Calgary Real Estate in 2023: Market Trends and Our 4 Predictions
Today I am going to analyze Calgary Real Estate Market in the last 3 years and going to forecast the upcoming 2023 Market trend.
Before the start of the Pandemic at beginning of 2020, the Calgary Real Estate Market was not good already. The market was slow and depressed since 2017. The benchmark price for a single-family home in the month of Jan 2020 was $478,900.
The market was extremely slow in the month of March to May in that year which was normally a good season but starting from June the market started picking up.
The benchmark price was $490,500 in Dec 2020.
This showed us the market was recovering and was not affected too much by the Pandemic.
Most of the people working from home need more space and also the low-interest rates also encourage them to start looking for moving up.
In 2021, the first half of the year was in a rising trend.
The benchmark price reached $560,100 in Jun and the monthly sales were between 1,800 to 2,000 transactions per month.
This active trend carried on throughout the rest of the year.
In 2022, the interest rate has gone up 7 times throughout the year that for sure impacts the rising trend.
The market was crazily active throughout the first 5 months and the benchmark price reached $648,500 in the month of May in 6 months' time, the sales have reached 10,257 transactions.