2022 Calgary Real Estate Market Review & 2023 Forecast
2022 for sure is a year of excitement in the real estate market in Calgary. The last year 2022 sure was an active, busy market for Calgary. The total transaction for Single-Family Homes pushed 15,800 transactions.
And the benchmark price was reached in May at $648,500. Slow down a bit in the fall and winter markets.
And right now the accumulative increase for the whole 12 months is 9.8%. If we compare after recovering from COVID in 2022. The total accumulative increase is over 21.3% in the last 24 months.
For Apartments sales, it has been slow in the last few years but picked up really well in 2022. The increase in the last 12 months is 9.2%.
So right now the inventory is still relatively low less than 2 months' supply. So I will forecast for the coming year the Apartment is still growing steadily. With the high-interest rate, we expect Townhouse and Apartment sales will be more in demand because they are more affordable.
For Townhouse in the last year, 2022 has to increase by 14.3% overall in 1 year.
In summary, the Calgary real estate market has been active and busy for the last 2 years. Especially in the middle of 2021 up to the summer of 2022. So at that time, the increase has reached up to around 20%. So right now tuning down roughly around 10% throughout the last 12 months.
My forecast for 2023 is that the market still remains steady, despite the high-interest rate, and also the ban on foreign investment or buying real estate in Canada. The percentage of foreigners buying in Calgary is still relatively small, so I don’t think it will impact the Calgary market. Also, the average price for Calgary Apartments and Single-Family Homes is relatively low compared to the rest of the country.
There are a lot of forecasts and predictions about the real estate market in 2023. Due to the high-interest rate and also the recession that may be coming, there are lots of different thoughts out there. I will prepare another video more in-depth forecast for the upcoming 2023.