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Calgary Housing Market Outlook 2023: Why This City Is Still on Buyers’ Radar
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Despite rising interest rates slowing down home sales across Canada, Calgary’s housing market is standing strong in 2023 — showing resilience, affordability, and a growing appeal to Canadians priced out of other major cities. The Calgary Real Estate Board (CREB) predicts 25,921 home sales this year — fewer than the record-breaking highs of the pandemic years, but still higher than pre-2020 levels.
So, what’s fuelling Calgary’s real estate engine this year? Let’s dive into market performance, regional price trends, and the type of buyers Calgary is attracting in 2023.
Who’s Buying Homes in Calgary in 2023?
Calgary is welcoming a fresh wave of buyers — and not just from within Alberta. The Alberta is Calling campaign has successfully enticed many first-time buyers from Ontario and B.C., who are drawn in by the idea of owning a detached home for less than the price of a condo in Toronto or Vancouver.
Add to this Alberta’s low tax environment, no land transfer tax, and job growth in energy, tech, and logistics — and you’ve got the perfect cocktail for a strong housing market.
Migration is the main driver, with both international immigrants and interprovincial movers playing a significant role in keeping demand elevated. Even with interest rate pressures, this demand is helping sustain activity and keep Calgary firmly in seller’s market territory.
Average Home Prices in Calgary (2023)
Calgary’s real estate prices remain affordable compared to other big cities. Here’s how average prices have trended so far:
🏘️ Calgary vs National Average Home Price (Jan–Mar 2023)
This chart shows how Calgary’s housing market compared to the national average in early 2023.
[Live chart can be added using Chart.js or Highcharts]
| Month | Average Price | Homes Sold | New Listings |
|---|---|---|---|
| January | $520,900 | 1,199 | 1,852 |
| February | $530,900 | 1,740 | 2,389 |
| March | $541,800 | 2,432 | 3,318 |
Prices rose 2% from February to March, largely driven by low inventory — March 2023 saw the lowest housing inventory for that month since 2006. When supply is tight, prices climb, and buyers compete.
Regional Breakdown: Calgary and Beyond
Here’s what average home prices look like across Calgary’s major regions (based on CREB data):
| Region | Avg. Home Price |
| City of Calgary | $520,254 |
| Airdrie | $464,527 |
| Chestermere | $613,808 |
| Rocky View | $734,546 |
| Foothills | $627,122 |
| Mountain View | $411,974 |
| Kneehill | $262,692 |
| Wheatland | $388,956 |
| Willow Creek | $310,168 |
| Bighorn | $898,155 |
From city-core affordability to luxurious mountain-adjacent properties in Bighorn — Calgary’s surrounding regions offer a diverse mix for buyers at every price point.
Is Calgary a Buyer’s or Seller’s Market?
As of spring 2023, Calgary continues to operate mostly as a seller’s market, except for regions like Wheatland where supply still outpaces demand. Low inventory and strong migration numbers are keeping competition high in most areas.
If you’re a buyer, this means acting quickly, getting pre-approved, and being flexible in your expectations. Sellers, on the other hand, are still in a position of strength — especially those listing detached or semi-detached homes.
What to Expect for the Rest of 2023
CREB forecasts stable prices and strong but slightly softened demand as higher interest rates put pressure on affordability. However, economic confidence, job growth, and affordable entry points continue to support Calgary’s market.
Expect:
- Modest monthly price increases
- Inventory to remain tight
- Ongoing migration from other provinces and abroad
- Healthy demand in the under-$600K segment
Frequently Asked Questions
Will Calgary home prices increase this year?
Yes, modest growth is expected, especially in high-demand segments like detached homes under $600K. Price stabilization — not rapid increases — is the more likely trend.
Why are so many people moving to Calgary?
Affordability, job opportunities, lower taxes, and Alberta’s overall cost of living advantage are pushing people from cities like Toronto and Vancouver to make the move.
What’s the best way to get a mortgage in Calgary?
Start by comparing rates online, get pre-approved through a broker or bank, and ensure your credit score and down payment meet lender requirements.
Final Thoughts
