The steepest monthly fall of the year, and still only 2.6% off the peak — a correction, not a collapse.
In August 2022, Calgary’s benchmark home price was $531,800 — down 1.5% from July, the largest monthly decline of the cycle, but still 15.8% above August 2021. Sales were 2,133, roughly level with last August, while inventory fell 10.5% to 4,783 homes, 21.1% below a year earlier. Supply tightened to 2.2 months. A typical home took 35 days to sell. Apartment condos held at $277,700, up 9.6% year-over-year.
August 2022 at a glance
August brought Calgary’s largest monthly price decline of the cycle — the benchmark down 1.5% to $531,800. It sounds alarming until you put it against the peak: prices were $546,000 in May, so after four months of decline the market had given back 2.6%. For context, the benchmark had risen 17.9% in the five months before that. Meanwhile inventory fell another 10.5% to 4,783 homes, and supply actually tightened, from 2.4 months to 2.2.
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 August) | $531,800 | ▲ +14.6% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| September 2021 | 2,156 | 2,906 | 5,619 | 44 | $457,900 |
| October 2021 | 2,184 | 2,501 | 4,875 | 43 | $460,100 |
| November 2021 | 2,108 | 1,999 | 3,932 | 47 | $461,000 |
| 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 |
The headline numbers
| Metric | August 2022 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $531,800 | ▼ -1.5% | ▲ +15.8% |
| Sales | 2,133 | ▼ -5.2% | ▼ -0.6% |
| New listings | 2,718 | ▼ -14.5% | ▼ -3.7% |
| Inventory | 4,783 | ▼ -10.5% | ▼ -21.1% |
| Days on market | 35 | ▲ +4 days | ▼ -7 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $633,000 | ▲ +17.5% | 1,064 | 31 | 2.2 |
| Semi-detached | $569,300 | ▲ +32.4% | 170 | 34 | 2.2 |
| Row / townhouse | $361,300 | ▲ +20.2% | 375 | 35 | 1.6 |
| Apartment condo | $277,700 | ▲ +9.6% | 524 | 44 | 2.7 |
Putting 2.6% in proportion
A housing crash means forced sellers, sharply rising inventory and price declines in double digits. Calgary in August 2022 had none of those. Prices were 2.6% below their May peak and 15.8% above the prior year. Inventory was falling, not rising.
What Calgary was experiencing is better described as the market giving back a fraction of an exceptional run while it adjusted to higher borrowing costs. That adjustment was real and it did take time, but it was not a collapse.
Sales stopped falling
August sales of 2,133 were down just 0.6% from August 2021 and 5.2% from July — a much gentler decline than June’s 7.3% or July’s 20.8%. The steepest part of the demand drop had passed.
That matters because it suggests the market had found the buyers who could still transact at current rates, rather than continuing to lose them. Volume stabilising is usually the first step toward prices stabilising.
Condos had now outperformed for six straight months
Apartment condos were $277,700, up 9.6% year-over-year, having risen from $253,100 in January. Over a period in which detached homes peaked and fell back, condos gained roughly $24,600.
Two years earlier this segment had 7.1 months of supply and falling prices. By August 2022 it sat at 2.7 months and was the strongest performer in the city. The oversupply had cleared, and rising rates had delivered it a wave of buyers who could no longer afford anything larger.
What this meant if you were buying
By late summer 2022 the balance of advantage had genuinely shifted toward buyers, even though prices had barely moved. At 35 days on market — up from 14 for detached homes in February — you could negotiate, inspect, and keep your conditions.
The trade-off was the rate. Buyers in August faced a much higher qualifying hurdle than in January, so the house they could afford was smaller even though prices had eased. Anyone shopping needed a current, accurate qualifying figure rather than one from the spring.
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Source: CREB, August 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.
