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CREB®’s Q1 2023 Housing Market Report

May 1, 2023  
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The casing request in the first quarter of 2023 has braked by 43 per cent from last time’s record-high performance, as anticipated. This decline was anticipated due to the swell in deals last time as buyers rushed to enter the request ahead of anticipated rate increases. Although no farther rate earnings have passed so far this time, advanced lending rates and limited force options have contributed to some retreats in deals. Despite the decline, deals exertion remains above pre-pandemic situations, thanks to recent earnings in migration and a stronger employment request.

The biggest challenge in the request has been the limited force situations, with new rosters declining by 40 per cent in the first quarter, exceeding prospects. force situations in the megacity were 21 per cent lower than last time’s situations and over 42 per cent below long- term trends for the first quarter. With a deals- to-new- rosters rate of 71 per cent and a months of force of under two months, conditions continue to favor the dealer.

The housing market experienced exceptionally tight conditions early last year, resulting in significant price gains that peaked at $544,733 in the second quarter. However, prices did trend downwards over the third and fourth quarters, which somewhat balanced out the rapid rise seen earlier in the year. With the supply-demand balance tightening further in the first quarter of this year, the downward trend in prices has stopped. Instead, the quarterly benchmark price has increased by almost two per cent from the fourth quarter to $531,200, although it still remains below the peak seen in the second quarter.

” Some price oscillations were anticipated this time, given last time’s events,” said CREB ® Chief Economist Ann- Marie Lurie.” still, price growth to date has been stronger than anticipated. With the limited force presently on the request, we could anticipate to see some stronger price growth through spring, potentially supporting a modest periodic gain in 2023.” For further information, please download CREB ®’s Q1 2023 Calgary & Region Quarterly Update Report.


For more information, please contact:
Jerry Moras
Phone: 403-561-3456

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