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Calgary's Real Estate 2023: Navigating Through Resilience and Growth – A Comprehensive CREB Report Analysis


As we step into 2024, a retrospective analysis of Calgary's real estate market in 2023, based on the comprehensive CREB report, reveals a landscape of contrasts and resilience. Despite a noticeable ease in sales compared to the unprecedented peak of the previous year, the market's vigor remained undiminished, with total sales surpassing long-term trends and defying pre-pandemic levels. This dynamism was underpinned by a pronounced shift towards more affordable housing options, notably apartment condominiums, a trend propelled by the dual forces of escalating lending rates and robust migration patterns. The year 2023 saw a remarkable trend in Calgary's real estate market with sales activity easing from the previous year's peak, yet remaining significantly higher than long-term trends. This period marked a resilient market, still buoyant amidst changing economic conditions. The sustained demand, coupled with a shift in focus towards more affordable housing options, particularly apartment-style condominiums, reflected the market's adaptability to evolving consumer needs and economic influences. In 2023, Calgary's real estate market witnessed a significant shift towards more affordable housing options, particularly in the apartment condominium sector. This trend was influenced by a combination of higher lending rates and a surge in migration. The growing demand for these affordable units reflected a market adjustment to economic challenges, meeting the needs of a diverse range of buyers. Throughout 2023, Calgary experienced persistently low inventory levels, averaging a 44% decline over the 10-year average. This significant drop in available properties created a tightly constrained market, especially for homes priced below $1,000,000. Despite these tight conditions, the city witnessed record high prices, with the annual benchmark price growth slowing but still robust compared to other markets. In conclusion, the CREB December 2023 report paints an optimistic yet realistic picture of Calgary's real estate market. Despite various challenges, including a general ease in sales and low inventory levels, the market demonstrated resilience and adaptability. The shift towards more affordable housing options, the strength in different housing sectors, and the regional market variations collectively signal a healthy and dynamic real estate environment. It is evident that the market, though facing challenges, is teeming with opportunities. This comprehensive look highlights Calgary as a city of potential for real estate investment and homeownership. For those considering entering the market or expanding their portfolio, Calgary offers diverse options across various segments and regions. Strong migration and low supply drive Calgary housing prices in 2023 CREB®. Available at: https://www.creb.com/News/Media_Releases/2024/January/Dec_2023_stats/ (Accessed: 03 January 2024).





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