{"id":22408,"date":"2023-06-06T13:00:00","date_gmt":"2023-06-06T17:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22408"},"modified":"2023-06-06T12:17:29","modified_gmt":"2023-06-06T16:17:29","slug":"creb-may-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/creb-may-2023\/","title":{"rendered":"Calgary Real Estate Market Experiences May Sales Record as New Listings Fall: CREB"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a> sales hit a new record for the month of May, with 3,120 homes trading hands, according to the Calgary Real Estate Board. However, sellers are still reaping the rewards with new listings continuing to decline limiting competition, as home prices steadily increase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get Canadian real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Condo Apartments Leading the Charge<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The big boost in sales can be attributed to the rise in interest in condo apartments. There were 858 sales of apartments in May, a 36% increase since last year. 1,025 new apartments were listed on the market, an increase of 8% year-over-year. New listings have not yet outpaced sales, and as a result prices for condos have increased by 11% in the past year to $298,600.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"423\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April-750x423.png\" alt=\"\" class=\"wp-image-22414\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April-750x423.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April-300x169.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April-768x433.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April-1536x865.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April-2048x1154.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/CREB-April.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/top-10-activities-calgary-summer-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Discover the Top 10 Activities to Do in Calgary, Alberta in Spring\/Summer 2023<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">New listings across the board have fallen by 15% year-over-year, with 3,652 homes coming to market last month. This means that inventory is also far below last year\u2019s figures, with only 3,207 homes currently available for sale, a decline of 38.5%. As Calgary real estate rises in popularity and more people move to the area, the likelihood is that available inventory will continue to move quickly.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The trend in rising prices may be here to stay as well as long as homes continue to be comparatively affordable in the city, compared to other major markets. The benchmark price in Calgary for a home in May was $557,000, compared to the average Canadian home costing $744,600. In the semi-detached sector, the average price has crossed the $600,000 threshold for the first time, while detached homes now cost an average of $674,000, over 4% higher than the peak set in 2022 of $647,000.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/rate-increases-across-canada-may-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Bank of Canada\u2019s Interest Rate Pause: Assessing Real Estate Prices Since Last Year\u2019s Hikes<\/strong><\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Local Markets Suffering From Listing Shortage<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The lack of new homes coming to market is the dominant storyline in many of the local Calgary markets. There were 260 new listings in <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/airdrie-ab-real-estate\" target=\"_blank\">Airdrie<\/a>, down 18.2% year-over-year, while <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/cochrane-ab-real-estate\" target=\"_blank\">Cochrane<\/a> had 135, down 3.6% and <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/okotoks-ab-real-estate\" target=\"_blank\">Okotoks<\/a> had only 87 new listings, 25% lower than last year.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the decline in new listings, the limited months of supply mean that conditions are extremely tight. Airdrie only has 0.85 months of supply, while Okotoks has only 0.93. These persistently tight conditions mean home prices continue to creep up. Airdrie\u2019s average home price is now $502,900, only a slight increase of 0.6%, and in Okotoks it has increased by 3.6% to $575,900.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thinking about purchasing a home in Calgary? We can help! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a> and we can help find the perfect home for you.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking for a home in Calgary?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Calgary sales hit a new record for the month of May, with 3,120 homes trading hands, according to the Calgary Real Estate Board. However, sellers are still reaping the rewards with new listings continuing to decline limiting competition, as home prices steadily increase. Enjoying our content? Subscribe to our free weekly newsletter to get Canadian [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":22416,"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":[1112,1111,1160],"tags":[],"class_list":["post-22408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alberta","category-canada","category-market-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Calgary Real Estate Market Experiences May Sales Record as New Listings Fall: CREB<\/title>\n<meta name=\"description\" content=\"Here is our report on the Calgary real estate market for May 2023. Sales have improved and hit a record high for the month of May but the lack of new listings is putting upward pressure on the housing market and causing prices to rise.\" \/>\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-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calgary Real Estate Market Experiences May Sales Record as New Listings Fall: CREB\" \/>\n<meta property=\"og:description\" content=\"Here is our report on the Calgary real estate market for May 2023. Sales have improved and hit a record high for the month of May but the lack of new listings is putting upward pressure on the housing market and causing prices to rise.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/creb-may-2023\/\" \/>\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=\"2023-06-06T17:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-06T16:17:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Zoocasa-Calgary-Real-Estate-Market-Experiences-May-Sales-Record-as-New-Listings-Fall-CREB-Thumbnail.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:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/Zoocasa-Calgary-Real-Estate-Market-Experiences-May-Sales-Record-as-New-Listings-Fall-CREB-Thumbnail.png\" \/>\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=\"2 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-may-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-may-2023\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"Calgary Real Estate Market Experiences May Sales Record as New Listings Fall: CREB\",\"datePublished\":\"2023-06-06T17:00:00+00:00\",\"dateModified\":\"2023-06-06T16:17:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-may-2023\/\"},\"wordCount\":468,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Alberta\",\"Canada\",\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/creb-may-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/creb-may-2023\/\",\"name\":\"Calgary Real Estate Market Experiences May Sales Record as New Listings Fall: CREB\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-06-06T17:00:00+00:00\",\"dateModified\":\"2023-06-06T16:17:29+00:00\",\"description\":\"Here is our report on the Calgary real estate market for May 2023. 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