Even though Nov 2022 detached home sales volumes are down year over year by 34% in Calgary and 40% in Okotoks, we are still at typical levels for this time of year pre-covid. In Calgary, the under $600,000 market segment made up 62% of all sales and in Okotoks, that increased to 68% of all sales. Inventory remains extremely tight in this price point. This is most notable in community of Okotoks. Currently there are only 13 homes for sale under $600,000 and there were 17 sales in Nov. However, there are 27 homes for sale above $600,000 (Dec 3rd) and November saw only 5 sales. Apartment and row housing sales are strong in both Calgary and surrounding areas. Note the graphs which show the reduced inventory levels with pricing holding steady for apartments. There is a shortage of affordable housing in Canada. There is a shortage of homes period! Interest rates will continue to put a damper on sales, however, people need to live somewhere and with the lack of affordable new homes hitting the market, price softening should remain limited in 2023 in the Calgary region.
