Welcome to the Q1 2023 housing market update presented by Avenue Home Realty, your trusted partner for buying, selling, and managing residential properties in Calgary. Our experienced team of real estate professionals provide personalized service, expert guidance, and extensive resources to help you navigate the current market conditions. This update aims to educate buyers and sellers on the latest market trends in various housing segments and areas, helping you make informed decisions and ensuring a successful transaction.
The housing market in the first quarter of 2023 experienced a slowdown in sales activity, with a notable challenge being the low supply levels across different property types. However, recent gains in migration and a stronger employment market have kept sales activity above pre-pandemic levels. With Avenue Home Realty’s extensive database of properties and expert market insights, we will help you find your dream home or maximize your return on investment when selling your property.
Our condominium management services also ensure efficient and effective maintenance of your investment, tailored to meet your specific needs. Trust Avenue Home Realty to manage your condominium with the utmost professionalism and expertise.
Read on for a comprehensive overview of the Q1 2023 housing market in Calgary and surrounding areas, discussing each housing segment and area separately to provide you with an easy-to-understand summary.
City of Calgary Overview
Q1 2023 saw a 43% decline in sales activity compared to the record-high performance in 2021, primarily due to higher lending rates and limited supply. Despite the drop, sales remain above pre-pandemic levels, thanks to migration gains and a stronger employment market. Inventory levels are down by 21% from last year, and the sales-to-new-listings ratio of 71% continues to favor sellers. The quarterly benchmark price rose to $531,200, remaining below the Q2 2022 high of $544,733.
Detached Homes
The detached home market saw a shift towards more affordable property types, with a typical detached home now priced at $636,167, up from $550,000 a few years ago. Detached sales accounted for 47% of all sales activity in Q1 2023.
Semi-Detached Homes:
Like the detached sector, limited supply has affected the semi-detached market segment. Inventory levels slowed compared to the end of 2022 and the first quarter of last year.
Row/Townhouse Properties:
The affordability of row/townhouse properties attracted many buyers. However, tight supply levels have kept conditions tight, pushing the quarterly record high price to $369,733.
Apartments:
Apartment sales remained slightly lower than previous high levels, with new listings experiencing a smaller pullback. The quarterly benchmark price has not yet reached the highs reported in 2014.
Surrounding Areas:
Airdrie:
First-quarter sales and new listings dropped compared to 2022, while the benchmark price rose to $488,267, still below the quarterly record high of $506,467.
Cochrane:
While inventory levels improved, they remain 40% below long-term trends, keeping conditions in the seller’s favor. The first quarter benchmark price was $494,567.
Okotoks:
With a sales-to-new-listings ratio of 83% and months of supply averaging just over one month, Okotoks’ benchmark price rose to $551,867.
Chestermere:
Despite more balanced conditions, the benchmark price rose to $631,700, remaining below the Q2 2022 peak of $646,567.
High River:
The persistently tight market pushed the benchmark price to $419,267, a 6.56% increase from the previous year.
Strathmore:
The first-quarter benchmark price averaged $382,767, a 2.91% gain over last year’s level.
Rural Rockyview:
Inventory levels improved slightly over the last year, with benchmark prices 3.55% higher than last year’s levels. Current Benchmark Price is $731,933.
Canmore:
The shift toward more balanced conditions resulted in a benchmark price of $867,500, a new record high.
Conclusion
In conclusion, the Q1 2023 housing market update for Calgary and surrounding areas reflects a combination of factors, including a slowdown in sales activity, low supply levels, and a stronger employment market, which has led to above-average sales compared to pre-pandemic levels. Avenue Home Realty remains committed to providing our clients with the most up-to-date market insights and personalized guidance, helping buyers and sellers navigate these market conditions successfully.
Whether you are looking to buy, sell, or require expert condominium management services, you can trust Avenue Home Realty’s experienced team of real estate professionals to provide personalized attention and the highest level of expertise throughout the process. We invite you to reach out to us for a consultation to discuss your unique needs and take the first step towards a successful transaction in this dynamic housing market.
