December 2023 housing and rental statistics in Calgary, Airdrie, and Chestermere
As we wrapped up 2023, the real estate market in Calgary and its neighboring areas reflects a year of resilience, change, and surprising trends. Team Singh YYC presents the comprehensive market report for December 2023, shedding light on the intricate details of the housing and rental sectors in Calgary, Airdrie, and Chestermere.
Calgary Housing Statistics: December 2023
- Sales Activity: In December 2023, Calgary experienced 1,366 housing sales, showcasing a 13.8% year-over-year increase.
- New Listings: The influx of 1,248 new listings indicating a 21% increase reflects a steady stream of properties entering the market, contributing to the city’s housing diversity.
- Total Residential Benchmark Price: The total residential benchmark price reached an impressive $570,100, marking a substantial 10.4% year-over-year growth. This surge underlines the city’s robust real estate performance, defying the challenges of the year.
- Inventory and Supply: The inventory in Calgary stood at 2,164, reflecting a 2.5% decrease. The months of supply measured at 1.58, indicating a 14.3% decrease. These figures underscore the persistent demand and the tight conditions characterizing the Calgary real estate market.
December 2023 Housing Stats
- Detached Houses: The detached housing market witnessed a decline in sales by nearly 20%, but the benchmark price rose by almost 8%, driven by significant gains in more affordable districts.
- Semi-Detached Houses: Sales for semi-detached houses were down by 10%, influenced by pullbacks in the lower price range. However, the benchmark price showed resilience, rising by 7%.
- Row Houses: Limited supply choices contributed to an 11% decline in sales, but persistent seller-favored conditions led to an annual benchmark price gain of over 13%.
- Apartment Condominium: The apartment-style properties recorded a gain in sales, reaching a record high of 7,884. The benchmark price rose by over 13%, exceeding the levels reported in the previous year.
District Total Residential Benchmark Price: December 2023
- North: In the northern district of Calgary, the benchmark prices for residential properties witnessed a steady trajectory in December 2023, reaching $549,200. The North quadrant displayed a resilient real estate market, maintaining a positive growth rate of 11.7% year-over-year.
- Northwest: The Northwest quadrant emerged as a standout performer with an impressive benchmark price of $617,200, reflecting a remarkable growth of 14.7% year-over-year. This growth underlines the attractiveness of the Northwest district, suggesting a strong demand for residential properties and a competitive real estate landscape.
- Northeast: In the Northeast quadrant, the real estate market demonstrated robust growth, with benchmark prices surging to $491,900, marking a commendable 18.2% year-over-year increase. This substantial increase indicates a thriving market, potentially fueled by various factors like infrastructure development or community amenities, making it an area of interest for prospective buyers and investors.
- City Centre West: The West quadrant of the City Centre presented a remarkable surge in benchmark prices, exhibiting substantial growth at $671,400 and a 7.9% year-over-year increase. This signifies a highly sought-after area within the city center, likely influenced by its accessibility, amenities, or unique community character.
- City Centre East: In the East quadrant of the City Centre, benchmark prices experienced a commendable increase to $596,400, marking a 5.3% year-over-year growth. This growth reflects the vitality and attractiveness of the real estate market in the eastern part of the city center, making it an appealing option for those seeking urban living.
- South: Moving to the southern district, benchmark prices displayed a growth of $551,400, reflecting a 10.6% increase in December 2023. The South quadrant’s real estate market maintained its momentum, offering a diverse range of residential options to cater to the demands of a dynamic and growing community.
- Southeast: In the Southeast quadrant, benchmark prices saw a robust growth to $557,200, emphasizing sustained demand and market vitality with a 9.3% year-over-year increase. The Southeast district remains an area of interest for those seeking residential properties, with its growth reflecting a combination of factors contributing to its overall appeal.
Calgary Rentals Market Stats: December 2023
In December 2023, Calgary’s rental market showcased distinct trends across various housing types.
- Condos: The rental landscape for condominiums displayed nuanced changes. Studios witnessed a decrease in rental prices, settling at $1,721. On the other hand, one-bedroom units experienced an increase, reaching $1,993. The rental rates for two-bedroom condos rose to $2,473. However, for larger units with three or more bedrooms, there was a decrease in rental prices, settling at $3,126.
- Houses: Within the house rental market, studios remained available at a consistent rate of $400. One-bedroom houses saw an increase in rental rates, reaching $2,187. In contrast, two-bedroom houses experienced a decrease in rental prices, now at $2,547. Rental rates for three or more bedroom houses also decreased, settling at $2,778.
- Townhouses: For townhouses in December 2023, the rental market displayed distinctive patterns. Studios in townhouses were available for rent at $1,000. One-bedroom townhouses experienced an increase in rental rates, reaching $1,917. Rental rates for two-bedroom townhouses decreased to $2,401. Similarly, townhouses with three or more bedrooms saw a decrease in rental prices, settling at $2,596.
Chestermere Market Insights: December 2023
The December 2023 market report underscores Chestermere’s position as a dynamic real estate destination, with robust sales, substantial price growth, and an evolving supply-demand landscape.
- Sales Activity: Chestermere experienced a total of 31 housing sales in December 2023, showcasing a 19.2% year-over-year increase.
- New Listings: The market also witnessed a notable uptick in new listings, totaling 49 and indicating a 48.5% increase. This surge in both sales and new listings highlights the vibrancy of Chestermere’s real estate market.
- Total Residential Benchmark Price: The total residential benchmark price for Chestermere reached $633,700 in December 2023, marking an impressive 6% year-over-year growth. This substantial increase reflects the city’s resilience and attractiveness to potential homebuyers and investors.
- Inventory and Supply: The inventory stood at 97, reflecting a 27.6% year-over-year increase. Despite this rise, the months of supply measured at 3.13, indicating a 7.0% increase. These conditions suggest persistent demand and a competitive market in Chestermere.
Airdrie Market Insights: December 2023
- Sales Activity: In December 2023, Airdrie experienced robust sales with a total of 112 housing transactions, reflecting a significant 30.2% year-over-year increase.
- New Listings: The market in Airdrie also witnessed a substantial rise in new property listings, totaling 79 and marking a strong 38.6% year-over-year growth.
- Total Residential Benchmark Price: The total residential benchmark price for Airdrie reached $521,800 in December 2023, indicating a noteworthy 10.8% year-over-year increase.
- Inventory and Supply: Despite increased sales and new listings, Airdrie maintained a balanced market with an inventory of 130 (8.3% year-over-year increase). The months-of-supply figure measured at 1.16, reflecting a 16.8% year-over-year decrease, suggesting a dynamic yet competitive real estate environment.
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