New listings up 38% on the year and inventory almost level with last November — the supply drought was breaking.
In November 2023, Calgary’s benchmark home price was $567,900 — up 0.2% from October and 9.2% above November 2022, the highest level recorded to that point. New listings rose 38.2% year-over-year to 2,227, and inventory of 3,001 homes was just 3.7% below last November, nearly closing a gap that had run above 30% in the summer. Supply was 1.7 months and a typical home sold in 29 days. Row homes rose 18.8% year-over-year to $426,300.
November 2023 at a glance
November 2023 brought the clearest good news Calgary buyers had received in two years. New listings rose 38.2% year-over-year to 2,227, and inventory of 3,001 homes was only 3.7% below last November — a gap that had been 31.7% as recently as August. The benchmark still edged up 0.2% to $567,900, a new high, and homes sold in 29 days. But the supply drought that had defined the market since mid-2022 was finally breaking.
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 November) | $567,900 | ▲ +9.5% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| October 2023 | 2,169 | 2,685 | 3,205 | 27 | $566,800 |
| November 2023 | 1,783 | 2,227 | 3,001 | 29 | $567,900 |
The headline numbers
| Metric | November 2023 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $567,900 | ▲ +0.2% | ▲ +9.2% |
| Sales | 1,783 | ▼ -17.8% | ▲ +8.6% |
| New listings | 2,227 | ▼ -17.1% | ▲ +38.2% |
| Inventory | 3,001 | ▼ -6.4% | ▼ -3.7% |
| Days on market | 29 | ▲ +2 days | ▼ -11 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $699,400 | ▲ +12.9% | 816 | 32 | 1.8 |
| Semi-detached | $626,800 | ▲ +11.4% | 139 | 27 | 2.0 |
| Row / townhouse | $426,300 | ▲ +18.8% | 266 | 22 | 1.5 |
| Apartment condo | $310,100 | ▲ +11.9% | 562 | 29 | 1.6 |
The inventory gap closed in three months
Track the year-over-year inventory deficit through 2023: -35.8% in June, -34.5% in July, -31.7% in August, -24.2% in September, -17.6% in October, -3.7% in November. That is a fast and consistent unwinding.
Supply rose from 1.1 months in June to 1.7 in November. Still tight — under two months remains a seller’s market — but a meaningfully different market from the one buyers faced in the spring.
Why sellers returned
Two things changed. Prices had risen roughly 10% from the January low, which improved the arithmetic for anyone who had been waiting for a better number. And after eighteen months, life events accumulate — job changes, growing families, retirements — that eventually override the desire to keep a cheap mortgage rate.
Lock-in effects are powerful but they aren’t permanent. They delay transactions rather than cancel them, and by late 2023 the delayed supply was beginning to arrive.
Prices at a record, growth slowing
At $567,900 the benchmark was the highest Calgary had recorded, up 9.2% year-over-year. But the monthly gains had shrunk to 0.2%, 0.2% and -0.1% across the previous three months.
The pattern is familiar from mid-2022 in reverse: the level keeps setting records while the momentum drains away. With more listings arriving and rates still high, the conditions for another period of flat-to-easing prices were assembling.
What this meant if you were buying
November was the first month in a long time when buyers could reasonably take their time. At 29 days on market, with inventory nearly level with the prior year and more listings arriving each month, the pressure to make instant decisions had eased.
For anyone whose purchase plan had been on hold through the tight market, this was the month to restart the financing work. Approvals take time, and buyers positioned for the spring are the ones who get organised in the winter.
Frequently asked questions
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Source: CREB, November 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.
