The usual summer lull arrived, but with inventory a third below last year it barely gave buyers anything.
In July 2023, Calgary’s benchmark home price was $563,100 — up 0.5% from June and 4.3% above July 2022. Sales eased 15.8% on the month to 2,644, still 17.6% higher than last July. Inventory was 3,498 homes, 34.5% below a year earlier, keeping supply at just 1.3 months. A typical home sold in 23 days. Row homes remained tightest at 0.9 months of supply; apartment condos reached $296,000, up 6.2% year-over-year.
July 2023 at a glance
Calgary’s market took its usual summer breather in July — sales down 15.8% from June to 2,644 — and it made almost no difference to how hard it was to buy. Inventory stayed 34.5% below last July at 3,498 homes, supply held at 1.3 months, and a typical property still sold in 23 days. The benchmark rose another 0.5% to $563,100. In a normal year the July lull hands buyers a few weeks of breathing room. In 2023 there wasn’t enough stock for that to happen.
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 July) | $563,100 | ▲ +8.5% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| July 2023 | 2,644 | 3,247 | 3,498 | 23 | $563,100 |
The headline numbers
| Metric | July 2023 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $563,100 | ▲ +0.5% | ▲ +4.3% |
| Sales | 2,644 | ▼ -15.8% | ▲ +17.6% |
| New listings | 3,247 | ▼ -17.6% | ▲ +2.2% |
| Inventory | 3,498 | ▲ +0.8% | ▼ -34.5% |
| Days on market | 23 | ▲ +1 day | ▼ -8 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $690,600 | ▲ +7.3% | 1,195 | 22 | 1.4 |
| Semi-detached | $614,900 | ▲ +6.6% | 211 | 20 | 1.2 |
| Row / townhouse | $404,900 | ▲ +11.7% | 467 | 20 | 0.9 |
| Apartment condo | $296,000 | ▲ +6.2% | 771 | 28 | 1.4 |
A lull without the relief
Sales fell 15.8% and new listings fell 17.6%, so once again both sides of the market stepped back together. Inventory rose by just 0.8%. The seasonal slowdown changed the volume of activity without changing the balance of power at all.
This had become the defining feature of the year. Whatever happened to demand, supply moved with it, and the ratio between them stayed within a narrow, very tight band — between 1.1 and 1.6 months for the whole of 2023 to that point.
Prices kept grinding higher
At $563,100 the benchmark had risen 9.1% from January’s low in six months. Detached homes were $690,600, up 7.3% year-over-year. Row homes had gained 11.7% to $404,900 — crossing $400,000 for the first time.
The row-home number is the one to dwell on. A segment that was $353,700 in January 2023 and $300,100 at the end of 2021 had risen by more than a third in eighteen months. The squeeze in affordable housing was not theoretical.
What buyers were actually up against
At 23 days on market with 1.3 months of supply, a buyer needed to view quickly and decide quickly. The practical experience was of watching listings appear and disappear within a week, often at or above asking price.
The segments were nearly indistinguishable in difficulty: detached at 1.4 months, semi-detached 1.2, row 0.9, apartment 1.4. There was no easier corner to retreat to.
What this meant if you were buying
July was a reasonable month to do the preparation work even if you weren’t finding anything — approvals, document gathering, deciding your limits. The autumn typically brings a second wave of listings, and the buyers positioned for it are the ones who used the quiet weeks.
It was also worth thinking carefully about how much to borrow rather than simply how much you could. With rates at their highest in over a decade and prices still rising, the temptation to stretch to the maximum was strong. The buyers who stayed comfortable were generally the ones who left themselves room.
Frequently asked questions
Using the quiet season to prepare?
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Source: CREB, July 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.
