Calgary Housing Market Report

A severe lack of supply pushed prices to a new record high.

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Market Report Summary for April 2023
Updated May 2nd, 2023
  • At 2,690, Calgary’s number of sales saw a 21% yearly decline and a 10.6% monthly increase in April 2023.
  • Detached home average price increased by 9.1% year-over-year to $730k.
  • Semi-detached home average price increased by 6.8% year-over-year to $601k.
  • Townhouse average price increased by 8.5% year-over-year to $400k.
  • Condo apartment average price increased by 7.5% year-over-year to $297k.

Calgary Housing Market Overview

Data for April 2023
Avg. Sold Price:$549,524
All Property Types:$549,524
Condo Apartment:$296,975
Transactions (Buy/Sell):2,690
All Property Types:2,690
Condo Apartment:734
Best 5-Year Fixed Mortgage Rates in Calgary
Mortgage Term:

The average home price in Calgary for April 2023 was $549,524. That's 3.3% higher than last April’s average sales price and 2.6% higher than the previous month's. Detached home average prices were $729,870 , which shows 9.1% yearly growth and a 3.3% monthly increase. Semi-detached home average prices were $601,368, exhibiting a 6.8% annual growth and a 2.1% monthly decline. The average townhouse price was $399,780 , 8.5% higher than April 2022 and 1.9% higher than March 2023. Apartment average prices were $296,975, 7.5% higher than April 2022 and 2.7% lower than March 2023.

Average home prices do not show the true extent of price changes because of the substitution effect. When changes in home prices or mortgage rates reduce consumers' buying power, they shift their purchases to more affordable options.

There is a change in the property types that buyers are interested in. Over the past two years, the composition of homes in the Calgary real estate market shifted toward condos and townhouses, away from detached and semi-detached houses. In Calgary, the benchmark home price rose 33.3% in three years and 1.2% year-over-year to $550,800.

In April 2023, 2,690 homes changed hands. This sales number shows a decline in activity compared with 2022 and 2021 but is much stronger than April 2020 levels. 3,133 new listings in the city of Calgary decreased 32% year over year (YoY) and 5.6% month over month (MoM) during April 2023.

The sales-to-new listings ratio stood at 86%, the highest in 2023. Inventory decreased 34% YOY to 3,238 units while staying almost the same as in March. Currently, inventory stands at 1.2 months of sales compared with 1.6 and 1.3 months in February and March 2023.

Calgary Residential Benchmark Prices

Calgary home prices have fluctuated over the past 18 years, yet they have shown healthy appreciation with a Cumulative Annual Growth Rate (CAGR) of 5.2%.

Over the past year, we have seen a slowdown in sales, but new listings slowed down similarly. Year to date, there were 8,055 sales and 10,690 new listings, down 37% and 38% compared to the same period in 2022.

In April 2023,

  • The benchmark price of a detached home in Calgary increased 2.4% year-over-year to $661,900 while increasing 1.9% month-over-month.
  • The sale of 1,306 detached homes shows a 29% year-over-year decline and a 14% MoM increase in the number of detached homes sold. Currently, inventory stands at 1.1 months of detached home sales.
  • Semi-detached benchmark home prices grew by 2.3% year-over-year to $593,200 and increased 2% month-over-month.
  • Sales of semi-detached homes decreased by 23% YoY but increased by 7.8% MoM, reaching 234 units. Currently, inventory stands at 1.2 months of semi-detached home sales.
  • Benchmark townhouse prices grew 7.4% YoY and increased 2.5% MoM to $387,400 for April 2023.
  • The number of row houses sold decreased 31% YoY yet increased 7.2% MoM to 416 units. Currently, inventory stands at just under 1.0 months of row home sales.
  • Benchmark apartment prices are up 10.2% year-over-year and 2% month-over-month to $299,400.
  • The number of apartments sold increased by 22% YoY to 734 units while increasing by 7.6% MoM. Currently, inventory stands at 1.5 months of apartment home sales.

As another price indicator, we can also look at the median prices for Calgary houses, increasing by 2.1% yearly to $501,250. Calgary median home prices are 3.4% higher than in March 2023. Median house prices for detached houses reached $655,000, increasing by 7.4% compared with last April. Median prices for semi-detached houses reached $529,950, rising by 4.6% annually. Median prices for row houses and apartments reached $385,000 and $272,250, respectively, increasing by 8.4% and 8.9% annually.

Over the second half of 2022, monetary policy has been the main driver of the Canadian housing market. The restrictive monetary policy of the Bank of Canada has put a break on the housing market activity by increasing interest rates in Canada. Over the past year, the Bank of Canada has raised interest rates to subdue CPI inflation.

On the one hand, higher interest rates reduce the present value of the rent, which can be earned from a typical home, thus reducing the value of the house. On the other hand, higher interest rates mean higher Canadian mortgage rates, which result in higher mortgage payments and reduce home affordability. Therefore average Canadian home price peaked in February 2022 and decreased 25% into January 2023 trough.

In January 2023, BoC announced a pause in its rate hike and the market started looking forward to rate cuts. A combination of the seasonal effect of spring and expectations for decreasing mortgage rates fueled a 2023 resurgence in the housing market.

Though monetary policy affects all of Canada, it is essential to remember that housing markets are local phenomena. The Ontario housing market and the British Columbia Housing market mostly influence the average Canadian home price. These two markets went into bubble territory when expansionary monetary policy offered almost free money to real estate investors and speculators during the pandemic.

In contrast, the Alberta real estate market avoided a pandemic bubble and remained relatively affordable even at its peak. The benchmark price in the Calgary region is 16% higher than in January 2015. This means that the cumulative annual growth rate (CAGR) since 2015 has been merely 1.9%. This underwhelming growth suggests that the downside risk in the Calgary housing market is rather limited.

Alberta, in general, and Calgary, in particular, enjoy more economic freedom (and arguably more natural resources) than many other parts of Canada. As a result, Alberta offers some of the highest incomes and wages among Canadian provinces, and Calgary offers some of the highest incomes and wages among Canadian cities.

Alberta housing market, in general, and the Calgary housing market, in particular, have avoided a housing bubble over the past few years. Thus Alberta housing market is far more affordable than the Ontario housing market or the British Columbia Housing market. Similarly, the Calgary housing market is far more affordable than other large Canadian housing markets, namely the Toronto housing market and the Vancouver housing market.

The combination of strong job and affordable housing markets resulted in interprovincial migration toward Alberta. This migration is another tailwind for the Calgary housing market.

Home Prices in Calgary

Calgary Housing Market Statistics for All Property Types in April 2023

Average Sold Price and MLS HPI Benchmark Price

Total Transactions and New Listings

Property Type Distribution

Condo Apartments

Market Overview for Detached Homes in April 2023

Average Sold Price


Market Overview for Semi-Detached Homes in April 2023

Average Sold Price


Market Overview for Townhouses in April 2023

Average Sold Price


Market Overview for Condo Apartments in April 2023

Unlike other major metro areas in Canada, such as Toronto real estate or Vancouver real estate, as recently as two years ago condo apartments were a relatively small part of Calgary's real estate market. Two years ago, they made up less than one sixth of total home sales and a much smaller proportion of sales volume in dollars due to their lower prices. Currently they constitute almost one quarter of homes sold in the Calgary real estate market.

Average Sold Price


Best 5-Year Fixed Mortgage Rates in Calgary
Mortgage Term:

Calgary Region Breakdown by Region for April 2023

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.

Housing Markets Across Canada

Data sourced from the Calgary Real Estate Board (CREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.