Calgary Community Reviews

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Calgary, Alberta Much like Vancouver, Calgary’s marked is balanced, but is expected to shift into seller’s territory in early 2023. First-time buyers are driving demand in the region, with move-up and move-over buyers trailing close behind – a trend that is expected to continue into 2023. “First-time buyers dealing with higher interest rates have lowered their expectations and downsized their purchases, going from single-detached homes to duplexes or apartments,” said Richard Fleming, from RE/MAX Real Estate Mountain View. “We’re seeing first-time buyers that still want to get into real estate, they’re just adjusting what that looks like.” The average residential sale price increased by 13 per cent from $585,025 in 2021 (January-December) to $658,277 in 2022 (January-October). Condos are currently the dominant housing type in the region, with single-detached homes expected to drive the majority of sales in 2023, as buyers seek additional living space. Inventory is anticipated to remain low in the first quarter of the year, before steadily increasing through the third quarter and finally sloping down again in the final quarter of 2023. Home sales are steadily increasing and are expected to remain on the rise in 2023. The luxury market has decreased its pace but is likely to pick back up next year. The average residential sale price in Calgary is anticipated to increase by seven per cent in 2023.