Calgary home sales outpace long-term trends in 2023 as migration fuels demand

The Calgary Real Estate Board says the city recorded 1,366 home sales in December, a 13.8 per cent increase compared with the same month a year earlier as the number of homes that changed hands in 2023 outpaced long-term trends and activity prior to the pandemic.

There were 1,248 newly listed units last month, up 21 per cent compared with December 2022, but the board says housing demand remained relatively high thanks to strong migration levels as inventory declined 2.5 per cent.

CREB chief economist Ann-Marie Lurie says supply levels were low compared to demand throughout 2023, resulting in stronger than expected price growth.

The unadjusted home benchmark price at the end of the year stood at $570,100, down around $2,600 from the previous month, but 10.4 per cent higher than December 2022.

The board says the detached market saw the most significant decline in sales activity in 2023 at nearly 20 per cent.

Apartment-style properties were the only type to report an annual sales gain, hitting a record high of 7,884.