The Calgary real estate market saw notable adjustments in November, with shifts in inventory, prices, and sales activity as the city moves deeper into the winter season. Here’s a snapshot of what unfolded this month.
Inventory Rises Significantly
Calgary recorded 5,581 homes on the market in November, marking a 28.2% increase year-over-year. This growth in inventory provides more breathing room for buyers after years of tight supply, creating a more balanced environment across many segments of the market.
Home Prices Ease Slightly
The benchmark sales price for November landed at $559,000. Prices dipped 1.5% month-over-month and are down 4.6% compared to last year. While still elevated relative to longer-term trends, these declines suggest gradual moderation as supply continues to rebuild.
What is a benchmark price? The benchmark price is the estimated value of a “typical” home in a community, based on the most popular combination of features, e.g. age, size, number of bedrooms and bathrooms.
Sales Slow Compared to Last Year
There were 1,553 sales recorded this month, a 13.4% decrease year-over-year. This softening aligns with seasonal patterns and the market’s ongoing adjustment to higher inventory and shifting buyer demand.
Data provided by the Calgary Real Estate Board. For more information, visit their website.
