November 2023 housing and rental statistics in Calgary, Airdrie, and Chestermere

As winter settles in, Calgary’s real estate market maintains its robust pace, showcasing resilience in the face of evolving conditions. November unfolded with notable dynamics, notably in new listings, sales, and benchmark prices across various districts. Here’s a detailed breakdown of the key trends:

Calgary Housing Statistics: November 2023

  • Sales Activity: In November, Calgary’s real estate market experienced a surge in new listings, reaching 2,227 units, a substantial 40% increase from the same period last year. Despite the higher supply, the market remained active, recording 1,787 sales. The sales-to-new-listings ratio remained impressive at 80%, affirming the city’s seller’s market status. This, coupled with a months-of-supply below two months, continued to exert upward pressure on home prices.
  • New Listings: The surge in new listings, nearly 40% higher than last year, touched various price ranges, with the most significant gains in homes priced over $600,000.
  • Total Residential Benchmark Price: The unadjusted benchmark price for total residential properties in Calgary reached $572,700 in November, indicating a robust year-over-year increase of almost 11%. This growth underscores the city’s steady climb in real estate values, with the year-to-date average benchmark price reflecting a consistent upward trend of over five percent.
  • Inventory and Supply: Despite the substantial year-over-year jump in new listings, inventory levels remained low due to strong sales, standing at 3,227 properties – an 18% increase. The months-of-supply remained below two months, sustaining a seller’s market and contributing to further price growth.

November 2023 Housing Stats 

  • Detached Houses: Limited supply for homes below $700,000 impacted detached home sales, leading to a marginal gain in November but a substantial 20% year-to-date decrease. Although new listings increased, higher-priced homes dominated gains, resulting in exceptionally tight conditions for lower-priced homes. The unadjusted benchmark price reached $699,500, a slight increase over last month and over 13% higher than last November.
  • Semi-Detached Houses: November saw a surge in new listings, preventing a year-over-year decline in inventory levels. However, with levels still over 40% below typical November levels, conditions remained exceptionally tight, especially for homes priced below $700,000. Benchmark prices remained stable compared to last month, reaching $628,700, over 12% higher than last year.
  • Row Houses: New listings increased, supporting a gain in inventory levels, and for the first time since 2021, the sales-to-new-listings ratio fell below 75%. While inventories remained nearly half the levels traditionally seen, this improvement pushed the months of supply to 1.6 months. Despite this shift, prices rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21% higher than last November and an average year-to-date gain of nearly 13%.
  • Apartment Condominium: Sales of apartment-style homes reached record highs in November, contributing to year-to-date sales surpassing last year’s record. The unadjusted November benchmark price surged to $320,100, marking a monthly gain of over one percent and a year-over-year increase of 18%.

District Total Residential Benchmark Price: November 2023

Below are some notable highlights for each district for November, 2023:

  • North: The benchmark price for the North District reached $548,600 in November, marking an impressive 11.0% year-over-year increase. This steady growth reflects the district’s attractiveness to homebuyers, contributing to its overall market strength.
  • Northwest: With a benchmark price of $615,100, the Northwest District demonstrated robust growth, boasting a substantial 13.3% year-over-year increase. This upward trajectory aligns with the district’s desirability and demand for real estate.
  • Northeast: The Northeast District experienced remarkable price appreciation, reaching a benchmark price of $486,900 in November, representing a notable year-over-year increase of 16.0%. This surge reflects the district’s resilience and attractiveness to prospective homeowners.
  • City Centre West: In the West part of the City Centre District, the benchmark price reached $691,700, demonstrating a respectable year-over-year gain of 11.8%. The district continues to command attention, characterized by its urban appeal and sustained growth.
  • City Centre – East: The East part of the City Centre District also saw substantial price growth, with a benchmark price of $601,600, reflecting a remarkable year-over-year increase of 6.3%. This balanced growth contributes to the district’s diverse real estate landscape.
  • South: The South District displayed strong performance with a benchmark price of $551,800 in November, marking a significant year-over-year increase of 10.4%. The district’s allure is evident in its consistent market strength.
  • Southeast: The Southeast District continued to show resilience in its real estate market, with a benchmark price of $561,200, reflecting a healthy year-over-year increase of 10.0%. This steady growth cements the district’s position as a sought-after location for homebuyers.

Calgary Rentals Market Stats: November 2023

Some of the major highlights on Calgary’s rental market are as follows:

Townhouses:

  • Studio: Offering affordability, the price for studios dropped to $1,000, marking a 16.7% decrease since the previous month, providing an attractive option for those seeking cost-effective compact living spaces.
  • 1 Bed: Singles and couples can find economical choices in 1-bedroom townhouses, priced at $1,934, reflecting a substantial 20.8% increase since last month.
  • 2 Bed: With a 5.2% uptick in pricing since last month, 2-bedroom townhouses now rent at $2,433, offering a budget-friendly yet slightly more expensive option for those requiring extra space.
  • 3 Bed: Families can explore spacious options as 3-bedroom townhouses, averaging $2,636 with a modest 0.5% increase since last month.

Condos:

  • Studio: Compact living becomes more affordable with studio condos priced at $2,050, showcasing a notable 5% increase since last month.
  • 1 Bed: Despite a slight 1.6% increase, 1-bedroom condos remain competitive at $1,971, providing additional room for singles or couples.
  • 2 Bed: Two-bedroom condos, averaging $2,414, have seen a 1.5% increase since last month, offering cost-effective options for those needing more space.
  • 3 Bed: Families or those opting for shared living can find ideal spaces in 3-bedroom condos, experiencing a substantial 32.2% increase since last month and averaging $4,013.

Houses:

  • 1 Bed: For individuals seeking compact living spaces, 1-bedroom houses are priced at $2,077, witnessing a remarkable 78.9% increase since last month.
  • 2 Bed: Budget-friendly options for extra space are available in 2-bedroom houses, renting at $2,674 with a notable 21.4% increase since last month.
  • 3 Bed: Families can explore spacious residential options in 3-bedroom houses, averaging $2,861 with a modest 3.7% increase since last month.

Chestermere Market Insights: November 2023

  • Sales Activity: November showcased robust sales activity in Chestermere, with a total of 35 residential properties changing hands. This marked a significant year-over-year increase of 94.4%, highlighting the city’s continued desirability among homebuyers. The year-to-date sales demonstrated a modest 0.4% gain, reflecting the sustained momentum in the market.
  • New Listings: The real estate market in Chestermere witnessed a surge in new listings, reaching 72 in November. This represents a substantial year-over-year increase of 80.0%, reinforcing the city’s appeal for both buyers and sellers. The year-to-date new listings saw a commendable 1.5% gain, indicating a healthy and dynamic market.
  • Total Residential Benchmark Price: The total residential benchmark price in Chestermere for November 2023 experienced a notable year-over-year increase of 6.1%, reaching $666,800. This uptrend in benchmark prices underscores the city’s real estate market’s strength and the positive trajectory of property values.
  • Inventory and Supply: November saw an increase in inventory levels, reaching 117 properties. This reflected a significant year-over-year growth of 23.2%, contributing to the overall housing supply in Chestermere. Despite this increase, the months of supply remained at 3.34, indicating a seller’s market with a 36.7% year-over-year rise. The persistent low months of supply emphasize the continued demand and competition in the market.

Airdrie Market Insights: November 2023

  • Sales Activity: Gains in November sales were not sufficient to offset earlier pullbacks, resulting in year-to-date sales down by over 26% compared to last year’s record levels. The decline, notably driven by the detached market, struggled with supply challenges, especially in the lower price ranges.
  • New Listings: November brought improvement in new listings compared to last year’s levels. The gain in sales contributed to a rise in the sales-to-new listings ratio, reaching an impressive 96%, preventing any significant shift from the low inventory levels.
  • Inventory and Supply: With less than two months of supply, the market continued to experience upward pressure on home prices. The struggle with supply constraints persisted, particularly in the detached market. The inventory levels saw a 1.6% year-over-year increase, reinforcing the need for more available properties.
  • Benchmark Price: In November, the unadjusted benchmark price rose over the previous month, reaching $524,500. This marked a noteworthy year-over-year gain of 11%, showcasing the market’s resilience despite the challenges. Year-to-date price gains have been most prominent in the apartment sector at 17%, with detached and semi-detached prices rising by nearly six percent.

Considering a move or looking for expert advice? Team Singh YYC is here for you! Contact us today for personalized insights and assistance in navigating Calgary’s dynamic real estate landscape. Your dream home or investment property is just a conversation away with Team Singh YYC.



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