Thanks to a significant gain in apartment condominium sales, May sales rose to 3,120, a new record high for the month. While the monthly gains have not outweighed earlier declines, this does reflect a shift from the declines reported at the start of the year.
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Calgary Market Insider May 2023
Persistent sellers’ market conditions placed further upward pressure on home prices in April. After four months of persistent gains, the total unadjusted benchmark price reached $550,800, nearly 2% higher than last month and a new monthly record high for the city.
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Calgary Market Insider April 2023
Sales and new listings have improved over the levels reported at the beginning of the year. As a result, the spread between sales and new listings supported some expected monthly inventory level gains. However, the 3,233 available units reflected the lowest March inventory levels since 2006 and left the months of supply just above one month, firmly in the seller’s territory. While conditions are not as tight as last March, low inventory levels leave purchasers with limited choice, once again driving up home prices.
Total unadjusted residential home prices reached $541,800 in March, a 2% gain over last month and nearly 1% higher than prices reported last year. While prices remain below the May 2022 high of $546,000, the pace of price growth over the first quarter has been stronger than expected due to the persistent seller’s market conditions.
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Calgary Market Insider March 2023
Consistent with typical seasonal behavior sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
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Calgary Market Insider February 2023
The level of new listings in January fell to the lowest levels seen since the late 90s. While new listings fell in nearly every price range, the pace of decline was higher for lower-priced properties.
At the same time, sales activity did slow compared to the high levels reported last year but remained consistent with long-term trends. However, there has been a shift in the composition of sales as detached homes only comprised 47% of all sales.
Continue reading →I Moved to Calgary from Toronto — After 19 Months, I’m Still Here
Like so many people over the course of the COVID-19 pandemic, I decided I needed a change.
I’d lived in Toronto for 10 years, building a network of friends and contemporaries, and growing my career, from my first job after university (running a not-for-profit) to becoming a director of marketing with an international network of accelerator programs via Toronto Metropolitan University.
When Toronto entered lockdown in March 2020, the benefits of a worldly city filled with food and culture evaporated overnight. Like most urban centres, the city was ravaged by a lack of foot traffic, and many businesses shuttered, including my favourite local bar. My 500-square-foot condo, formerly a cute retreat, felt more like a cell to which I was confined for weeks at a time.