Calgary real estate: 5 most expensive homes January 2024

Housing demand remained relatively strong in Calgary last month, with inventory levels dropping 2.5 per cent.

According to the Calgary Real Estate Board (CREB), the city saw 1,366 home sales in December 2023, a 13.8 per cent increase compared to the same month a year earlier.

There were 1,248 new units listed in Calgary in December, a 21 per cent year-over-year increase.

While sales stayed relatively strong, CREB says there was a notable shift in activity toward more affordable apartment/condominium style homes.

“Higher lending rates dampened housing demand this year, but thanks to strong migration levels, housing demand remained relatively strong, especially for affordable options in our market,” said CREB chief economist Ann-Marie Lurie.

“At the same time, supply levels were low compared to the demand throughout the year, resulting in stronger than expected price growth.”

The unadjusted residential benchmark price for a home in Calgary rose to $570,100, down from the previous month but 10.4 per cent higher than in December 2022.

Lurie says the definition of a luxury market can range by location.  

“In Calgary homes priced over $1,000,000 account for just over five per cent of all resale market activity within the city of Calgary in 2023. If we only consider detached properties, homes over $1,000,000 account for nearly 10 per cent of all the detached sales a significant gain over the previous year where higher priced homes accounted for seven per cent of all the sales. 

“Over the past year detached home sales priced above $1,000,000 rose by nearly 12 per cent. The gain was in part possible thanks to rising supply levels. While there was a better supply to demand balance for higher priced detached homes compared to anything priced below $1,000,000, conditions were still tight based on historical standards. While price growth was generally