Real Estate

Calgary Housing Market Outlook for 2023

Calgary Housing Market Outlook for 2023
Written by
  • Alivia Massimillo
| 11 April 2023
Reviewed, 31 August 2023
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Table of contents

    In January of this year, the Calgary Real Estate Board (CREB) published their yearly forecast that hints toward a slowdown in sales due to higher lending rates in 2023. However, they are still forecasting a higher number of sales when compared to pre-pandemic numbers. 

    From 2021 to the peak in May 2022, prices rose over 14% in Calgary. Then from the peak in May to the end of 2022, prices declined as interest rates started to climb. Though this was still not enough to eliminate the gains made as the annual benchmark price rose by 12% year over year. 

    In 2023, sales are forecasted to remain higher than pre-pandemic, with 25,921 sales forecasted for the year. This is being contributed to recent growth in migration and employment that is expected to offset some of the impacts of higher lending rates.

    Key Takeaways 

    • Prices are predicted to remain relatively the same, with only slight increases expected over the rest of 2023.
    • As of March 2023, Calgary had the lowest level of inventory seen in March since 2006.
    • In 2023, sales are forecasted to remain higher than pre-pandemic, with 25,921 sales forecasted for the year.

    Which Groups of People are Buying in Calgary?

    Calgary has seen a recent surge in both international and interprovincial migration. This contributes to the tighter markets and ownership demands in the city and other parts of Alberta. Continued growth and affordability are expected to support these elevated migration levels throughout 2023 uplifting the market and maintaining its strong position compared to pre-pandemic levels. 


    First-time homebuyers, mainly from Ontario and British Columbia, are being lured to Alberta through the Alberta is Calling campaign. This clever marketing campaign uses affordability as the main attractive feature, citing that you can purchase 2 homes for the price of 1 in Alberta compared to Ontario and B.C. real estate prices. This, coupled with no land transfer taxes and lower taxes, is fueling a relocation to Calgary from other major cities in Canada.

    Here Are the Average Home Prices in Calgary

    As of March 2023, Calgary had the lowest level of inventory seen in March since 2006. These low inventory levels mean buyers have limited choices, driving higher real estate prices. Residential home prices marked a 2% gain over the previous month reaching $541,800 in March. 

    Month Average Price Units Sold New Listings
    January 2023 $520,900 1,199 1,852
    February 2023 $530,900 1,740 2,389
    March 2023 $541,800 2,432 3,318

    2023 Calgary Breakdown by Region

    Below are the year-to-date average home prices in Calgary’s top 10 regions. 

    Region Average Home Price
    City of Calgary $520,254
    Airdrie $464,527
    Chestermere $613,808
    Rocky View Region $734,546
    Foothills Region $627,122
    Mountain View Region $411,974
    Kneehill Region $262,692
    Wheatland Region $388,956
    Willow Creek Region $310,168
    Bighorn Region $898,155
    Data from CREB Regional Monthly Stats Package]

    Frequently Asked Questions

    Is the Calgary housing market in a buyers or sellers phase?

    Most of Calgary’s housing market has shifted to primarily a seller’s market. The exception to this is the Wheatland Region which is currently a buyer’s market. 

    Will Calgary housing prices increase in 2023?

    Modest price growth and stabilization have been predicted for Calgary’s housing market in 2023, driven primarily by demand and supply constraints. Prices are predicted to remain relatively the same, with only slight increases expected over the rest of 2023.

    How do I get approved for a mortgage in Calgary?

    To get approved for a mortgage in Calgary, the first step is to review the rates available and determine how much mortgage you can afford. Mortgage approval will depend on your credit score, available down payment, and debt-to-income ratios – with approval guidelines set out by the lender you choose. 

    Final Thoughts

    With clever campaigns like Alberta is Calling – Calgary’s housing market continues to attract migrants from Canada and internationally. This trend is expected to continue into 2023, with lower taxes and no land transfer taxes being a major incentive for those looking to relocate or put down roots. Though it may be hard to predict the future, it appears that until real estate prices subside in other Canadian provinces, Calgary will remain an attractive option for buyers looking to maximize their budgets.