With the busy spring market behind us, we are starting to see some shifts in supply levels in the Calgary real estate market. According to the latest CREB report, with 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory.

Inventories rose to 4,158 units, still 33 per cent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years. Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the Calgary market away from the extreme sellers’ market conditions experienced throughout the spring.

CREB Housing Market Insights

July sales eased by 10 per cent over last year’s record high but were still higher than long-term trends for the month. Like last month, the pullback in sales has been driven by homes priced below $600,000. Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year.

Improved inventory and supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year’s levels.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month."

“This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

Ann-Marie Lurie, Chief Economist at CREB.

Detached Homes

Detached home sales in July fell by eight per cent, as the 15 per cent rise for homes priced above $600,000 was not enough to offset the 50 per cent decline occurring in the lower price ranges. The decline in the lower price ranges reflects limited availability as inventories and new listings continue to fall for lower-priced homes. Year-to-date detached sales have eased by just over one per cent compared to last year.

With 1,098 sales and 1,721 new listings this month, inventories rose to 1,950 units. Inventories are still low based on historical levels, but the gain did help push the months of supply up to nearly two months and supports some stability in prices. The unadjusted benchmark price in July was $767,800, similar to last month but 11 per cent higher than last July.

Semi-Detached Homes

Relative affordability continues to attract purchasers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year. The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76 per cent sales-to-new listings ratio and months of supply of 1.5 months.

While the pace of monthly price growth has slowed, at an unadjusted benchmark price of $687,900, prices are nearly 12 per cent higher than last year. The highest price growth continues to occur in the city’s most affordable North East and East districts.

Row Homes

Gains in row new listings relative to a pullback in sales caused the sales-to-new listings ratio to fall to 73 per cent this month. This supported gains in inventory levels, and the months of supply rose to 1.3 months.

While conditions continue favouring the seller, the shift prevented further monthly price gains this month. Nonetheless, at a benchmark price of $464,200, levels are still nearly 15 per cent higher than last year. Year-over-year price gains have ranged from a low of 13 per cent in the City Centre and North districts to over 20 per cent in the North East and East districts.

Apartments

Sales in July slowed to 659 units, as a significant drop in sales occurred for properties priced below $300,000. Like the other property types, limited supply choices for the lower-priced units prevented stronger sales activity.

New listings in July were 1,043 units, high enough to cause the sales-to-new listings ratio to fall to 63 per cent. This supported inventory gains and months of supply of over two months. Improved supply relative to sales helped slow the pace of monthly price growth. However, the unadjusted benchmark price of $346,300 is still 17 per cent higher than levels reported last year at this time.

Calgary Housing Market Trends

The latest CREB report highlights significant shifts in the Calgary housing market trends. Inventory and supply levels have started to improve, taking some pressure off prices. This is evident across various property types, including detached homes, semi-detached homes, row homes, and apartments. The unadjusted benchmark price for total residential properties in Calgary was $606,700 in July, reflecting nearly an eight per cent increase from last year. The Calgary real estate market update indicates that while sales have eased compared to last year’s record highs, they remain higher than long-term trends. This trend is observed across different districts, including the City Centre, North East, North West, and South East areas of Calgary.

Calgary property prices in 2024 continue to reflect the city’s dynamic real estate landscape, with significant year-over-year gains in benchmark prices. The inventory and supply dynamics have also shifted, particularly for homes priced above $600,000, helping to alleviate the extreme sellers’ market conditions experienced earlier in the year. This comprehensive analysis provides valuable insights for Calgary realtors and those interested in the Calgary real estate market.

Regional Market Facts

Relative affordability continues to attract purchasers to the semi-detached sector. While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year. The growth in sales was possible thanks to gains in new listings. However, conditions remain relatively tight, with a 76 per cent sales-to-new listings ratio and months of supply of 1.5 months.

While the pace of monthly price growth has slowed, at an unadjusted benchmark price of $687,900, prices are nearly 12 per cent higher than last year. The highest price growth continues to occur in the city’s most affordable North East and East districts.

Airdrie

New listings in July rose to 287 units, the highest level ever reported for July. At the same time, sales slowed to 186 units, supporting some gains in inventory levels. While inventories have improved, the 298 units are still 26 per cent lower than typical levels seen in July.

Inventory gains have occurred across most price ranges in Airdrie but conditions continue to remain relatively tight, especially in the lower price ranges of each property type. Overall, the unadjusted benchmark price in July was $553,900, similar to last month but eight per cent higher than last year’s levels.

Cochrane

July sales improved over last year’s levels, contributing to the year-to-date gain of nearly eight per cent. While new listings also improved compared to last year in July, it was not enough to cause any significant shift from the low inventory levels.

With a sales-to-new-listings ratio of 83 per cent and months of supply of 1.5 months, the market remained relatively tight, and prices continued to rise. In July, the unadjusted benchmark price reached $576,600, nearly one per cent higher than last month and nine per cent higher than last year’s levels.

Okotoks

A pullback in sales relative to new listings helped support gains in higher inventory levels in Okotoks. While inventory levels are 25 per cent higher than last year, the 85 units still reflect exceptionally low inventory levels and are half the levels typically seen in July.

With a sales-to-new listings ratio of 78 per cent and months of supply of 1.3 months, conditions continue to favour the seller. While there have been some monthly price fluctuations, the unadjusted benchmark price in July reached $622,200, over six per cent higher than last July.

Interest Rate and Price Increases

The Calgary real estate board has noted that current interest rates and price increases are also influencing market dynamics. Property investment remains a key consideration for home buyers and those interested in commercial real estate Calgary lease opportunities. Calgary listings continue to reflect a diverse range of options, from affordable housing to higher-end properties, catering to various price ranges and buyer needs.

Calgary Real Estate Forum and Real Estate Tips

The city of Calgary remains a focal point for real estate discussions, with forums and events providing real estate tips and insights. The Calgary real estate forum is an excellent platform for discussing trends, sharing experiences, and gaining valuable information about the Calgary housing market.

Creb Report August 2024

For those considering a home in Calgary, whether it’s a row house, semi-detached house, or an apartment, understanding the current market trends is crucial. The Calgary real estate market, influenced by various factors including interest rates, inventory and supply levels, and price dynamics, offers a range of opportunities for buyers and investors alike.

The Calgary real estate board continues to monitor these trends, providing updates and insights to help navigate the ever-evolving market landscape. Calgary homes and Calgary properties remain attractive to those interested in home buying in Canadian cities. As Calgary property prices in 2024 reflect, house price trends continue to be a vital part of the city’s real estate market landscape.

As the most substantial infrastructure venture in Calgary’s history, The $5.5B Calgary Green Line is set to bring transformative changes to the Eau Claire area, significantly enhancing its renowned livability.

Phase 1 is set to commence construction in 2024 and is projected to require six years for completion. Preparation for construction in Eau Claire is set for July 2024.

The Green Line will feature a modern fleet of 288-passenger low-floor train cars, designed to enhance accessibility and ensure that stations blend seamlessly with their surrounding communities. The trains were the initial design focus, with the remainder of the system being constructed to accommodate these trains.

Convenience

Vehicle congestion and travel times on major roadways, like Deerfoot Trail, will be reduced by up to 10%.

Frequency

Wait and travel times will be reduced 20-25 minutes compared to existing bus service in the southeast.

Speed

The Green Line will run trains every 10 minutes or less, 15 hours a day, 7 days a week.

New Eau Claire Station

Eau Claire Station, situated at the northern end of the Green Line, will function as the final stop until a forthcoming north LRT extension is built. It will feature an underground platform and a link to the Bow River Pathway. Riverfront Avenue will be prolonged towards the west to facilitate entry to future projects. This will be one of four underground stations in Downtown Calgary.

Art installations will adorn the North and South station entrances. The northern plaza will boast attractive landscaping and comfortable seating areas with stunning panoramic views of the Bow River.

Improved Public Transit

The Eau Claire LRT station benefits include providing residents and visitors with a reliable, efficient mode of transportation, reducing reliance on cars and thereby alleviating traffic congestion.

Safety and Community Atmosphere

The Green Line transit improvements will make the area more accessible, while the increased foot traffic and vibrant community activities will contribute to a safer environment. The Eau Claire public transit options will also reduce the need for car travel, leading to fewer accidents and a more pedestrian-friendly neighborhood.

Eau Claire Plaza's Vision

Eau Claire Plaza serves as a pivotal public space uniting the diverse Eau Claire community, Eau Claire Promenade, and Prince’s Island, catering to residents, visitors, and Calgarians alike. Rooted in a historical backdrop, the design encompasses adaptable and interactive areas to support social and cultural gatherings throughout the year

Riverside Terraces

Extending the plaza to the Eau Claire Promenade, the Riverside Terraces are designed to seamlessly merge the urban landscape with the Bow River and Prince’s Island. The renovation will feature a captivating water feature and beach area, replacing the existing wading pool. Integrated planters and seating will facilitate a smooth transition from downtown urban setting to the natural riverside environment.

Central Green

The Central Green comprises an expansive lawn anchored by a canopy, offering a sheltered area for gatherings.

Market Street

Market Street provides a versatile space to merge the plaza with Eau Claire Market.

Plaza Promenade

Running along the west side of the plaza, Plaza Promenade aims to establish a north-south connectivity through the site and connect to the RiverWalk pathway on the south bank of the Bow River.

Sustainable Living and Connectivity

The Green Line will integrate with existing pathways and green spaces, promoting Green Line sustainable living. The project will enhance Eau Claire pedestrian connectivity, making it easier and safer for residents to walk, cycle, and use public transit. This Calgary light rail transit system will reduce vehicle congestion and travel times, contributing to a cleaner, greener environment.

Economic Growth and Business Opportunities

The Eau Claire Green Line development is expected to spur Calgary economic recovery by attracting new businesses and investments to the area. Enhanced accessibility will make Eau Claire a more attractive location for businesses, leading to increased foot traffic and higher customer volumes.

This Calgary infrastructure project will support local businesses during the construction phase and beyond, ensuring minimal disruption and maximum benefits.

Both JOEY Eau Claire and LOCAL Public Eatery, two restaurants in the vicinity, will remain open during eau claire market demolition, as well as a portion of the southern surface parking lot.

Flood Protection Barriers

This is a big achievement for Downtown Calgary and the Eau Claire area. Calgary’s downtown is now protected from floods by a new barrier and promenade. The flood wall stretches from the Peace Bridge to the Reconciliation Bridge.

The Eau Claire Area Improvement projects, like the Jaipur Bridge and Centre Street Pedestrian Ramps, are finished after three years of work.

Jaipur Pedestrian Bridge

Once finished, the revamped bridge will sustain its function as a key access point for visitors to Prince’s Island Park and users of the Bow River Pathways, ensuring seamless enjoyment of the area for decades to come.

Property Values in Eau Claire

With its prime location and high demand for luxury living, Eau Claire presents significant real estate investment opportunities. Property values in the area have shown consistent growth, making it a sound choice for both homebuyers and investors looking to capitalize on the thriving Calgary real estate market.

Supporting the development of Eau Claire, Prince’s Island, Chinatown, and the East Village is a crucial aspect of The City’s Downtown Strategy. This initiative aims to encourage private investment, boost tourism and economic activity, and offer facilities and services to improve the overall quality of life for residents, employees, and visitors in Calgary’s downtown area.

Buying A Home in Eau Claire

For potential homebuyers, the Green Line opens up a range of exciting possibilities. Areas with TOD are becoming highly sought-after due to their enhanced amenities, connectivity, and lifestyle benefits. Buyers looking for homes in these communities can expect:

Long-Term Investment

Properties near the Green Line are likely to appreciate in value over time, offering a solid return on investment.

Convenience and Accessibility

Proximity to rapid transit means easier commutes and access to a variety of services and entertainment options.

Diverse Housing Options

With new developments on the rise, buyers can choose from a variety of housing styles and price ranges to suit their needs.

Selling a Home in Eau Claire

For homeowners looking to sell, the Green Line can significantly boost property attractiveness and marketability. Sellers can highlight:

Increased Property Values

As demand for homes near transit-oriented developments rises, property values are expected to climb, potentially leading to higher sale prices.

Desirable Location:

The proximity to transit, amenities, and vibrant community life makes properties near the Green Line highly desirable.

Market Trends:

Leverage the ongoing development and future growth prospects to attract buyers interested in the long-term potential of the area.

Future Development and Urban Planning

The Green Line is a catalyst for long-term urban development in Calgary. With new residential and commercial spaces planned around the transit hubs, the Green Line construction schedule makes sure new developments fit well with current infrastructure, creating a united and eco-friendly city.

These initiatives will contribute to the well-being of the Calgary community for many years to follow. All projects within this vicinity share the common goal of building for the years to come. The green line is an important step towards preparing for the growing population and development of Calgary.

With a budget of $5.5 billion funded by The City of Calgary, the Province of Alberta, and the Government of Canada, the Green Line will provide access to 190,000 jobs across downtown, Quarry Park, and southeast industrial zones.

Phase 1 will include 13 stations and will seamlessly integrate with Calgary Transit’s existing Red and Blue LRT lines, as well as three MAX rapid transit routes.

• 7 ground-level stations in the S.E.

• 4 underground stations in the Beltline and downtown

• 2 elevated stations at Ramsay/Inglewood and 26 Avenue S.E.

Phase 1 Completion Date: 2027

Construction of the tracks, stations, and tunnels is set to begin this year, with an expected completion date of 6 years. Preliminary groundwork has already been underway in areas such as downtown, the Beltline, and Ogden.

Transit-Oriented Development (TOD)

Transit-oriented development (TOD) refers to the strategic planning, architecture, and construction of developments centered around rapid transit stations. Stations and infrastructure have been carefully designed to create a cohesive, user-friendly urban landscape around these new trains.

Green Line Will Build Vibrant Communities

A significant advantage of the Green Line LRT is establishing efficient transit links between neighbourhoods and areas designated for growth in southeast Calgary. The Green Line LRT project can act as a catalyst for increased development by either amplifying the overall scale of development or hastening new projects along its path.

Nearby rapid transit stations often feature conveniences such as eateries, stores, workspaces, green spaces, and entertainment venues within walking distance. This enriches the overall living experience by offering easy access to destinations, local establishments, and communal areas between platforms for social interactions.

Key Communities & Development Potential

Several communities along the Green Line are slated for significant development, thanks to the TOD approach. Some of the key areas include:

Ramsay/Inglewood: Known for their historical charm and vibrant arts scene, these neighbourhoods will benefit from enhanced connectivity and new mixed-use developments.

26 Avenue SE: Another potential development hotspot, this area will attract investments and new residents due to its strategic location and improved transit access.

Shepard Station

Shepard: This area, designated for growth, will see new residential and commercial projects, making it an attractive destination for families and businesses.

Ogden Station

Douglas Glen, Quarry Park, and South Hill

Douglas Glen, Quarry Park, and South Hill: These prospective sites are identified for their high potential for TOD, promising new amenities and housing options that will improve quality of life. 

A Key Role in Calgary's Economic Recovery

The introduction of the Green Line LRT brings numerous advantages to Calgary’s communities:

Reduced Living Expenses

With improved transit options, residents can save on transportation and parking costs, reducing the overall cost of living.

Increased Mobility and Lifestyle Alternatives

The LRT promotes a shift from car reliance to public transit, walking, and cycling, offering more lifestyle choices, without sacrificing travel time.

Healthy, Vibrant Neighborhoods

The presence of green spaces, entertainment venues, and local businesses within walking distance fosters a sense of community and encourages healthy living.

Boost in Local Economic Vitality

The influx of new businesses and residents will stimulate the local economy, creating jobs and supporting small businesses.

New Underground Stations in Calgary

The upcoming Green Line project will introduce four subway stations located in Downtown and the Beltline areas, 30 meters below ground. 

Eau Claire Station

Eau Claire Station, situated at the northern end of the Green Line, will function as the final stop until a forthcoming north LRT extension is built. It will feature an underground platform and a link to the Bow River Pathway. Riverfront Avenue will be prolonged towards the west to facilitate entry to future projects. This will be one of four underground stations in Downtown Calgary.

Art installations will adorn the North and South station entrances. The northern plaza will boast attractive landscaping and comfortable seating areas with stunning panoramic views of the Bow River.

7 Avenue S.W. Station

The 7 Avenue SW Station will be entirely underground, which minimizes its footprint and allows it to integrate seamlessly into the urban landscape.

2nd Street will be transformed into a pedestrian-oriented area. This change enhances walkability and creates a more enjoyable environment for residents and visitors.

Centre Street S. Station

Centre Street S. Station will be underground in Calgary’s business district. This design ensures a minimal footprint and improved pedestrian flow.

Surrounded by a vibrant mix of hotels, offices, commercial, and residential buildings, Centre Street S. Station offers unparalleled convenience for professionals, residents, and visitors. The revamped location will include more residential and mixed-use buildings; encouraging further development within the Beltline.

4 Street S.E. Station

Strategically located in the heart of Calgary’s Rivers District. This modern design allows for future development above the station, ensuring long-term urban growth and flexibility.

The entrance plaza is designed to handle large crowds on event days, providing clear site lines at entry and exit points to help passengers navigate the station efficiently.

The 4 Street S.E. Station will be a transformative addition to Calgary’s Rivers District, enhancing connectivity, supporting future developments, and stimulating significant redevelopment. Its prime location and proximity to key amenities make it a highly desirable area for living and investing in Calgary’s growing real estate market.

New Elevated Stations in Calgary

Elevated stations are a key feature of the Green Line project. These stations provide enhanced connectivity and accessibility, making the neighborhoods they serve more attractive to potential residents and investors.

Ramsay/Inglewood Station

This station will enhance connectivity between the two neighborhoods, making it easier for residents to access amenities and transit options. The improved accessibility can lead to increased property values in both communities, as the area becomes more desirable for homebuyers looking for convenient transit access.

26 Avenue S.E. Station

Situated on the embankment west of Crossroads Market, north of Blackfoot Trail.
Similar to the Ramsay/Inglewood Station, this elevated station will improve access to local businesses and amenities, likely boosting the attractiveness of nearby properties. Enhanced connectivity can lead to higher demand for housing in the area, driving up home prices.

Green Line Elevated Guideways

• 11 Street S.E. between 18 and 26 Avenues S.E.

• Barlow Trail near 114 Avenue S.E.

Green Line Bridges

Elbow River Bridge

Connecting Victoria Park and Ramsay, this bridge enhances pedestrian connections with multi-use pathways and improved safety features. The added convenience and safety can increase property values in the connected neighbourhoods.

Blackfoot Trail Bridge

Spanning the roadway behind Crossroads Market, this bridge will house both the LRT line and a multi-use pathway, improving access and connectivity for residents.

Deerfoot Trail and Bow River Bridges

These bridges in the Highfield area provide multi-use pathways alongside the LRT line, enhancing connectivity and accessibility for pedestrians and cyclists.

78 Avenue S.E. Bridge

Located south of Ogden Station, this bridge will enhance traffic flow and connectivity in the industrial sector, supporting local businesses and potentially increasing the demand for residential properties nearby.

Impact on Home Prices

The Green Line is expected to have a positive impact on home prices in the communities it serves. Historically, properties located near rapid transit stations tend to appreciate faster than those farther away. The increased convenience and amenities associated with TOD make these areas more desirable for homebuyers and investors.

As the Green Line progresses, neighborhoods along its route will likely see a surge in demand for housing, driving up property values. This trend benefits current homeowners by increasing their equity, while also attracting new residents who value the improved quality of life and accessibility.

Buying A Home in Calgary

For potential homebuyers, the Green Line opens up a range of exciting possibilities. Areas with TOD are becoming highly sought-after due to their enhanced amenities, connectivity, and lifestyle benefits. Buyers looking for homes in these communities can expect:

Long-Term Investment

Properties near the Green Line are likely to appreciate in value over time, offering a solid return on investment.

Convenience and Accessibility

Proximity to rapid transit means easier commutes and access to a variety of services and entertainment options.

Diverse Housing Options

With new developments on the rise, buyers can choose from a variety of housing styles and price ranges to suit their needs.

Selling a Home in Calgary

For homeowners looking to sell, the Green Line can significantly boost property attractiveness and marketability. Sellers can highlight:

Increased Property Values

As demand for homes near transit-oriented developments rises, property values are expected to climb, potentially leading to higher sale prices.

Desirable Location:

The proximity to transit, amenities, and vibrant community life makes properties near the Green Line highly desirable.

Market Trends:

Leverage the ongoing development and future growth prospects to attract buyers interested in the long-term potential of the area.

Building For The Growth Of Calgary

The Green Line LRT project is more than just a transportation initiative; it is a catalyst for urban transformation in Calgary. By fostering Transit-Oriented Development, the Green Line will create dynamic, sustainable communities that offer a higher quality of life and enhanced economic opportunities.

As these communities grow and thrive, home prices are expected to rise, benefiting both current and future residents. For those looking to buy or sell a home, the Green Line represents a significant step forward in Calgary’s evolution into a more connected, vibrant, and prosperous city, presenting substantial real estate opportunities.

Infrastructure Around Green Line

The Green Line will feature a modern fleet of 288-passenger low-floor train cars, designed to enhance accessibility and ensure that stations blend seamlessly with their surrounding communities. The trains were the initial design focus, with the remainder of the system being constructed to accommodate these trains.

Convenience: Vehicle congestion on major roadways will be reduced up to 10%.

Frequency: Wait and travel times will be reduced up to 25 minutes.

Speed: The Green Line will run every 10 minutes, 15 hours a day, 7 days a week.

Green Line Construction Timeline

Demolition of Grandell Office Building, Tony’s Auto and Harvard Manor: Completion date: June 2024

Eau Claire Market: Start date: July 2024

Demolition for Art Point, Mustard Seed and Green Leaf: Start date: July 2024

Ogden Dale Road Extension to 78 Avenue (not including tunnel): Completion date: August 2024

78 Avenue improvements (Ogden to 27 Street S.E.): Completion date: September 2024

Maintenance and storage facility stripping, grading and site servicing: Start date: September 2024

Demolition for Art Point, Mustard Seed and Green Leaf: Completion date: September 2024

78 Avenue structure complete (not including embankment removal): Completion date: Oct./Nov. 2024

Ogden pedestrian tunnel: Completion date (but not open): Nov./Dec. 2024

In June, sales hit 2,738, showing a 13% decrease from the previous year’s peak. While there was an increase in sales for Calgary properties priced over $700,000, it did not compensate for the drop in lower-priced properties. Even with the decline in June sales, they are still more than 17% above historical averages- indicating continued strong demand in the market.

The number of new listings decreased compared to sales, resulting in the sales-to-new listings ratio staying high at 72 percent. Inventory levels have shown improvement compared to the low levels of the previous year, mainly driven by increases in higher price brackets.

CREB Housing Market Insights

The Calgary real estate market remains highly competitive, potential buyers continue to face limited choices, particularly in the more affordable housing segments. This is resulting in many homes selling over the list price.

“Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 percent of the homes sold selling over list price.”

Ann-Marie Lurie, Chief Economist at CREB."

Supply Challenges

The number of new listings has not kept pace with the demand, leading to a competitive market environment. Sellers are hesitant to list their properties, partly due to uncertainties about finding a new home in the current market.

This reluctance exacerbates the supply-demand imbalance, further driving up prices. As we move forward, the market is expected to remain favourable for sellers, with continued demand and limited supply pushing calgary home prices higher.

Rising Prices in the Calgary Market

As per the Calgary Real Estate Board’s data, the benchmark price for a residential home in Calgary rose by 10% year-over-year. This upward trajectory in prices is making it increasingly difficult for first-time homebuyers to enter the market, thereby affecting overall sales volume.

Sales Performance by Property Type

Detached Homes

Sales for detached homes decreased by 16% year-over-year, with a significant pullback in homes priced below $700,000. However, the benchmark price for detached homes rose to $767,600, a 12% increase from last year, driven by tight supply and high demand in the upper price ranges.

Semi-Detached Homes

Sales dropped by 2% year-over-year, but the benchmark price increased to $686,100, up 12% from last year. This property type saw a sales-to-new-listings ratio of 76%, indicating continued demand pressure.

Row Homes

Sales for row homes declined by 17% year-over-year, yet the benchmark price surged to $464,600, a 17% increase from last year. With a sales-to-new-listings ratio of 75%, row homes continue to experience strong demand, especially in the most affordable areas.

Apartments

Apartment sales fell by 8% compared to last year, primarily due to limited supply in lower-priced units. Despite this, the benchmark price rose to $344,700, up 17% from last year. The year-to-date sales for apartments remain at record-high levels, with a 13% increase compared to the same period last year.

Calgary Property Prices 2024

In June, the unadjusted benchmark price rose to $608,000, nearly 9% higher than last year. Prices increased across all districts, with the most significant year-over-year gains in the North East and East districts.

• North: $580,800 

• North East: $529,600

• North West: $664,300

• West: $739,600 

• City Centre: $614,400 

• East: $445,100 

• South: $596,100

• South East: $597,200 

Inventory and Supply Dynamics

The market continues to face supply hurdles, particularly in the lower price ranges, regardless of property type. Inventory levels improved slightly but remain 40% below long-term trends. The months of supply increased to 1.4 months, still favouring sellers and contributing to upward pressure on house prices.

Impact on Buyers and Sellers

Buying a house in Calgary

The current market conditions present potential challenges for buyers. With limited options and high competition, prospective homeowners may find it difficult to secure a property within their budget. Buyers need to be prepared for bidding wars and should have their finances in order to act swiftly when opportunities arise.

Selling a house in Calgary

High demand and limited supply mean that sellers can command higher prices for their properties. However, they should be mindful of the challenges they may face when looking to purchase a new home.

Creb Report July 2024

The CREB report remains cautiously optimistic about the future of the Calgary real estate market. While the current challenges are significant, they believe that increased construction activity and policy interventions could help alleviate some of the limited supply choices. They recommend that potential buyers stay informed about market trends and seek professional advice from a trusted Calgary realtor to navigate the volatility of the current housing market.

Established Calgary Realtors

Staying informed and seeking expert advice are essential strategies for navigating these turbulent times. As the market evolves, continuous monitoring and adaptability will be key to finding the right realtor in Calgary to help with informed decisions, smart buys, and strong sales.

Future Real Estate Opportunities

The current market conditions present potential challenges for buyers. With limited options and high competition, prospective homeowners may find it difficult to secure a property within their budget. Buyers need to be prepared for bidding wars and should have their finances in order to act swiftly when opportunities arise.

In the city of Calgary, the distinction between legal and illegal basement suites can be significant, affecting not only the safety and comfort of residents but also the legality and insurance implications for homeowners. This guide provides an overview of the necessary steps to ensure your basement suite is up to code and the importance of obtaining the proper construction permits.

The Permit Process

The permit process for creating a legal basement suite in Calgary involves several steps. First, you need to submit a development permit application, which includes plans that comply with the Alberta Building Code. Following approval, you must then obtain a building permit, which ensures that the construction phase adheres to code. After construction, a final inspection is necessary to certify the suite as legal.

Identifying Illegal Basement Suites

An illegal basement suite in Calgary is one that has been constructed or modified without the necessary permits or does not comply with the building code. These suites often lack proper egress, have insufficient ceiling heights, or have inadequate heating and ventilation systems. Living in or renting out an illegal basement suite poses significant risks, including health and safety hazards and potential legal and financial liabilities.

The Benefits of Legalizing Your Basement Suite

Legalizing your basement suite offers numerous benefits. Not only does it enhance the safety and habitability of the space, but it also increases the property’s value and ensures that it is insurable. Furthermore, legal suites are more appealing to potential renters and can provide a steady source of income without the worries of non-compliance fines or penalties.

Steps to Legalization

The steps to legalize an existing basement suite include reviewing the current building codes and regulations, consulting with a professional to assess what changes are necessary, obtaining the relevant permits, and passing the final inspection. While the process may seem daunting, the peace of mind and financial benefits of having a legal basement suite are well worth the effort.

Navigating the Process in Calgary

Navigating the permit process and adhering to building codes can be challenging, but it is essential for the legality and safety of basement suites in Calgary. Whether you are planning to construct a new basement suite or looking to legalize an existing one, understanding and following the proper procedures is crucial. For homeowners, the time and investment required to ensure a legal basement suite will ultimately provide a safer and more secure living environment for all occupants.

Remember, when it comes to basement suites, legality is not just about compliance; it’s about the well-being of your community and the protection of your investment. If you require assistance or have questions about the permit process for your Calgary basement suite, don’t hesitate to reach out to local authorities or construction professionals.

Moving to a new city is a thrilling adventure. It’s a chance to start fresh, explore new surroundings, and create a home in a new community. But it can also be a daunting task. Especially when it comes to navigating the real estate market of your new home.

If you’re considering moving to Calgary, Canada, you’re in the right place. This guide is designed to help you understand the Calgary real estate market.

We’ll delve into the cost of living, compare it to other major Canadian cities, and explore the housing trends. We’ll also provide practical advice on the relocation process.

by Ahmed Zalabany (https://unsplash.com/@amzmahmoud)

Why Move to Calgary?

Calgary is a vibrant city nestled in the heart of Alberta, Canada. It’s known for its high quality of life, economic opportunities, and stunning natural beauty.

The city boasts a robust economy, driven by industries like energy, technology, and finance. It’s a place where career opportunities abound.

But it’s not all work and no play in Calgary. The city offers a rich cultural scene, diverse food options, and plenty of outdoor activities.

Here are some reasons why moving to Calgary might be the right choice for you:

• Strong economy with diverse job opportunities

• High quality of life with excellent public services

• Vibrant cultural scene and recreational activities

• Beautiful natural surroundings with easy access to outdoor adventures

• Friendly and welcoming community

Economic Opportunities and Quality of Life

Calgary’s economy is one of its biggest draws. The city is a hub for the energy sector, but it’s also home to a growing tech industry.

This economic diversity creates a wealth of job opportunities. Whether you’re a seasoned professional or a recent graduate, Calgary has something to offer.

Beyond work, Calgary’s quality of life is top-notch. The city offers excellent public services, a low crime rate, and a clean environment.

Comparing Costs: Calgary vs. Toronto

When it comes to cost of living, Calgary is more affordable than many other major Canadian cities. Especially when compared to Toronto.

Housing is the biggest factor. The cost of buying a home in Calgary is significantly lower than in Toronto.

But it’s not just housing. Groceries, transportation, and healthcare are also more affordable in Calgary. This makes it an attractive option for those looking to stretch their dollar further.

Preparing for Your Move to Calgary

Moving to a new city is a big step. It requires careful planning and preparation.

First, you’ll need to set a budget for your move. This should include costs like moving services, housing, and living expenses.

Next, create a timeline for your move. This will help you stay organized and ensure everything gets done on time.

Here are some key steps to include in your moving timeline:

• Research and choose a moving company

• Start packing non-essential items

• Arrange for utilities and services at your new home

• Update your address with banks, insurance, and other important institutions

• Pack essential items and prepare for moving day

Budgeting and Timeline Planning

Budgeting for your move is crucial. It helps you avoid unexpected costs and financial stress.

Start by estimating your moving costs. This includes hiring movers, packing supplies, and travel expenses.

Then, factor in your living expenses in Calgary. This includes housing, groceries, transportation, and utilities.

Long-Distance Moving Tips

Moving long-distance can be challenging. But with the right planning, it can go smoothly.

Start packing early. This gives you time to sort through your belongings and decide what to take with you.

Finally, consider hiring professional movers. They have the experience and equipment to handle long-distance moves efficiently.

Understanding the Calgary Real Estate Market

The Calgary real estate market is dynamic. It’s influenced by various factors, including the economy and population growth.

One key factor is Calgary’s strong energy sector. This drives demand for housing and impacts property prices.

Here are some current trends in the Calgary real estate market:

• Fluctuating property prices

• Varying inventory levels

• High demand in popular neighborhoods

Housing Market Trends

Calgary’s housing market is currently experiencing some fluctuations. This is due to economic changes and population growth.

Inventory levels also vary. Some neighborhoods have high demand, leading to lower inventory.

Understanding these trends can help you make informed decisions when buying or renting a home in Calgary.

Renting vs. Buying in Calgary

Deciding whether to rent or buy in Calgary depends on your personal circumstances. Both options have their pros and cons.

Renting can offer flexibility, especially if you’re new to the city. On the other hand, buying can be a good long-term investment.

Consider your financial situation, lifestyle, and future plans when making this decision.

Choosing the Right Neighborhood

Choosing the right neighborhood in Calgary is crucial. It can greatly impact your lifestyle and daily routine.

Consider factors like proximity to work, schools, and amenities. Also, think about the neighborhood’s vibe and community.

Public transportation availability can also influence your choice. Calgary has a well-developed public transportation system that can affect where you choose to live.

Popular Areas for Newcomers

Calgary has several popular areas for newcomers. These include Beltline, Hillhurst, and Bridgeland.

Beltline is known for its vibrant nightlife and dining scene. It’s a great choice for young professionals.

Hillhurst, on the other hand, is family-friendly. It has excellent schools and plenty of parks.

Bridgeland is a diverse neighborhood with a mix of residential and commercial properties. It’s ideal for those who want a balance of city life and quiet residential living.

The Home-Buying Process in Calgary

The home-buying process in Calgary can be complex. It’s important to understand the steps involved.

First, you’ll need to determine your budget. This will guide your home search and negotiation process.

Next, you’ll need to find a real estate agent. They can help you navigate the market and find the right home.

Finally, you’ll need to make an offer. This is where your negotiation skills and real estate knowledge will come into play.

Securing a Mortgage and Closing the Deal

Securing a mortgage in Calgary involves several steps. First, you’ll need to get pre-approved. This will give you an idea of how much you can borrow.

Next, you’ll need to find a lender. There are many options in Calgary, so shop around for the best rates.

Once you’ve found a home and your offer has been accepted, you’ll need to finalize your mortgage. This involves providing your lender with necessary documentation and signing the mortgage agreement.

Finally, you’ll close the deal. This involves paying any closing costs, signing the final paperwork, and receiving the keys to your new home.

Are you considering swapping the bustling streets of Toronto for Calgary’s wide-open spaces? This move could be your ticket to a new adventure. Here’s what you need to know before you pack up and head west.

Cost of Living in Calgary vs Toronto

The cost of living in Calgary is generally lower than in Toronto. For starters, renting a one-bedroom apartment in Calgary’s city center costs around $1,400 per month, compared to Toronto’s $2,100. Groceries and dining out also tend to be cheaper. However, utility costs can be slightly higher in Calgary, given its colder winters. Tip: Budget wisely by taking advantage of Calgary’s more affordable housing and enjoy saving a bit extra each month.

How Does the Weather Compare?

Expect a climate change. Calgary enjoys a dry continental climate with long, sunny summers and cold, snowy winters. Unlike Toronto’s humid summers and wet, slushy winters, Calgary’s weather includes more sunshine and less humidity. Winter temperatures can dip lower, but the Chinook winds bring warm breaks that can quickly melt snow and raise spirits. Dressing in layers is the key to comfort here.

Job Market Comparison

Calgary’s economy is booming, especially in the energy sector, technology, and health services. While Toronto is known for its financial and entertainment industries, Calgary offers growth opportunities in its dominant sectors. Job seekers should tap into local resources like Calgary Economic Development and use platforms like LinkedIn to network. Remember, the job market here values specialized skills, especially those relevant to its leading industries.

Transportation: Getting Around

Getting around Calgary is different from navigating Toronto. Calgary’s public transit system includes the CTrain light rail and buses, covering extensive areas but with less frequency outside the city center. While Toronto’s TTC provides more dense coverage, Calgary offers ample parking and less congested roads for drivers. For cyclists, Calgary’s extensive bike path network is a big plus. Consider your commute and lifestyle preferences when choosing where to live.

Entertainment and Lifestyle

Calgary boasts a vibrant cultural scene, from the famous Calgary Stampede to numerous festivals, museums, and dining options. Its proximity to the Rocky Mountains offers unparalleled access to outdoor activities like skiing, hiking, and mountain biking—perfect for nature enthusiasts. While Toronto offers a diverse array of cultural experiences and nightlife, Calgary’s lifestyle is more laid-back, with a strong community vibe and emphasis on outdoor living.

Which One is Right for Me?

As you consider the transition from Toronto to Calgary, it’s important to weigh the aspects of daily life that matter most to you. If you’re seeking a city that combines a more manageable cost of living with a wealth of job opportunities in growing sectors like energy and technology, Calgary stands out as a compelling choice. The affordability of housing here means you can enjoy a higher quality of life, with extra savings to explore all that this vibrant city has to offer.

Calgary’s climate, with its sunny skies and distinct seasons, invites you to experience the outdoors in a way that Toronto’s more humid and variable weather might not. The Chinook winds, in particular, bring a unique and often welcome change to winter’s chill, creating opportunities for outdoor activities year-round. Whether you’re an avid skier, a hiker, or someone who simply enjoys a sunny day in the park, Calgary’s proximity to the Rocky Mountains and its own urban green spaces are sure to appeal.

Ultimately, choosing Calgary means embracing a city that values both community and individual growth. Here, you can find the space to build your career, foster connections, and enjoy a lifestyle that balances urban amenities with the natural world. If you’re drawn to the idea of spacious living, career opportunities in booming industries, and easy access to both city life and outdoor adventures, Calgary might just be the perfect place for your next chapter.

With growth comes the exciting development of new neighbourhoods in Calgary. These areas are more than just places to live; they’re communities designed with future residents in mind. Whether you’re a first-time buyer, looking to upgrade, or seeking a change of scenery, Calgary’s newest neighborhoods offer a range of options to fit different lifestyles and budgets.

Vermillion Hill - Southwest Calgary

Nestled in the western part of Calgary, Vermillion Hill stands out as a picturesque community that blends modern living with the beauty of nature. Key features include community gardens, walking trails, and park spaces that encourage outdoor activities and relaxation.

Types of Homes Available

Vermillion Hill caters to a diverse range of homebuyers with its variety of housing options. Here, you can find everything from compact, modern condos starting in the low $200,000s, perfect for singles and couples, to spacious detached homes priced up to the mid $600,000s, ideal for families looking for room to grow. Townhomes in the mid $300,000s offer a middle ground, combining affordability with space and convenience.

Basic Amenities and Local Attractions

The community is designed with convenience in mind. Within Vermillion Hill, residents have access to essential amenities such as grocery stores, cafes, and fitness centers. The neighborhood is also home to several schools, making it an appealing option for families.

For those looking to explore the great outdoors, nearby attractions include several parks and recreational areas, where activities range from hiking and biking in the summer to skiing and snowboarding in the winter. Vermillion Hill is not just a place to live; it’s a place to thrive, offering a balanced lifestyle that caters to both the needs and wants of its residents.

Alpine Park - Southwest Calgary

Alpine Park is uniquely positioned to offer the best of both worlds. The neighborhood is surrounded by natural beauty, providing residents with stunning views and a peaceful atmosphere. The design of Alpine Park focuses on green living, incorporating eco-friendly practices and amenities that promote a sustainable lifestyle. The community layout encourages walking and biking, with plenty of trails and paths weaving through the area, connecting homes to parks and commercial spaces.

Unique Aspects of Living in Alpine Park

Living in Alpine Park means being part of a forward-thinking community that values sustainability, connectivity, and well-being. One of the unique aspects of Alpine Park is its commitment to green spaces and outdoor living. The neighborhood features several parks and playgrounds, community gardens, and outdoor fitness stations, making it easy for residents to stay active and connect with nature. Another standout feature is the use of energy-efficient materials in the construction of homes and buildings, reflecting the community’s eco-conscious efforts.

Price Ranges

The price range in Alpine Park varies, catering to a broad spectrum of homebuyers. Condominiums start in the high $200,000s, offering modern living spaces for singles and young professionals. Townhomes and semi-detached homes range from the low $400,000s to the high $500,000s, perfect for growing families or those desiring more space. For those looking for luxury and spaciousness, detached homes are available from the mid $600,000s to over $1 million, providing expansive living areas, high-end finishes, and premium locations within the community.

Glacier Ridge - Northwest Calgary

Glacier Ridge stands as a testament to Calgary’s breathtaking natural beauty, offering residents a living experience that’s deeply connected to the great outdoors. Nestled on the edge of the city, this neighborhood is a sanctuary for those who cherish the peace and tranquility of nature, without being far from the urban conveniences of Calgary’s vibrant city center.

Types of Homes and Lifestyle

The homes in Glacier Ridge are designed to harmonize with the natural beauty of the area, offering a range of styles from rustic charm to modern elegance. Prices for townhomes start in the upper $300,000s, providing an accessible entry point into this desirable community. Semi-detached homes, with prices in the mid $500,000s, offer more space and privacy, perfect for families or those looking for a balance between community living and personal retreat.

For those seeking luxury and unparalleled views, detached homes are available starting from the low $700,000s to over $1 million. These homes feature spacious layouts, premium materials, and large windows to maximize the stunning views and natural light.

Seaton Ridge - Southeast Calgary

Seaton Ridge is emerging as one of Calgary’s most family-friendly SE neighborhoods, envisioned as a place where families can grow, learn, and play together. With its focus on community, accessibility, and education, Seaton Ridge is quickly becoming the go-to destination for families looking for a place to call home.

Property Types and Community Infrastructure

Seaton Ridge offers a diverse range of property types to accommodate families of all sizes and budgets. Starter homes in the neighborhood begin in the low $400,000s, offering an affordable entry point for young families and first-time homebuyers. For those needing more space, semi-detached homes are available in the high $500,000s, providing additional room to grow without sacrificing affordability. Detached homes, ranging from the mid $600,000s to the upper $800,000s, feature spacious layouts and private yards, perfect for families looking for comfort and privacy.

The community infrastructure of Seaton Ridge is thoughtfully planned to support a family-oriented lifestyle. Wide sidewalks and safe, quiet streets encourage walking and biking, while numerous parks and playgrounds offer spaces for outdoor play and relaxation. A community center serves as a hub for gatherings and activities, fostering a sense of belonging among residents.

Moving to Calgary from BC or Ontario presents an exciting opportunity for families to enjoy a unique blend of urban convenience and unparalleled access to nature. Calgary’s close proximity to the Rocky Mountains means you can have a vibrant city life during the week and an adventurous outdoor weekend without having to choose between the two. Here’s what makes Calgary is a great choice for families considering a move.

Calgary: Where City Life Meets Mountain Adventure

For families moving from the scenic landscapes of BC or the bustling cities of Ontario, living in Calgary offers a harmonious balance. The city combines a strong economic foundation with a high quality of life, thanks to its affordable living, diverse communities, and rich cultural scene.

Luxurious Mountain Escapes Just an Hour Away

The Fairmont Banff Springs

Experience the grandeur reminiscent of a Scottish castle at The Fairmont Banff Springs. Offering a luxurious retreat with family-friendly amenities, it’s a perfect weekend getaway that’s both rejuvenating and adventurous.

Premier Ski Hills for Winter Fun

Sunshine Village

Boasting a long ski season and diverse terrain, Sunshine Village caters to families looking for winter sports adventures, from skiing to snowboarding, ensuring memorable experiences for both beginners and seasoned enthusiasts.

Lake Louise Ski Resort

With its breathtaking views and wide range of slopes, Lake Louise Ski Resort is a favorite among families. Its world-class skiing environment and scenic beauty make it a must-visit destination for those new to Calgary.

Nakiska Ski Area

Nakiska offers the convenience of being the closest ski area to Calgary, ideal for families seeking a quick escape to the slopes. It’s perfect for a day trip or a weekend adventure, with facilities that cater to all skill levels.

Hiking Trails for Family Excursions​

Johnston Canyon

An accessible trail that leads to stunning waterfalls, Johnston Canyon is an excellent choice for a family hike. It’s a great way to introduce children to the wonders of the Rockies with minimal effort.

Tunnel Mountain

Tunnel Mountain is an achievable hike for families, offering panoramic views of Banff and the surrounding area. It’s an ideal starting point for families from BC and Ontario to begin exploring the Rockies.

Larch Valley

For a truly magical hiking experience, Larch Valley in the fall showcases golden larch trees against a backdrop of towering peaks. It’s a bit more challenging but rewards families with its breathtaking scenery.

For families considering a move from BC or Ontario, Calgary offers an attractive blend of urban amenities and easy access to the great outdoors. Whether it’s luxury mountain retreats, family-friendly ski resorts, or hikes with stunning views, Calgary provides a lifestyle that’s hard to match. It’s a city where family memories are waiting to be made, surrounded by the natural beauty of the Rockies.

If you’re looking for a place where adventure meets comfort, Calgary is calling. Let Now Selling help you find your new family home in this vibrant city.