The Fall selling season is fast approaching, bringing with it a host of unknowns.
January 2023 Real Estate Market Updates: Calgary, Vancouver & Edmonton
We are proud to have a solution provider like Bōde, a disruptor in the real estate industry that has shifted how real estate is bought and sold. One of Bōde's many differentiators is their knowledge of the real estate market and how it affects buyers, builders and sellers.
From the dramatic shifts we saw in 2022, we can be sure that cities across Canada will be experiencing dynamic market shifts in 2023 that we should all be aware of. Bōde provides its users with transparent home data without an agenda. Below, we can find accurate and trustworthy data in some of Canada’s most prominent cities, including Edmonton, Calgary and Vancouver, provided by Bōde.
Calgary Market Update
The total number of homes for sale is down 44% compared to the average of the previous 4 years. Inventory levels continue to stay very low compared to historical norms.
The combination of low supply and high demand has kept ‘months of supply’ low at just under 2 months which is down 55% vs the previous 4 years. This continues to be a low level for Calgary but is higher than the first half of the year.
Low inventory & fewer months of supply makes conditions more favourable for sellers, while more inventory and higher months of supply are more favourable for buyers.
Overall, Calgary home prices are down 0.3% over last month and up 7.8% over December last year.
Edmonton Market Update
‘Months of supply’ has climbed above 5 months which is down just 13% vs the previous 4 years.
Fewer months of supply make conditions more favourable for sellers, while higher months of supply are more favourable for buyers. Therefore, the current level would typically be seen as a ‘balanced market’ between buyers and sellers.
Overall, Edmonton prices are down 0.1% over last month and down 0.9% over December last year.
Vancouver Market Update
The total number of homes for sale dropped. Inventory is down 10% vs the average of the last 4 years.
‘Months of supply’ has increased quickly in recent months. There are currently almost 6 months of supply which is +23% vs the previous 4 years.
Less inventory & more months of supply makes conditions more favourable for sellers, while more inventory and higher months of supply are more favourable for buyers.
The sudden slowdown in sales and hence increase in months of supply mean it’s now a more balanced market and starting to favour buyers (after a long period of being a strong seller's market).