{"id":20316,"date":"2022-11-02T13:30:15","date_gmt":"2022-11-02T17:30:15","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20316"},"modified":"2022-11-02T13:45:22","modified_gmt":"2022-11-02T17:45:22","slug":"creb-october-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/","title":{"rendered":"Calgary Sales Numbers Projected to Hit a New Record: CREB"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Calgary may hit a record year for home sales, despite a dip in sales in October, according to the Calgary Real Estate Board (CREB). 1,857 homes traded hands last month, down 15% from last October, but year-to-date sales have reached 26,823, a 13% increase year-over-year. With just two months of the year left, it looks likely that sales numbers will break a record for the area.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Calling All Home Sellers: Prices in Calgary Still Steady<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Some Canadian cities have seen major price and inventory declines the last few months as some buyers have chosen to wait out the <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-oct-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">interest rate<\/a> hikes. For example, <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-september-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto and the Greater Toronto Area<\/a> experiened the lowest number of new listings reported for the month of September since 2022. Calgary, however, has remained relatively strong this fall. Residential home prices are currently at $523,900, just a 4% drop from May\u2019s high points and still 9.6% higher year-over-year.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/renters-to-buyers-two-years\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>These Newcomers to Canada Went from Renters to Buyers in Two Years, Here\u2019s How<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cCalgary hasn\u2019t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,\u201d said CREB Chief Economist Ann-Marie Lurie. \u201cWhile our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/ru7HTrEOinIgp67pKRsvMOiANEv93bYIKqOGfEjDFBmzyRY7EmSzlY5wXERa14BfZIcQ9Qno3yIsyDOfYRVDSNq6HmJkfd2eQf1ofqapHN1KhEH8i_jxdN5K_XTkwYfITBk0VaFKE2kevJbqJTQwzHTCNeznxCzxskAtTbrcDH54kKxipOTGzhC1wDbZFw\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Lack Of New Supply Means Market Conditions Are Tightening<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although home prices remain steady, the city is experiencing a tightening of inventory. 2,175 new homes were listed on the market in October, down 17.1% from <a href=\"https:\/\/www.zoocasa.com\/blog\/creb-september-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">last month\u2019s 2,625<\/a>. This means that inventory is trending down to 3,887, a 12.7% decrease from last month. A lot of that decline has been driven by greater sales numbers in more affordable homes like apartment condos and row houses. As demand continues to grow for these more affordable property types, sellers have the upper hand, whereas the more expensive inventory sits in more balanced territory.<\/p>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=calgary-ab&#038;latitude=51.0350258582772&#038;longitude=-114.052014803399&#038;zoom=14&#038;detached=false&#038;semidetached=false&#038;attached=false&#038;townhouse=false&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Calgary%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<p class=\"wp-block-paragraph\">There are currently 2.61 months of inventory of condo apartments, the lowest number recorded for this home type since October 2013. Sales numbers of row houses are still consistent, with 320 this month compared to last month\u2019s 327, but the lack of new supply means inventory is trending down by 20.1% month-over-month to 465, a substantial dip of 43% year-over-year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Detached homes experienced some improvement in sales in the higher price ranges. However, the lack of sales in the lower ranges means sales eased by 29% year-over-year. Supply in the area is limited, with inventory at 1,946 units, nearly 35% lower than typical October numbers.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/blog\/detached-homes-leased\/\" target=\"_blank\"><strong>Where Are All the Detached Homes? They\u2019re Being Leased<\/strong><\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Inventory in Surrounding Cities is Being Hit the Hardest<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/airdrie-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Airdrie<\/a>, <a href=\"https:\/\/www.zoocasa.com\/cochrane-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Cochrane<\/a> and <a href=\"https:\/\/www.zoocasa.com\/okotoks-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Okotoks<\/a> all continue to see tight conditions, but prices have remained relatively stable over the last month. Airdrie\u2019s average price is currently $482,500, 0.6% lower than last month. Cochrane\u2019s average home price is $507,000, while Okotoks is $537,800, both down 0.4%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inventory levels are low, lending to the tight conditions seen across Calgary. While Airdie\u2019s months of supply have improved by 34.1% compared to last year, currently 1.47 months,&nbsp;this is still exceptionally low compared to the October average. Okotoks currently has only 1.55 months of supply with an inventory of just 73 properties, and a pullback in new listings (45 in October, down 33.8%).<\/p>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=airdrie-ab&#038;latitude=51.2867436374698&#038;longitude=-114.007281398718&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Airdrie%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=cochrane-ab&#038;latitude=51.184932586175&#038;longitude=-114.46902204716&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Cochrane%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=okotoks-ab&#038;latitude=50.7263602328101&#038;longitude=-113.961997751106&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Okotoks%2C%20AB&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re considering buying or selling in Calgary or surrounding areas, download our free <a href=\"http:\/\/zoocasa.ac-page.com\/home-buyers-guide\" target=\"_blank\" rel=\"noreferrer noopener\">Buyer\u2019s<\/a> or <a href=\"https:\/\/zoocasa.ac-page.com\/home-sellers-guide\" target=\"_blank\" rel=\"noreferrer noopener\">Seller\u2019s<\/a> Guides and <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">contact us today<\/a> to connect with a local real estate agent.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calgary may hit a record year for home sales, despite a dip in sales in October, according to the Calgary Real Estate Board (CREB). 1,857 homes traded hands last month, down 15% from last October, but year-to-date sales have reached 26,823, a 13% increase year-over-year. With just two months of the year left, it looks [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":20317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1112,1111,1107,1160,33],"tags":[],"class_list":["post-20316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alberta","category-canada","category-infographics","category-market-insights","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Calgary Sales Numbers Projected to Hit a New Record: CREB<\/title>\n<meta name=\"description\" content=\"Calgary&#039;s real estate market is projected to hit a new record for yearly sales in 2022. Here is our full report on Calgary real estate for October.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calgary Sales Numbers Projected to Hit a New Record: CREB\" \/>\n<meta property=\"og:description\" content=\"Calgary&#039;s real estate market is projected to hit a new record for yearly sales in 2022. Here is our full report on Calgary real estate for October.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-02T17:30:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-02T17:45:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/11\/Blog-Hero-4.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Daniel Crook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Crook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"Calgary Sales Numbers Projected to Hit a New Record: CREB\",\"datePublished\":\"2022-11-02T17:30:15+00:00\",\"dateModified\":\"2022-11-02T17:45:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/\"},\"wordCount\":951,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Alberta\",\"Canada\",\"Infographics\",\"Market Insights\",\"Real Estate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/creb-october-2022\/\",\"name\":\"Calgary Sales Numbers Projected to Hit a New Record: CREB\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2022-11-02T17:30:15+00:00\",\"dateModified\":\"2022-11-02T17:45:22+00:00\",\"description\":\"Calgary's real estate market is projected to hit a new record for yearly sales in 2022. 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