The real estate market in Calgary has always been a vibrant and exciting scene, but recent months have really turned up the heat. According to the most recent data from the Calgary Real Estate Board (CREB), July 2023 saw record-breaking sales levels and persistent price increases. As we dive into these details, it becomes clear that both sellers and buyers need to be well-informed to navigate this rapidly evolving landscape.

Record Sales Despite Rising Rates

With 2,647 transactions, July 2023 saw an impressive 18% year-over-year gain in sales. This marked the highest July sales levels ever reported in Calgary, with the affordable apartment condominium sector primarily driving these gains. Interestingly, the rising interest rates seemed to have little impact on dampening the sales this month.

Seller's Market Maintains Its Momentum

Despite a typical seasonal decrease in sales and new listings from June to July, inventory levels remained stubbornly low, echoing the record low set in 2006. With a sales-to-new-listings ratio of 82% and a months' supply of merely 1.3 months, the market continued to heavily favour sellers. As a result, the unadjusted total residential benchmark price climbed to $567,700 in July, marking the seventh consecutive monthly gain. Today's prices are now over 4% higher than the previous peak recorded in May 2022.

A Deep Dive into Property Types

Detached Homes: The detached sector saw 1,197 sales and 1,587 new listings in July. However, the available inventory levels, especially for homes priced below $1,000,000, are at the lowest ever reported for July. The unadjusted benchmark price for detached homes rose to $690,500, an increase of nearly 1% over the previous month and more than 7% compared to last July.

Semi-Detached Homes: With only 248 new listings and 211 sales in July, the semi-detached homes segment also remained a seller's market. The benchmark price continued to trend upwards, reaching $616,800.

Row Houses: The row house market was especially tight, with a sales-to-new-listings ratio of 96%. The benchmark price reached $407,500, nearly 2% higher than the previous month and a whopping 14% higher than last July.

Apartment Condominiums: Apartment condominiums stood out as the only property type to report a year-to-date gain in sales activity. The strong demand relative to supply drove further price gains, and as of July, the benchmark price hit $305,900, nearly 1% higher than last month and over 12% higher than last July.

Regional Roundup

In Airdrie, the unadjusted benchmark price rose to $514,100, pushing the detached benchmark price above $600,000 for the first time. Cochrane and Okotoks also saw price increases, with benchmark prices reaching $529,700 and $586,900, respectively.

Final Thoughts

Calgary's real estate market continues to thrive, with sustained demand and low supply fuelling a robust seller's market. Whether you are a seller hoping to take advantage of these conditions or a buyer trying to find your perfect home, it's crucial to have a knowledgeable and dedicated real estate agent by your side.

With over 11 years of experience in Calgary's real estate market, I am here to assist you. Trust my experience, knowledge, and dedication. Contact me, Michael, today at (403) 512-9825 or to achieve your real estate goals. For more information, you can also visit my website at

Remember, the market waits for no one, and there's no time like the present to make your move in Calgary's dynamic real estate scene!