Calgary Housing Market Update: December 2023
A year that started at the bottom of a correction and ended near a record — led, unusually, by townhouses and condos.
Calgary closed 2023 with a benchmark home price of $565,200 — down 0.5% in December but up 8.9% over the year, having bottomed at $516,300 in January. December sales were 1,362, up 13.4% year-over-year, while inventory fell to 2,170 homes, 2.3% below last December. Supply was 1.6 months and a typical home sold in 33 days. Over the full year, row homes led at 17.9% growth to $422,300 and apartment condos rose 13.2% to $311,200, both well ahead of detached at 12.5%.
December 2023 at a glance
Calgary finished 2023 with the benchmark at $565,200, up 8.9% over twelve months. That headline understates how unusual the year was. The market began in January at $516,300 — the bottom of the correction — recovered fully by April, set records from June onward, and plateaued through the autumn. And the leadership came from the bottom of the market: row homes up 17.9% and apartment condos up 13.2%, both ahead of detached homes at 12.5%.
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 | $565,200 | ▲ +8.9% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| December 2023 | 1,362 | 1,248 | 2,170 | 33 | $565,200 |
The headline numbers
| Metric | December 2023 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $565,200 | ▼ -0.5% | ▲ +8.9% |
| Sales | 1,362 | ▼ -23.6% | ▲ +13.4% |
| New listings | 1,248 | ▼ -44% | ▲ +20.9% |
| Inventory | 2,170 | ▼ -27.7% | ▼ -2.3% |
| Days on market | 33 | ▲ +4 days | ▼ -13 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $697,300 | ▲ +12.5% | 596 | 34 | 1.7 |
| Semi-detached | $625,000 | ▲ +11% | 116 | 33 | 1.6 |
| Row / townhouse | $422,300 | ▲ +17.9% | 252 | 29 | 1.1 |
| Apartment condo | $311,200 | ▲ +13.2% | 398 | 34 | 1.7 |
The year in three phases
January to May was the recovery: prices rose 7.1% in five months as sellers withdrew and supply fell to 1.0 months. May set a sales record of 3,117 — the busiest May in at least a decade.
June to August was the peak of the squeeze, with supply between 1.1 and 1.4 months and inventory more than 30% below the prior year. September to December was the unwind, as new listings rose 15%, 21%, 23% and 38% year-over-year and the inventory deficit closed from 31.7% to near zero.
Why the affordable end led
Row homes rose from $353,700 to $422,300 across 2023. Apartment condos rose from $263,900 to $311,200. Detached homes rose from $623,900 to $697,300.
In percentage terms the small homes won, and the mechanism was rates. Every increase cut what buyers could qualify for and pushed demand down the price ladder. Over two years, apartment condos went from Calgary’s weakest segment — seven months of supply and falling prices in January 2021 — to one of its strongest.
Calgary against the country
2023 was a mixed year for Canadian housing, with several major markets flat or down as high rates weighed on demand. Calgary gained 8.9%.
The difference was migration and supply. Alberta was gaining people from more expensive provinces at a substantial rate, and Calgary’s listings had collapsed and were only beginning to recover. Strong population growth meeting a supply shortage produces rising prices even when borrowing costs are high.
What this meant going into the new year
The supply picture entering 2024 was materially better than entering 2023, with inventory roughly level year-over-year instead of collapsing. But at 2,170 homes and 1.6 months of supply, the market was still tight by any historical standard.
For buyers, the practical implication was that competition would likely continue but with more choice than the previous spring. The buyers who did well were the ones who were fully approved before the spring listings arrived, rather than starting the process once they found something.
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Source: CREB, December 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.
