying
February was the last comfortable month of 2023 for buyers, and it didn’t feel like it at the time. Prices had just started rising and competition was building, but 33 days on market still left room to negotiate.
The practical point for anyone considering waiting: Calgary’s constraint was supply, and supply was getting tighter, not looser. A buyer who could qualify and intended to stay several years had little to gain from delay — the thing they were waiting for wasn’t on its way.
Frequently asked questions
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Source: CREB, February 2023 (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.
