by Ahmad Ali 
According to the Calgary Real Estate Board (CREB), 2022 was a year of record-high sales and double-digit price growth in the housing market. Despite slowing sales in the second half of the year, the total number of units sold reached 29,672, a new record. However, the pullback in sales was met with a significant drop in new listings, leading to low inventory levels. As of December, there were only 2,214 units available, the lowest level for December in over a decade.
CREB Chief Economist Ann-Marie Lurie said, “Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year. However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city.”
The detached housing market was affected the most by the recent increase in rates, causing a drop in sales in the latter half of the year and a yearly decrease of 7%. The supply for lower-priced homes remains scarce, making it an advantageous market for sellers. Nonetheless, the prices for detached homes trended downward in the second half of the year and saw a yearly increase of 14%.
The semi-detached market also saw a decline in sales and a decrease in new listings, leading to low inventory levels and upward pressure on prices. The monthly benchmark price peaked in May and has decreased by nearly 4%, but prices remain 12% higher than last year.
The row market saw a significant reduction in new listings and strong sales, leading to low inventory levels and upward pressure on prices. Prices have eased by 1% from the June peak, but overall year-to-date prices are 15% higher than last year.
Apartment condos recorded an improvement in sales when compared to the previous year, reaching a new all-time high of 6,221 units sold, a 50% boost. This was attributed to the need for more affordable options and a resurgence of interest from investors. The prices of apartment condos have gone up 9% from the previous year.
The real estate market in Calgary has pleasantly exceeded expectations in terms of sales and price growth, yet there still remains a lack of homes on the market and prices remain on the rise. This trend has become a common theme in the market and it’s important to stay informed and aware of it. Additionally, it’s always wise to consider that the market can be impacted by factors such as changes in interest rates and the state of the economy, and seeking expert advice is crucial when making real estate decisions.
Advice for home buyers:
- In 2022, the real estate market in Calgary experienced historic sales numbers and an impressive increase in property values. However, despite this success, the market slowed in the latter half of the year, and with a limited amount of homes for sale, prices remain elevated.
- If you’re hoping to buy a house in Calgary, it’s crucial to be prepared to act quickly when a desirable property appears. Working with a trusted real estate professional who knows the market could be advantageous in finding the best opportunities.
- It’s also important to remember that the various property types have been impacted differently by the market conditions. For instance, while sales of single-family homes have dropped, there’s been a boost in the sales of apartments and condos.
- Finally, keep in mind that different neighbourhoods in Calgary can have varying levels of property values and market conditions, so it’s smart to thoroughly research the areas you are considering before making a purchase.
Advice for home sellers:
- If you’re planning to sell your home in Calgary, you’ll want to be mindful of the changes that have occurred in the housing market this year. Despite strong sales and price growth, the latter half of the year saw a slowdown in sales, and a limited supply of homes is causing prices to remain high.
- To ensure a successful sale, it’s crucial to price your property competitively and present it in the best possible condition. Partnering with a knowledgeable real estate agent can also help you reach potential buyers and effectively market your home.
- Keep in mind that various property types have responded differently to the market shifts. For instance, while the detached home market has seen a decrease in sales, apartments and condos have experienced a boost in popularity.
- It’s also worth considering that different neighborhoods in Calgary may have different prices and market conditions, so research your target area thoroughly before listing your property.
