Real Estate

Peter Kusch

Tel.: 403-990-7990 

 September 2023


Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent. Inventory levels dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available.


Record low inventory levels this month were primarily driven by pullbacks for homes priced under $700,000. While new listings did improve compared to last year, most of the growth was driven by homes priced over $700,000. Persistently tight conditions drove further price gains this month. As of August, the unadjusted benchmark price reached $696,700. Nearly one per cent higher than last month and over 10 per cent higher than last year's levels.


The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year.


The gain in new listings did little to offset the strong sales activity as the sales-to-new-listings ratio remained high at 94 per cent. This prevented any additions to the inventory and left the months of supply below one month for the fifth consecutive month. The persistently tight conditions placed further upward pressure on home prices. In August, the unadjusted benchmark price reached $413,200, a monthly gain of over one per cent and nearly 16 per cent higher than levels reported last year.


August sales continue to rise over last month and last year’s levels. Recent gains have caused year-to-date sales to reach 5,582 units, nearly 22 per cent higher than last year’s levels and a new record high for the city. Tight rental markets and relative affordability have driven many purchasers to the apartment condominium sector. At the same time, new listings have struggled to keep pace as the sales-to-new-listings ratio bumped up to 98 per cent in August, causing inventories to ease and the months of supply to drop to one month. The tight market conditions have been placing upward pressure on home prices, and as of August, the unadjusted benchmark price reached $309,100, a monthly gain of over one per cent and a year-over-year gain of over 13 per


 The average number of days on the market (Calgary Metro)

Average days on the market in 

August 2023

Average days on the market in 

August 2022










Median price (Calgary Metro)

Median price in  

Aug 2023

Median price in

Aug 2022

Percentage change

















The median price is where half sell for more and half for less.

Months of supply (Calgary Metro)

January 20205.87
February 20204.59
March 20204.91
April 20209.71
May 20205.38
June 20203.66
July 20203.62
August 20204.11
September 20203.66
October 20203.31
November 20203.50
December 20203.06
January 20213.35
February 20212.46
March 20211.87
April 20211.89
May 20212.27
June 20212.37
July 20212.88
August 20212.81
September 20212.59
October 20212.23
November 20211.86
December 20211.50
January 20221.30
February 20221.09
March 20221.06
April 20221.69
May 20221.69
June 20221.90
July 20222.89
August 20222.24
September 20222.34
October 20222.09
November 20221.89
December 20221.84
January 20232.04
February 20231.58
March 20231.33
April 20231.20
May 20231.03
June 20231.10
July 20231.32
August 20231.19

Source: Calgary Real Estate Board
Calgary Metro-within Calgary City Limits

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.