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Calgary Real Estate Eight Month Price High Inventory Crisis

Calgary real estate hits eight-month price high amid inventory crisis

Number of available homes plummets to record low

Shantaé Campbell
Published Sep 01, 2023  •  1 minute read

Calgary’s housing market remains tight as potential sellers hold onto their homes for longer. PHOTO BY GAVIN YOUNG/POSTMEDIA

Calgary’s real estate market hit a new milestone in August as prices rose for the eighth consecutive month.

According to figures released by the Calgary Real Estate Board (CREB) on Sept. 1, the city’s unadjusted benchmark price reached $570,700 in August, a 0.53 per cent increase from July and a 7.9 per cent uptick compared to last year. Row homes showed the greatest price growth, up one per cent month over month and 15.7 per cent from last year.

Fuelled by the condominium market, Calgary also set a new sales record for the month of August with 2,729 transactions. However, despite the month-over-month growth, year-to-date sales continue to lag 15 per cent behind last year’s pace.

The market is also grappling with an inventory crisis, as the number of available units plummeted to a record low of 3,254 — significantly below the usual 6,000 units.

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