New listings up more than a fifth on the year and prices flat for the first time since January — the shortage was easing at the margin.
In September 2023, Calgary’s benchmark home price was $565,600 — down 0.1% from August, the first monthly decline since January, but 7.2% above September 2022. Sales were 2,430, up 28.3% year-over-year, while new listings rose 21.5% to 3,191. Inventory grew 3.6% on the month to 3,383 homes, still 24.2% below last year, with supply at 1.4 months. A typical home sold in 25 days, fourteen days faster than a year earlier.
September 2023 at a glance
For the first time since the January bottom, Calgary’s benchmark price didn’t rise — it eased 0.1% to $565,600. The reason was on the supply side: new listings rose 21.5% year-over-year to 3,191, and inventory grew 3.6% on the month to 3,383 homes. After fifteen months in which sellers had effectively gone on strike, they were starting to return. Sales remained strong at 2,430, up 28.3% on the year, and homes still sold in 25 days.
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 September) | $565,600 | ▲ +9% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| March 2023 | 2,424 | 3,314 | 3,235 | 27 | $535,100 |
| April 2023 | 2,686 | 3,132 | 3,234 | 24 | $545,100 |
| May 2023 | 3,117 | 3,650 | 3,214 | 24 | $552,700 |
| June 2023 | 3,140 | 3,939 | 3,469 | 22 | $560,300 |
| July 2023 | 2,644 | 3,247 | 3,498 | 23 | $563,100 |
| August 2023 | 2,716 | 3,129 | 3,267 | 25 | $566,000 |
| September 2023 | 2,430 | 3,191 | 3,383 | 25 | $565,600 |
The headline numbers
| Metric | September 2023 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $565,600 | ▼ -0.1% | ▲ +7.2% |
| Sales | 2,430 | ▼ -10.5% | ▲ +28.3% |
| New listings | 3,191 | ▲ +2% | ▲ +21.5% |
| Inventory | 3,383 | ▲ +3.6% | ▼ -24.2% |
| Days on market | 25 | — 0 days | ▼ -14 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $696,100 | ▲ +10.8% | 1,140 | 25 | 1.5 |
| Semi-detached | $619,400 | ▲ +10.1% | 190 | 26 | 1.5 |
| Row / townhouse | $416,700 | ▲ +15.1% | 396 | 21 | 1.0 |
| Apartment condo | $303,000 | ▲ +9% | 704 | 28 | 1.5 |
Two consecutive months of rising listings
August’s new listings were up 15.1% year-over-year and September’s 21.5%. That’s a genuine change in behaviour rather than a one-month blip, and it’s the first thing that could actually loosen Calgary’s market.
Inventory was still 24.2% below last September, so the shortage was a long way from resolved. But the direction had reversed, and for a market whose entire problem was supply, that mattered more than the flat price.
Prices had plateaued around $566,000
August $566,000, September $565,600. After rising 9.6% from January through August, the benchmark stopped moving. Sales were still strong and supply still tight at 1.4 months, so this was not weakness — it was the market reaching what buyers could pay at prevailing rates.
That ceiling is worth understanding. Prices in Calgary through this period weren’t being set by sentiment; they were being set by the arithmetic of what a stress-tested mortgage would support. With rates near their peak, that arithmetic had stopped improving.
Row homes were up 15% on the year
Row homes reached $416,700, up 15.1% year-over-year, and apartment condos $303,000, up 9%. Detached homes rose 10.8% to $696,100.
Fourteen days faster than last September and still under 1.5 months of supply across every segment — the affordable end remained the hardest place to buy in Calgary, and the widening spread between row homes and detached homes had begun to close the gap between them.
What this meant if you were buying
September’s message for buyers was patience with preparation. More listings were coming, prices had stopped climbing, and the balance was shifting slowly in their favour for the first time in eight months.
That did not mean waiting indefinitely. At 1.4 months of supply and 25 days on market, this was still a seller’s market by any reasonable definition. The sensible posture was to be fully approved and actively looking, while no longer feeling compelled to overpay out of fear the window was closing.
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Source: CREB, September 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.
