As of October 2024, the Calgary housing market is showing signs of stabilization. With rising inventory and fewer sales compared to last year, the market is gradually shifting away from the intense sellers’ market conditions seen earlier this year.
However, demand remains strong, particularly for higher-priced Calgary homes and Calgary properties.
October Real Estate Market Insights
In September 2024, Calgary market inventory levels reached 5,064 units—nearly double the levels recorded earlier in the year.
This rise was driven by 3,687 new listings, the highest September total since 2008. However, sales fell by 17% year-over-year, totalling 2,003 units for the month.
“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,”
“While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market...
While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”Ann-Marie Lurie, Chief Economist, Calgary Real Estate Board
Calgary Real Estate Board CREB®
Detached Homes
Detached homes continue to face limited supply for lower-priced properties, while homes priced over $700,000 saw some gains. In September 2024, 942 detached homes were sold, a 17% decrease from the same time last year. The increased availability of higher-priced single family homes helped ease pressure on prices, with the benchmark price for detached houses reaching $757,100—up by 9% year-over-year.
Districts like north east and south east Calgary experienced the most significant price gains, solidifying their position as strong options for property investment .
Semi-Detached Homes
Sales in the semi-detached market totaled 182 in September, with 299 new listings. This brought the sales-to-new listings ratio to 61%, signaling improving balance in the market.
Despite this, the semi-detached home market continues to favour sellers, particularly in districts like north west and the city centre. The benchmark price for semi-detached homes was $678,400, up 9% from last year .
Row Homes
The row house market saw an increase in listings, especially in the north and south districts. Over 600 new listings were added, leading to a 10% year-over-year price gain, bringing the benchmark price to $459,200.
With inventory rising to 747 units and months of supply reaching 1.98 months, the row home market is slowly becoming more balanced, but still remains favourable for sellers .
Apartment Condominiums
Apartment condominiums experienced a surge in new listings, with 993 units added in September 2024. Sales, however, dropped to 502 units, pushing the months of supply to 3.23.
Inventory also rose to 1,623 units, leading to a slight moderation in price growth. The benchmark price for apartment condos was $345,000, up 14% from last year .
Calgary Housing Market Insights
October CREB Report
Key factors, such as rising interest rates, mortgage payments, and increasing property taxes, continue to impact both buyers and investors in the Calgary real estate market. The growth in inventory, combined with moderating price increases, is starting to provide more balance in the market. However, competition remains high, particularly for Calgary homes in popular districts like north east and south east Calgary .
The CREB report highlights that while the market is shifting toward more balanced conditions, home buying remains competitive across most Calgary properties. This is especially true in the higher price ranges, where inventory has improved but remains limited for affordable housing.
Regional Market Highlights
Airdrie
Airdrie saw its inventory rise to 349 units in September, while sales totalled 151 units. The benchmark price in Airdrie stood at $551,000, marking a 7% year-over-year increase .
Cochrane
In Cochrane, new listings continued to rise, with 174 units available and 58 sales recorded. The benchmark price for Cochrane homes reached $578,300, up nearly 9% year-over-year.
Okotoks
Okotoks experienced 67 sales in September, with inventory levels remaining low at 106 units. The benchmark price in Okotoks rose to $630,300, up 9% compared to last year .
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