Calgary, Airdrie, and Chestermere Real Estate Market Update: October 2023
In October, Calgary’s real estate market experienced a slowing in sales activity, aligning with typical seasonal patterns. However, the numbers still reflect a robust market with 2,171 sales, which is 17% higher than the same month last year and among the highest levels reported for October. The strong sales activity was primarily driven by gains in apartment condominium sales, as consumers sought affordable housing options amid high-interest rates.
Calgary Housing Statistics: October 2023
- Sales Activity: In October, despite the slowdown in sales the City of Calgary’s real estate market witnessed 2,171 sales, marking a significant year-over-year increase of 17.0%. This figure stands among the highest levels reported for the month of October.
- New Listings: New listings in October showed a substantial improvement compared to the previous year, reaching 2,684 units. This reflects a notable year-over-year increase of 23.7%, and these figures are the highest for October since 2015. Despite this increase in new listings, strong sales have prevented any significant shift in inventory levels, which remain over 40% lower than the traditional levels available in October.
- Total Residential Benchmark Price: The unadjusted benchmark price for total residential properties in the City of Calgary reached $571,600 in October. This represents a robust year-over-year increase of 9.7%. These gains in the benchmark price continue to fuel the city’s real estate market.
- Inventory and Supply: Inventory levels in the City of Calgary were at 3,190 properties, reflecting an 18.0% year-over-year increase. This increase in inventory levels has not yet translated into a significant shift in supply conditions. With a months-of-supply of one and a half months, the market continues to experience upward pressure on home prices, making it a competitive environment for buyers.
October 2023 Housing Stats
- Detached Houses: Both sales and new listings improved in October compared to the previous year. However, with 1,302 new listings and 976 sales, inventory levels slowed over the last month. Inventory levels remain the lowest ever reported for October. Inventory levels have declined for all homes priced below $700,000, leaving conditions exceptionally tight for lower-priced homes. The only area where conditions are not as tight as last year is for homes priced above $1,000,000, where the months-of-supply has risen to 4.3 months. Market conditions persistently remained tight, resulting in further price gains. As of October, the unadjusted benchmark price reached $697,600, a slight increase over last month and 12% higher than last October. Prices trended up over the last month across every district except the South East.
- Semi-Detached Houses: New listings in October improved over the low levels reported last year. However, with 235 new listings and 179 sales, the sales-to-new listings ratio remained relatively high at 76%, preventing any significant change in the inventory levels. Inventory levels are nearly half the levels traditionally seen in October and have not been this low since October 2005. In the semi-detached housing market, we see market conditions contributing to continued price growth. In October, the unadjusted benchmark price increased over the previous month, reaching $628,700, reflecting a substantial year-over-year gain of 13%. Prices trended upward throughout September in most districts, with the City Centre district experiencing the most significant monthly gain. Notably, akin to the detached housing segment year-to-date, the most substantial price growth has occurred in the more affordable districts of the North East and East.
- Row Houses: The 420 new listings in October were met with 375 sales, keeping the sales-to-new listings ratio high at 89% and preventing a significant shift in inventory levels. Row inventory levels have not been this low since October 2005. At the same time, October sales reached a record high for the month, keeping the months of supply low at one month. For row houses, consistently challenging market dynamics have bolstered price appreciation this month. October witnessed the unadjusted benchmark price reaching $425,200, reflecting a monthly gain of over 1% and a remarkable year-over-year increase of nearly 19%. Price increases have been noticeable across most districts, with the City Centre district experiencing the most significant monthly gain. Interestingly, despite this monthly surge, the City Centre district has recorded the lowest year-to-date price growth when compared to the other districts.
- Apartment Condominium: Record high sales in October were possible thanks to the steep gain in new listings. However, with 727 new listings and 641 sales, the sales-to-new listings ratio remained high at 88%, and inventories continued to trend down. The decline in inventory levels has been driven mostly by condos priced below $300,000, which now represent only 38% of all inventory, a significant decline compared to the 53% reported last year. The seller’s market conditions have consistently propelled recent price increases. In October, the unadjusted benchmark price surged to $316,600, marking a monthly gain of over 1% and an impressive year-over-year increase of 16%.
City of Calgary Monthly Statistics – October 2023
In October 2023, the real estate market in the City of Calgary exhibited impressive performance and notable price gains across various districts. Let’s explore the key highlights for each district:
- North District: The benchmark price for the North District reached $548,000 in October, reflecting a substantial year-over-year increase of 10.1%.
- Northwest District: The Northwest District demonstrated robust growth with a benchmark price of $613,700, marking a significant year-over-year increase of 11.6%.
- Northeast District: The Northeast District experienced remarkable price appreciation, with a benchmark price of $483,500 in October, representing a notable year-over-year increase of 16.7%.
- City Centre District – West: In the West part of the City Centre District, the benchmark price reached $686,000, demonstrating a respectable year-over-year gain of 7.7%.
- City Centre District – East: The East part of the City Centre District also saw substantial price growth, with a benchmark price of $601,000, reflecting a remarkable year-over-year increase of 5.5%.
- South District: The South District displayed strong performance with a benchmark price of $555,400 in October, marking a significant year-over-year increase of 10.7%.
- Southeast District: The Southeast District continued to show resilience in its real estate market, with a benchmark price of $559,000, reflecting a healthy year-over-year increase of 9.4%.
Calgary rentals market stats: October 2023
Below are some key stats on Calgary’s rental market:
- Studio: An average of $1,200 (down 5.5% since last month), providing more affordable options for individuals.
- One-bedroom: Priced at an average of $1,876 (down 2.6% since last month), offering cost-effective choices for singles.
- Two-bedrooms: Renting at an average of $2,454 (down 2.7% since last month), making them a budget-friendly option for those requiring extra space.
- Three-bedrooms: Averaging $2,676 (down 1.7% since last month), making them appealing for families.
- Studio: With a monthly increase of 4.6%, studio condos now average $2,006, offering affordability for those looking for a compact living space.
- One-bedroom: Although down 1.8% since last month, one-bedroom condos remain a competitive choice at $2,019, providing extra room for singles or couples.
- Two-bedrooms: Averaging $2,484 (down 2.7% since last month), two-bedroom condos offer cost-effective options for those needing more space.
- Three-bedrooms: Experiencing a substantial 23.2% increase since last month, three-bedroom condos now average $4,385, making them ideal for families or shared living.
- Studio: With a remarkable 38.9% increase since last month, studio houses now average $999, providing more affordable options for individuals seeking a compact living space.
- One-bedroom: Despite a 29.1% decrease since last month, one-bedroom houses offer economical choices at $1,353, suitable for singles or couples.
- Two-bedrooms: Averaging $2,345 (down 12.5% since last month), two-bedroom houses remain a budget-friendly option for those in need of extra space.
- Three-bedrooms: Witnessing a 1.85% decrease in prices, three-bedroom houses now average $2,961, appealing to families or shared living arrangements.
- Four+ bedrooms: While down 2.9% since last month, four-bedroom or larger houses now average $3,662, accommodating the demand for spacious residential properties.
Regional Market Facts
Chestermere Market Insights
The Chestermere real estate market is showing significant activity with increased sales and new listings. Price trends are on the rise, and while inventory levels have increased year-over-year, they are still in a seller’s market territory.
- Sales Activity: Monthly sales in October 2023 stood at 54, marking a substantial year-over-year increase of 58.8%. Year-to-date, sales have shown resilience with a 3.1% gain.
- New Listings: New listings in October 2023 reached 71, representing a robust year-over-year increase of 47.9%. The year-to-date increase in new listings is even more impressive, at 5.9%.
- Total Residential Benchmark Price: The total residential benchmark price in Chestermere for October 2023 reached $661,100, demonstrating a notable monthly trend increase of 7.8% year-over-year.
- Inventory: Inventory levels for October were at 113 properties, showing a significant year-over-year increase of 22.8%. This data is part of a notable monthly trend.
Airdrie Market Insights
The Airdrie real estate market is navigating challenges with declining sales in the lower price ranges due to limited supply choices. These conditions have led to a noticeable drop in home sales below $500,000. However, increased new listings, rising benchmark prices, and a competitive market environment have continued to shape Airdrie’s real estate landscape.
- Sales Activity: In October, the Airdrie region experienced a decline in sales, contributing to a year-to-date decrease of 29 percent. This decline was particularly pronounced in the detached home segment, which faced challenges due to limited supply choices in the lower price ranges. The lack of affordable options led to a noticeable drop in home sales for properties priced below $500,000.
- New Listings: Despite the decline in sales, new listings in Airdrie have shown improvement compared to the previous year. In October, there were 168 new listings, marking a substantial year-over-year increase of 18.3%. Impressively, the year-to-date increase in new listings is even more significant, standing at 27.5%.
- Total Residential Benchmark Price: The total residential benchmark price in Airdrie for October 2023 reached $521,400, reflecting a year-over-year gain of nearly 10 percent. This demonstrates the competitive nature of the Airdrie market, with limited supply options, particularly in the lower price brackets. These conditions have led to price appreciation and increased competition among buyers.
- Inventory: Inventory levels in Airdrie have shown improvement compared to the previous year, with 211 properties available for sale in October. While this represents a slight year-over-year increase of 0.5%, it’s part of an ongoing monthly trend. However, despite these adjustments in sales and inventory, the months of supply have increased slightly over the past month. With less than two months of supply available, market conditions in Airdrie remain tight, contributing to further price gains.
As we look ahead, the real estate landscape is set to continue its dynamic journey, and opportunities abound.
Whether you’re a prospective buyer, a seller, or an investor, our team is equipped with the latest market insights and the local expertise necessary to help you make informed decisions. Contact Team Singh YYC today for personalized advice and market analysis.