Inventory more than a third below last June, every property type under 1.3 months of supply, and prices now clearly above their 2022 peak.
In June 2023, Calgary’s benchmark home price was $560,300 — up 1.4% from May and 3% above June 2022, comfortably beyond the previous peak. Sales reached 3,140, up 10.6% year-over-year, while inventory of 3,469 homes sat 35.8% below last June. Supply was just 1.1 months and a typical home sold in 22 days. Row homes were tightest at 0.8 months of supply. Apartment condos reached $293,400, up 5.8% year-over-year.
June 2023 at a glance
June 2023 was, on the supply measure, about as tight as Calgary’s market has ever been. Inventory of 3,469 homes was 35.8% below last June. Supply stood at 1.1 months. Row homes were at 0.8 months — under four weeks of stock. The benchmark rose 1.4% to $560,300, now 2.6% above the May 2022 peak, and sales of 3,140 were up 10.6% year-over-year. Demand had recovered fully while supply had not recovered at all.
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 June) | $560,300 | ▲ +8% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| 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 |
The headline numbers
| Metric | June 2023 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $560,300 | ▲ +1.4% | ▲ +3% |
| Sales | 3,140 | ▲ +0.7% | ▲ +10.6% |
| New listings | 3,939 | ▲ +7.9% | ▼ -2.9% |
| Inventory | 3,469 | ▲ +7.9% | ▼ -35.8% |
| Days on market | 22 | ▼ -2 days | ▼ -5 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $685,100 | ▲ +5.8% | 1,521 | 20 | 1.1 |
| Semi-detached | $611,300 | ▲ +5.1% | 238 | 19 | 1.1 |
| Row / townhouse | $397,300 | ▲ +9.2% | 525 | 19 | 0.8 |
| Apartment condo | $293,400 | ▲ +5.8% | 856 | 28 | 1.3 |
Every segment was short
Detached homes: 1.1 months. Semi-detached: 1.1. Row: 0.8. Apartment condos: 1.3. There was no part of Calgary’s market in June 2023 where a buyer had meaningful choice.
That uniformity was new. Through 2021 and 2022 there had always been a segment with slack — condos early on, then detached homes during the correction. By mid-2023 the shortage was general, which removed the usual strategy of moving to a less contested property type.
Why demand came back so strongly
Sales of 3,140 were the second-highest June in the record. Two forces drove it. Alberta was receiving substantial interprovincial migration, with people arriving from more expensive provinces and finding Calgary’s prices manageable by comparison. And buyers who had paused through the 2022 rate increases had, by mid-2023, adjusted their expectations to the new rate environment.
That second point matters. Markets adapt to rate changes. The shock of 2022 suppressed transactions for roughly nine months; after that, buyers recalibrated what they could afford and came back.
Twenty-two days
A typical Calgary home sold in 22 days in June, five days faster than a year earlier and close to the fastest on record outside the February–March 2022 peak. Row homes and semi-detached were down to 19 days.
For a buyer that meant roughly one weekend to decide. Any process requiring more than a few days — arranging financing from scratch, coordinating an out-of-town viewing — was likely to cost you the property.
What this meant if you were buying
There’s no comfortable advice for a 1.1-month market. Buyers who succeeded had financing arranged before they started, understood their maximum precisely, and had decided in advance what they would and wouldn’t compromise on.
One thing worth planning for specifically: appraisals. When prices rise faster than recent comparable sales, a lender’s appraisal can come in below the agreed price, leaving a gap the buyer must cover in cash. Knowing whether you have the reserves to absorb that — and how large a gap you could handle — is part of being genuinely ready in a fast market.
Frequently asked questions
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Knowing your maximum — and what you’d do if an appraisal came in low — is what readiness actually means. Let’s prepare.
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Source: CREB, June 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.
