As 2024 came to a close, Calgary’s real estate market demonstrated resilience despite seasonal slowdowns and evolving economic conditions. December recorded 1,322 sales, a slight 3% decline from last year but nearly 20% above long-term trends. Overall, 2024’s sales performance was robust, driven by demand for higher-priced homes, which offset supply challenges in lower price ranges.
City-Wide Market Overview
December inventory levels reached 2,989 units, marking an improvement over last year’s low levels but still falling short of long-term averages. Supply gains in the second half of the year, supported by increased rental and new home options, eased some market pressures, particularly in higher price segments.
While price growth stabilized in the latter half of the year, total residential benchmark prices rose by over 7% in 2024, with much of the growth concentrated in the spring. As we enter 2025, inventory trends and economic shifts will continue to shape Calgary’s housing market.
Detached Homes: Higher Supply Eases Pressure
Sales & Inventory: Detached home sales gained momentum in the final months of 2024, particularly for properties over $600,000. New listings supported inventory growth, although market conditions remained balanced in districts like City Centre, North East, and North.
Pricing: The benchmark price for detached homes rose nearly 11% in 2024, a faster pace than the previous year, with much of the increase occurring during the low-supply spring market. Affordable districts such as North East and East saw the strongest price gains.
Semi-Detached Homes: Affordable Alternatives Thrive
Sales & Inventory: With 2,355 sales in 2024, semi-detached homes experienced a 5% annual increase. Improved inventory supported balanced conditions by year-end, particularly in higher-priced districts like City Centre.
Pricing: The average benchmark price grew by nearly 11% to $669,042, with gains ranging from under 10% in City Centre and West to over 15% in North East and East.
Row Homes: Strong Demand Continues
Sales & Inventory: Row home sales reached 4,647 in 2024, the second-highest total on record, thanks to an 18% increase in new listings. Inventory growth eased pricing pressures late in the year but maintained seller-favored conditions overall.
Pricing: The benchmark price rose by 14% annually, with gains exceeding 20% in North East and East districts, emphasizing the appeal of affordable options.
Apartment Condominiums: Balanced Conditions Emerge
Sales & Inventory: Although apartment sales fell 4% from 2023’s record highs, 2024 still marked the second-best year on record with 7,568 transactions. Rising inventory led to more balanced conditions, particularly in the latter half of the year.
Pricing: The annual benchmark price climbed 15%, with gains surpassing 20% in North East, East, and South districts. Price adjustments in the final quarter reflected increased supply but did not offset earlier gains.
Regional Market Highlights
Airdrie: Annual sales grew by over 4% to 1,951, supported by rising new listings. Benchmark prices rose nearly 8%, with higher-density homes leading growth.
Cochrane: Inventory improvements late in the year tempered price pressures, but the annual benchmark price still rose by 9%, averaging $565,808.
Okotoks: Persistent seller conditions drove an 8% annual price increase, with benchmark prices averaging $615,708. Semi-detached and row-style homes saw price growth exceeding 11%.
Final Thoughts
December capped off a strong year for Calgary’s real estate market, with higher inventory and balanced conditions emerging in some segments. While 2024’s price growth was significant, particularly in affordable options, shifting dynamics suggest a more tempered market in 2025.
For personalized advice or to explore opportunities in Calgary’s evolving market, contact Mike Hickey and the Now Selling team today.
Frequently Asked Questions (FAQ)
1. Why did sales decline in December compared to last year?
Sales declined by 3% year-over-year in December due to seasonal slowdowns and limited supply in lower price ranges. However, sales remained 20% above long-term trends, indicating a resilient market.
2. How did inventory levels change in December?
Inventory levels reached 2,989 units in December, an improvement over last year but still below long-term averages. This increase was driven by gains in new listings and improved rental and new home options.
3. Which property types experienced the highest price growth in 2024?
Row homes and apartment condominiums saw significant price growth, with annual increases of 14% and 15%, respectively. The most affordable districts, such as North East and East, reported the strongest gains.
4. Are there balanced conditions in Calgary’s housing market?
While certain segments, such as detached homes in City Centre and semi-detached homes in higher-priced districts, showed balanced conditions, many areas remain seller-favored, particularly in affordable housing.
5. What should buyers and sellers expect in 2025?
Supply trends and economic shifts will play a key role in shaping the 2025 market. Buyers can expect more options in higher price ranges, while sellers may see moderated price growth compared to 2024.
6. How can I get personalized advice for my real estate needs?
Contact Mike Hickey and the Now Selling team for expert guidance tailored to your goals in Calgary’s dynamic real estate market.