Greetings! Today is cold - next week will be warm, but through it all, the Calgary housing market remains HOT!

There really has been little slow down in certain markets over the winter and we're now kicking into spring!  With interest rates likely staying where they are for a few months, but eventually dropping, it's likely Calgary will see brisk, steady sales straight into summer.

It's no secret there is HUGE migration into the province, both from across Canada and outside of the country. Between the "investment" type of buyers and the "first time home owners" certain markets are targeted.  Notably the 400K to 600K market which sees huge activity in condos, townhouses and to a lesser extent, older duplexes.

The "flipping" market now stretches above the 600K range so while it remains active, investors/buyers are beginning to back off a bit. Of course, the reason for this is if you're paying 650K to gut a house it better be in superb inner city communities to warrant the million plus price tag needed to sell and turn a profit.

QUICK MARKET STATISTICS

In general, the market continued to be brisk in February with 23% more sales than February of last year.

New listings were up by nearly 14% as prices influenced sellers to get on the market. Benchmark price was up over 10%.

The real eye opener was the median price which nearly reached increases of 20%, indicating that buyers have accepted the prices as they are and are willing to pay more for the houses they want.

More houses were being bought in a higher price category.  Average price was also up over 15%. Days on the market (DOM) for all markets continues to drop, averaging only 24 days or more than a 25% drop.

DETACHED HOUSES

Sales here were up a surprising 20% while new listings were up only 5%. Active listings continue to drop near the 1000 mark, down by a huge 17% - the lack of inventory absolutely contributing to the price gains.  Benchmark price increased over 13%, median price up nearly 18%, and average price up well over 14%.  DOM for detached is down to 25 days or nearly a 20% drop.

SEMI-DETACHED

Total sales here are UP a whopping 36.5% but a lack of inventory still keeps sales well below Feb 2022 levels. New Listings are finally hitting the market, up 16% from this time last year. Active Listings is still down well over 11% - we still have a ways to go to get to normal levels here.  Benchmark price is up nearly 13%, median price is up 11.5%, average price up 14%. All healthy gains, but lagging other markets.  DOM down 28%, selling in 26 days.

TOWNHOUSES

This market continues it's amazing trend from last year with many still affordable options now driving the investment and first time home owner market. Total sales are up over 12% from this time last year but new listings are up too - nearly 27%. We'll likely see prices start to moderate here with the new inventory, though  a caveat is that active listings are still down by 5.5%.  Massive gains are seen across the board; benchmark price up by 19%, median price up an incredible 25% year over year, and average price is up over 20%. DOM is down over 41%. The townhouse market continues to be the main driver of the housing market!

CONDOS

This market also continues its massive gains.  Total Sales are up 30% from February of last year, New Listings finally climbing a bit - up over 20%. Active listings are still down well over 11%.  Huge gains in all prices are seen: Benchmark up over 17%, Median up 20%, Average prices up nearly 18.5%.  DOM is down 28%, with it now taking only 26 days to sell the average condo.  Five years ago, this figure was as much as 5 months!

In general, it's obvious that the winter market bucked any stand still.  Multiple offers persist in flips, inner city knockdowns, and nicely renovated houses listed under 800K. Virtually any type of house in any community in the 500 to 600K price range seems to be selling quickly.  The spring market is about to hit and activity will only increase, despite no respite in interest rates.  There's a lot of money/investors out there and with an increasing need for housing countrywide, Calgary seems to be the destination of choice.

Long Term Outlook

Long term? Perhaps a slowdown in the fall, perhaps a levelling off next winter, but if interest rates come down significantly, even that might not likely happen. As a buyer, sitting on the fence and waiting for the Calgary market to correct does not seem prudent at this time.