Calgary Real Estate Market Report - October 2023
Lesley Birkkjaer • November 20, 2023
Welcome to November!
October flew by as we head down the home stretch to the Holiday season.
Home sales slowed down in the month of October, but that is a normal trend heading into the holidays. That being said, sales were still about 17% higher than they were in October of 2022.
We are still seeing gains. These gains are mainly taking place in the apartment sector due in part to their affordability and the interest rate.
Looking forward, we are hoping to see interest rates come down a bit in the spring or summer of 2024.
October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.
New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.
Spring is here—well, sort of! While the weather is still sorting itself out, the real estate market is also going through some changes. March saw a 19% drop in sales across all property types, shifting us further toward a balanced market. After four years of a strong seller’s market, we’re finally seeing things level out, which is good news for buyers looking for more options. With economic uncertainty and other factors at play, we’ll be keeping a close eye on how things unfold in the coming months. In the meantime, I’ve got new listings coming up in Dalhousie and Citadel, so if you’re thinking about buying or selling, let’s chat !
Stepping into March, it’s exciting to see the weather starting to warm up. Hopefully, you are getting out and enjoying it! Looking back at February, we saw more properties hitting the market, especially those under $500K. Things are slowing down, but it seems good properties priced right are still moving! We were already heading for a balanced market but now with the shifting situation in the U.S. there’s a bit of nervous energy around. People still need a place to live, which is great but we will definitely be watching the Real Estate market closely and seeing how it trends. If you’re wondering what these changes might mean for you or have any questions, feel free to reach out .
The 2025 real estate forecast points to a more balanced market with more homes available—good news for buyers and sellers alike. Plus, exciting new listings are coming to Royal Oak, Oakridge, and Shawnessy! Contact me for all your real estate needs.
Happy New Year! 🎉 2025 is here, and I hope your holiday season was as wonderful as ours—filled with family, friends, and great memories. Looking back at 2024, the real estate market started with a bang and eased into a steadier pace later in the year. December saw a slight 3% dip in sales from last December but nearly 20 per cent higher than long-term trends. Overall, we had solid growth throughout 2024 As for January? It’s already shaping up to be a busy start! If you’re thinking about buying, selling, or just want to chat about the market, I’m here to help. Let’s make 2025 an amazing year together!
As we wrap up 2024, here's a quick look at what happened in November. Inventory levels continued to rise, helping balance demand. However, we’re still seeing price decreases as some sellers adjust from the spring’s high prices. Pricing your home correctly remains crucial—it's the key to selling quickly and for the best value. Here’s an example: I recently listed a home in Acadia at a competitive price, and within days, it sold for $30,000 over asking with seven offers—three of them unconditional. This just goes to show the power of strategic pricing in today’s market. If you’re thinking about selling or want to know more about the market, let’s chat ! Wishing everyone a joyful holiday season, and I’ll see you in 2025. Cheers to a bright and successful new year!
Sorry for the late November newsletter—I thought I had already sent it! You’ll hear from me again soon with my December update, so stay tuned for that. November tends to slow down as we move closer to the holiday season. Inventory levels have continued to increase, and we are seeing more price reductions as sellers adjust from the high prices we saw during the spring’s strong seller’s market. The market is becoming more balanced, though it still leans slightly in favour of sellers. I have an exciting new listing coming up in Acadia this week— reach out if you’d like more details or if you want to chat about what’s happening in the market!
Happy October, everyone! The leaves are changing, and the weather is absolutely gorgeous—such a lovely time of year! Let’s soak it all in before the snow hits. Here’s a quick update on the September market. We’re seeing more listings, especially in the entry-level price range (up to $600,000). It’s a bit surprising to think of homes under $600,000 as “entry level,” but Calgary’s benchmark price has now topped $600,000! We’re not in a buyer’s market just yet, but it’s definitely leaning more towards balance, with sellers still holding an edge—but nowhere near the extreme seller’s market we had this spring. Interestingly, we’re also seeing some movement in the $700,000 to $1 million price range. Plus, with interest rates dropping and potentially another cut ahead, I’ll definitely be keeping an eye on how that affects things. All in all, things are moving along smoothly. If you're looking to buy or sell, I'd love to help! Just give me a call . And a quick reminder—October is Breast Cancer Awareness Month, so throw on your pink and support those who mean the most to you.
I hope everyone is enjoying this lovely weather! Recapping the Calgary real estate market for August. We have seen supply levels increasing with more properties hitting the market, in part due to new construction. We have moved away from the extreme seller's market we experienced in the spring. The Bank of Canada has just dropped the interest rate to 4.25% so that's great news for buyers! Have a great rest of September and I'll see you next month!
Welcome to August! I hope you're enjoying a wonderful summer and the cooler weather. We saw more listings hit the market in July which has increased both inventory and time on the market. While it's still very much a seller's market, buyers now have a few more options to explore. We're also anticipating another interest rate drop in September, so it will be interesting to see how that impacts the market as we head into the fall. Enjoy the rest of your summer, and I look forward to catching up in September!
Welcome to July! I hope you're enjoying the wonderful weather after a fairly rainy June. Here's a brief recap of June: We experienced a slight decline in sales due to low inventory. However, sales of higher-end properties (above $700k) saw a slight increase. The benchmark home price also rose by 8.5% year-over-year to $608,000. As we move into the second half of 2024, I remain optimistic about continued improvements. However, we should anticipate a slower pace through the summer as people are vacationing and enjoying the beautiful weather. Have a great rest of your July, and I will see you again in August.
