Real Estate Market Trends in Southeast Calgary

Calgary’s real estate market trends has seen its share of extreme lows and highs in pricing and sales over the last decade. From the steep drop in housing sales between 2015 to 2020 where less than 20,000 homes sold annually to the sudden spikes and bidding wars during the height of the COVID-19 pandemic that saw almost 30,000 houses sell—the fluctuating market might have buyers and sellers wondering what Calgary’s housing market forecast will look like in 2023.

After the initial jump in housing prices in 2020 and 2021, the market started to stabilize in the later half of last year. Calgary real estate market statistics for the end of 2022 showed a decrease in housing sales by 11.9% compared to the previous year which saw above average sales. Housing prices, which jumped by 9.46% in 2021 and 14.47% in 2022, are expected to be 1.8% more affordable in 2023.

According to Calgary’s Real Estate Board (CERB), Calgary’s real estate market forecast is expected to remain stable in 2023. Despite the Bank of Canada’s high borrowing rates, Calgary’s real estate market remains strong.

There are several reasons why Calgary’s real estate market trends continues to grow.

Despite a looming national recession, Calgary is seeing a rebound in the job market. Many new businesses are opening, and existing companies are seeing growth. As the job market continues to improve, people are feeling more confident and comfortable making bigger purchases like buying a home.

Calgary is also seeing a continued steady growth in its population which is driving the demand for affordable housing up. More people are moving to Calgary from other provinces and countries. Last year alone, over 100,000 people immigrated to Calgary. This trend is expected to continue throughout 2023.

Calgary’s affordable housing market and strong job market continues to attract people from western and eastern Canada. Calgary’s real estate market statistics continue to be more favourable for buyers than real estate prices in cities like Toronto and Vancouver where the average price is over a million dollars for a home. Calgary’s average home is priced at $518,000 —which is more appealing to homeowners and investors.

The increase in migration is putting an increased demand on the housing market as more people are looking for affordable housing. The ongoing shortages in the number of available properties will be favourable for Calgary’s real estate market forecast for 2023.

Supply chain issues continue to push back timelines for building new homes and drive the market. However, this is expected to improve in 2023 as the world returns to a sense of post-pandemic normalcy. As the import and export of housing materials becomes more efficient and timelier, it will improve turnaround times for building and selling new homes.

Calgary’s housing market forecast is also more favourable because the cost of living in Calgary is better than other major cities throughout the country. Residents don’t have to worry about putting all of their money into a mortgage payment. Affordable prices and strong wages makes it easier to buy a home without the worry of being pocket poor.

Higher end, pricier homes are expected to see continued price drops in 2023 as people continue to look for more affordable housing. It is also expected to take longer to sell higher end homes than lower end, more affordable homes.

Lower end, affordable houses in Calgary are forecasted to continue to rise slightly in price as the demand pushes the need for economically viable homes.

2023 is beginning on a positive note for Calgary’s real estate market.