Houses for sale are shown in a new subdivision in Airdrie, Alta., Friday, Jan. 28, 2022. THE CANADIAN PRESS/Jeff McIntosh
In December, the Calgary Real Estate Board reported a notable uptick in home sales, with 1,366 transactions recorded, reflecting a 13.8% increase compared to the same month the previous year. This surge in home sales throughout 2023 surpassed long-term trends and pre-pandemic activity levels.
The market witnessed a rise in newly listed units last month, totaling 1,248, marking a 21% increase compared to December 2022. Despite the increased listings, housing demand remained robust, fueled by significant migration levels, while inventory experienced a modest 2.5% decline.
According to Ann-Marie Lurie, Chief Economist at CREB, the supply-demand imbalance persisted throughout 2023, leading to more robust price growth than anticipated. The unadjusted home benchmark price closed the year at $570,100, slightly down from the previous month but reflecting a substantial 10.4% increase compared to December 2022.
Analyzing market segments, the detached market observed the most significant decline in sales activity for 2023, experiencing a nearly 20% decrease. In contrast, apartment-style properties reported an annual sales gain, reaching a record high of 7,884, showcasing a positive trend in this property category.
