The region's activity levels exceeded historical trends and pre-pandemic activity readings
Calgary’s December sales activity saw a 13.8% annual increase, marking a year characterized by strong price growth driven by migration and low supply.
The latest figures from the Calgary Real Estate Board showed that the region posted a robust 27,416 total transactions over 2023. The figure significantly exceeded historical trends and pre-pandemic activity levels.
Concurrently, inventory levels in the city consistently trailed long-term averages, experiencing an average decline of 44% over a 10-year span.
“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB chief economist Ann-Marie Lurie.
“At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”
Calgary's #industrial market is showing remarkable resilience! Despite some fluctuations, the sector remains strong with steady absorption and continued investment. Read our newest market data in @CMPMagazine: https://t.co/zjBjcWn06H#CRE #AYdifference
— Avison Young | Canada (@AY_Canada) November 2, 2023
CREB said that persistently tight conditions pushed the city’s housing prices to a new record high. In December, average prices surged by 10.4% year over year to reach $570,100.
CREB added that while the average annual benchmark price growth decelerated from 12% in 2022 to approximately 6% in 2023, the market’s overall strength was still noteworthy compared to various regions across the country.
