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 .

Top Realtor Mike Hickey

Ready to explore the Calgary real estate market? Stay educated on the Calgary market!

Contact Realtor Mike Hickey for expert guidance on buying or selling your next home today!

Selling a multi-million dollar home requires a unique approach compared to selling a more modest property. High-end buyers have different expectations and needs, and your marketing strategy should reflect that.

In this article, we’ll explore effective strategies to market your luxury home to high-end buyers, ensuring you achieve the best possible price.

Understanding the High-End Buyer

Before diving into specific marketing tactics, it’s essential to understand who your potential buyers are. High-end buyers typically look for:

Exclusivity

These buyers want a property that stands out from the rest. They seek unique features and a level of privacy that isn’t available in standard homes.

Quality

High-end buyers expect top-notch materials, craftsmanship, and finishes. They look for homes that offer luxury in every detail.

Lifestyle

The property should align with their lifestyle, offering amenities such as a home gym, wine cellar, or a smart home system.

Professional Photography and Videography

One of the most critical aspects of marketing a luxury home is high-quality visual content. Professional photography and videography can showcase your home’s best features and create an emotional connection with potential buyers.

Hire a Professional Photographer

A professional photographer with experience in luxury real estate can capture your home in the best light. They know how to highlight the unique features and create a sense of space and luxury.

Create a Virtual Tour

A virtual tour allows potential buyers to explore your home from the comfort of their own space. This is especially important for high-end buyers who may be international or out-of-town clients. A well-produced virtual tour with exterior drone footage can make your property stand out in a crowded market.

Staging Your Home

The property should align with their lifestyle, offering amenities such as a home gym, wine cellar, or a smart home system.

Hire a Professional Stager

One of the most critical aspects of marketing a luxury home is high-quality visual content. Professional photography and videography can showcase your home’s best features and create an emotional connection with potential buyers.

Highlight Unique Features

A professional photographer with experience in luxury real estate can capture your home in the best light. They know how to highlight the unique features and create a sense of space and luxury.

Online Marketing in Calgary

In today’s digital age, online marketing is crucial for reaching potential buyers. Here are some effective online marketing strategies for luxury homes.

Create a Dedicated Website

In today’s digital age, online marketing is crucial for reaching potential buyers. Here are some effective online marketing strategies for luxury homes.

Leverage Social Media

Social media platforms such as Instagram, Facebook, and LinkedIn can be powerful tools for reaching high-end buyers. Share high-quality images and videos of your property, and use targeted ads to reach potential buyers in specific locations or demographics.

Work with a Real Estate Agent

A real estate agent who specializes in high-end properties can be an invaluable asset in marketing your home. They have access to a network of potential buyers and can provide expert advice on pricing and marketing strategies.

Pricing Your Home

Pricing a luxury home requires a deep understanding of the market and the unique features of your property.

Professional Home Appraisal

A professional appraisal can provide an accurate valuation of your home based on its features, location, and current market conditions. This can help you set a competitive price that attracts high-end buyers.

Be Realistic

A professional appraisal can provide an accurate valuation of your home based on its features, location, and current market conditions. This can help you set a competitive price that attracts high-end buyers.

Networking and Personal Connections

In the high-end real estate market, personal connections and networking can be incredibly valuable.

Leverage Your Network

Reach out to your personal network and let them know your home is for sale. They may know potential buyers or have connections in the luxury market.

Experienced Calgary Realtors

Experienced realtors, like Mike Hickey in the Calgary area, have extensive networks of potential buyers and industry contacts. They can help you reach the right audience and close the sale.

Mike Hickey: Highly Reviewed Realtor

For those in the Calgary area, working with an experienced realtor like Mike Hickey can make a significant difference. With a deep understanding of the Calgary real estate market, Mike can provide personalized strategies to sell your multi-million dollar home.

Print Marketing

While online marketing is essential, print marketing still has its place, especially in the luxury market.

High-Quality Brochures

Invest in high-quality, professionally designed brochures that showcase your home’s best features. These brochures can be distributed at open houses, mailed to potential buyers, or provided to real estate agents.

Luxury Magazines

Luxury magazines and real estate publications can reach a targeted audience of high-end buyers. Consider placing ads in these publications to increase your home’s visibility.

Hosting Exclusive Events

Hosting exclusive events can create a sense of urgency and exclusivity, attracting high-end buyers who are interested in your property.

Invite-Only Open Houses

Host invite-only open houses to create an air of exclusivity. Offer gourmet catering and live music to create a memorable experience for potential buyers.

Partner with Local Businesses

Partner with local luxury businesses, such as high-end car dealerships or gourmet restaurants, to co-host events. This can attract a broader audience and create additional buzz around your property.

Nestled along the banks of the Bow River, Bowness is poised to ascend to the status of Calgary’s next premier neighborhood, comparable to the highly sought-after Kensington area. This transformation is not merely speculative but grounded in several compelling factors that are driving the evolution of Bowness.

Below, we delve into the reasons why Bowness is on the cusp of becoming the new Kensington of Calgary.

Historical and Cultural Significance

Bowness boasts a rich history that dates back to its inception in the early 20th century. This deep-rooted heritage is seen in its architectural diversity, vintage homes, and longstanding community establishments. The Bowness Community Association Calgary plays a pivotal role in preserving this heritage while simultaneously fostering a vibrant cultural scene.

Much like Kensington, Bowness is becoming a melting pot of history and modernity, attracting residents who value both tradition and contemporary lifestyle.

FACT: Bowness used to be a separate town before merging with Calgary in 1964. It is located with the Bow River on its north and east sides, 16 Avenue to the south, and Stoney Trail to the west.

Real Estate Opportunities

The real estate market in Bowness is presenting lucrative opportunities for both buyers and sellers. Bowness home prices, while currently more affordable than those in Kensington, are on an upward trajectory. This trend is spurred by increasing demand as more people recognize the potential of buying a home in Bowness.

For those looking to invest, Bowness real estate offers a promising return on investment. Calgary realtors are increasingly presenting Bowness as a prime location for first-time buyers and seasoned investors alike.

Bowness Recreation

One of Bowness’s most compelling attributes is its natural beauty. Bowness Park, a sprawling green space along the Bow River, offers a plethora of recreational activities. From kayaking and paddleboarding in the summer to ice skating in the winter, the park is a year-round haven for outdoor enthusiasts.

This abundant natural beauty is a significant draw for those looking to buy a home in Bowness, offering a lifestyle that balances urban convenience with serene, natural surroundings.

Bowness Restaurants and Shops

Bowness is experiencing a culinary and retail renaissance, similar to what Kensington witnessed years ago. The neighborhood is becoming a gastronomic hub with an array of Bowness restaurants offering diverse and delectable dining options. From quaint cafes to gourmet eateries, the dining scene is exploding..

Additionally, unique boutiques and local shops are sprouting up, enhancing the retail landscape and making Bowness a shopping destination in its own right.

Strategic City Development

The city of Calgary recognizes the potential of Bowness and is investing in its development. Infrastructure improvements, enhanced public transportation, and community-focused initiatives are all part of the strategic development plans. These efforts are designed to make Bowness more accessible and livable, further solidifying its appeal as a desirable neighborhood.

Calgary city development projects are poised to elevate Bowness’s status, mirroring the urban planning successes seen in Kensington.

Buying A Home in Bowness

The sense of community in Bowness is unparalleled. The Bowness Community Association Calgary actively engages residents through various events, programs, and initiatives. This strong community spirit fosters a sense of belonging and connectivity, which is a hallmark of desirable neighborhoods. As more people seek this sense of community, Bowness stands out as an attractive option.

For those looking to buy a home or invest in a promising neighborhood, Bowness offers a compelling proposition.

As of September 2024, the Calgary housing market is shifting away from the intense sellers’ market seen earlier in the year. A combination of lower sales and increased inventory and supply has pushed the months of supply above two, a level not reached since late 2022.

In August 2024, inventory reached 4,487 units, a 37 per cent increase from the previous year, though still 25 per cent below long-term averages for the month. Most of the inventory gains were in higher-priced Calgary properties, as more affordable housing options saw continued supply shortages.

CREB Housing Market Insights

The increase in inventory was driven by a combination of new listings and a slowdown in sales. August saw 2,186 sales, down 20 per cent from last year’s peak but still 17 per cent above long-term averages for August. The decline in sales was most significant among Calgary homes priced under $600,000.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,”

“This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

Ann-Marie Lurie, Chief Economist at CREB.

Calgary Real Estate Market Update

Price growth, which had been strong earlier in the year, has begun to slow. The total residential benchmark price in August was $601,800, up six per cent from last year but slightly down from the previous month. Year-to-date, the benchmark price has increased by nine per cent.

Detached Homes

Detached homes in the Calgary real estate market saw sales fall by 14 per cent in August compared to last year. Gains in homes priced above $600,000 were not enough to offset declines in the lower price ranges, where supply remains limited. In August, 2,011 detached homes were listed, with over 85 per cent priced above $600,000.

The improved supply in the higher price ranges helped increase the months of supply to nearly two months. Although market conditions remain tight, this represents a notable improvement from the extreme shortage earlier in the year. The benchmark price for detached homes in August was $762,600, slightly lower than July but still nine per cent higher than last year.

Semi-Detached Homes

In August, 297 new listings and 172 sales in the semi-detached category brought the sales-to-new listings ratio down to 58 per cent, more in line with pre-pandemic levels. This shift resulted in increased inventory and nearly doubled the months of supply to two months. Despite tight market conditions, the rise in listings has begun to ease pressure on prices.

The benchmark price for semi-detached homes was $681,200 in August, down slightly from the previous month but up nearly 10 per cent year-over-year. The highest price increases were observed in Calgary’s North East and South East districts.

Row Homes

Row homes experienced increased listings, especially for those priced above $400,000, contributing to year-to-date growth of nearly 16 per cent. At the same time, slower sales over the past few months have contributed to a 75 per cent rise in inventory compared to last year.

Although inventories remain low historically, this shift is helping to moderate price growth. The benchmark price for row homes in August was $461,700, a slight decrease from July but still 12 per cent higher than last year. Adjustments in price ranges varied, with decreases in the City Centre, North West, North, and West districts primarily driving monthly declines. Despite these adjustments, year-over-year prices remain higher across all districts.

Apartment Condominiums

August saw a record 1,001 new listings for apartment condominiums, coupled with a drop in sales that pushed the sales-to-new listings ratio to 60 per cent. Inventory for apartments rose to 1,476 units, which is consistent with long-term trends for the month. Increased inventory and slower sales have brought the months of supply to nearly two and a half months.

The benchmark price for apartments in August was $346,500, nearly 16 per cent higher than last year but similar to July.

Calgary Housing Market Trends

Interest rates, property investment opportunities, and commercial real estate Calgary lease options continue to shape the Calgary real estate market. The Calgary real estate board closely monitors these factors, providing real estate tips and updates on the Calgary housing market trends. As seen in this month’s CREB report, Calgary property prices in 2024 are reflecting broader market dynamics, influenced by shifts in inventory and supply, price increases, and varying demand across different property types.

For those considering a home in Calgary or investment in Calgary properties, the Calgary real estate forum remains a valuable resource for insights and discussion on the evolving market. The city of Calgary, known for its vibrant real estate landscape among Canadian cities, continues to offer diverse opportunities for home buying and property investment across all districts. 

Total Residential Benchmark Price

Calgary Region Market Facts

Whether you’re looking at semi detached houses, row houses, or other property types, understanding the current house price trends is essential for making informed decisions. Whether you’re considering buying or selling a home, staying informed on the latest market trends is essential.

The Calgary real estate market is continually evolving, and understanding factors like interest rates, inventory levels, and price dynamics can help you make the right decisions.

Airdrie

Airdrie saw continued growth in new listings, with 242 in August. Sales reached 172, maintaining a high sales-to-new listings ratio of 71 per cent.

Inventory remains low, with less than two months of supply, particularly in the lower price ranges. The benchmark price in August was $553,300, up nearly eight per cent from last year and steady compared to July.

Cochrane

Cochrane reported 81 sales and 109 new listings in August, keeping the sales-to-new listings ratio at 74 per cent. This prevented any significant inventory growth, with levels remaining 42 per cent below long-term trends.

The benchmark price in Cochrane was $578,600, up slightly from July and over eight per cent higher than last year.

Okotoks

Okotoks experienced an increase in sales in August, with 67 sales against 84 new listings, leading to a sales-to-new listings ratio near 80 per cent. This prevented any significant shift in inventory levels, which remain nearly 47 per cent below long-term trends.

The benchmark price in August was $622,700, stable compared to July and seven per cent higher than last year.

Real Estate Opportunities in Calgary

For expert guidance, personalized advice, and access to the most current listings, contact Now Selling today. Whether you’re looking for a detached home, a semi-detached house, a row home, or an apartment, they can help you navigate the market with confidence. Don’t miss out on valuable opportunities in Calgary’s dynamic real estate market.

Calgary is a vibrant city known for its stunning natural beauty and dynamic urban life. For those seeking the convenience of walkable neighborhoods, Calgary offers numerous options that blend accessibility with lifestyle amenities. In this article, we explore some of the most walkable neighborhoods in Calgary, ideal for anyone looking for Calgary homes for sale.

Crescent Heights

Crescent Heights, perched just north of the Bow River, is another walkable neighbourhood with stunning views of downtown Calgary and the river valley. The community is known for its blend of historic homes and modern developments, along with its close-knit community vibe.

Crescent Heights offers an extensive network of walking and biking paths, including access to the popular Crescent Road, which provides panoramic views of the city skyline. The area’s proximity to both the river pathways and downtown makes it an attractive choice for those who prioritize walkability and convenience.

Beltline

The Beltline is often cited as one of Calgary’s most walkable neighborhoods. This bustling area offers a range of amenities, including shops, restaurants, and cultural venues, all within walking distance. It also boasts an impressive array of green spaces and walking paths, making it perfect for urban living.

The Beltline’s proximity to downtown Calgary ensures that residents have easy access to major employment centers and public transit options.

Kensington

Kensington is another highly walkable neighborhood, characterized by its eclectic mix of boutiques, cafes, and entertainment options. This area is particularly popular among young professionals and families. The community is well-connected with an extensive network of pathways and bike lanes, ensuring that residents can easily navigate the area without relying on a car. Additionally,

Kensington is home to several parks and green spaces, providing ample opportunities for outdoor activities.

Inglewood

Inglewood is Calgary’s oldest neighborhood and a hotspot for those who appreciate a blend of history and modern amenities. The area is rich in character, featuring a mix of heritage buildings and contemporary developments.

Inglewood’s walkability is enhanced by its numerous walking paths and close-knit community feel. Residents can enjoy a variety of local shops, galleries, and eateries, all within a short stroll from their homes.

Mission

Situated along the Elbow River, Mission is a vibrant neighborhood known for its lively atmosphere and pedestrian-friendly streets. The area offers a diverse selection of dining options, shops, and recreational facilities, making it an attractive option for those seeking a walkable lifestyle. Mission also features several parks and pathways, allowing residents to enjoy the natural beauty of the riverfront.

The neighbourhood’s central location provides easy access to other parts of Calgary, making it a convenient choice for urban living.

Bridgeland

Bridgeland is a community that perfectly balances urban amenities with green space. The area is renowned for its local markets, eateries, and cultural events, all easily accessible on foot. Bridgeland also offers extensive walking paths and green spaces, including the popular Tom Campbell’s Hill Natural Park.

The neighbourhoods’ strong sense of community and excellent walkability make it a desirable place to live.

Hillhurst

Hillhurst is another highly walkable neighbourhood, featuring a mix of residential and commercial areas. The community is known for its vibrant atmosphere and accessibility, with numerous shops, cafes, and parks within walking distance. Hillhurst also offers a variety of walking paths and bike lanes, making it easy for residents to explore the area on foot or by bike. The neighborhood’s close proximity to downtown Calgary further enhances its appeal.

In conclusion, Calgary offers a range of walkable neighborhoods, each with its unique charm and amenities. Whether you’re looking for a bustling urban environment or a quiet, green space, Calgary’s communities provide ample opportunities for a walkable lifestyle. For more information on Calgary homes for sale, contact a local Calgary realtor who can guide you to the perfect community for your needs.

Edgemont

Edgemont is a scenic neighborhood situated on the northwest edge of Calgary. Known for its rolling hills and stunning views of the city and the mountains, Edgemont is also a walkable community with numerous trails and parks. While it’s primarily a residential area, Edgemont offers easy access to local shops, schools, and recreational facilities, making it a convenient option for families and outdoor enthusiasts. The well-maintained pathways and close proximity to Nose Hill Park further enhance the neighborhood’s appeal for those who enjoy an active, walkable lifestyle.

Eau Claire

Eau Claire is one of Calgary’s most upscale and walkable neighbourhoods, located right along the Bow River in the heart of the city. This area is characterized by its luxurious condos, green spaces, and proximity to the downtown core. Residents of Eau Claire enjoy easy access to the beautiful pathways of Prince’s Island Park, as well as a variety of high-end dining, shopping, and entertainment options.

The neighbourhood’s riverside location and pedestrian-friendly design make it a top choice for those looking to experience Calgary’s urban lifestyle without sacrificing access to nature.

Calgary is a burgeoning hub for young professionals seeking career opportunities and a high quality of life. With its bustling economy, diverse cultural scene, and an abundance of outdoor activities, Calgary has become a magnet for ambitious individuals.

However, choosing the right neighborhood to call home is crucial for leveraging all that this city has to offer. In this article, we will explore the best neighborhoods in Calgary for young professionals, focusing on aspects such as professional networking, career opportunities, and lifestyle.

Beltline

The Beltline is often hailed as one of the top neighborhoods for young professionals in Calgary. Its central location, just south of downtown, makes it an ideal spot for those who want to be in the thick of the action.

With a blend of modern high-rises and historic buildings, the Beltline offers a unique living experience that caters to a wide range of tastes and preferences.

Proximity to Work and Play

One of the key attractions of the Beltline is its proximity to Calgary’s major business districts. This neighborhood is home to numerous corporate offices, making it a convenient choice for those working in finance, law, and technology sectors. The short commute times allow young professionals to maximize their work-life balance.

Additionally, the Beltline’s central location means that residents are never far from the city’s top attractions, whether it’s a quick stroll to work or a short walk to a favorite restaurant or bar.

Vibrant Social Scene

The Beltline is also renowned for its vibrant social scene. From trendy bars and restaurants to art galleries and boutique shops, there is no shortage of entertainment options. The area is particularly popular for its nightlife, making it a great place to network with other young professionals.

Events such as the annual Lilac Festival and various pop-up markets add to the neighborhood’s lively atmosphere, ensuring there’s always something happening.

Inglewood

Inglewood, Calgary’s oldest neighborhood, has undergone significant transformation in recent years. It is now one of the top spots for young professionals seeking a trendy, eclectic vibe. The area’s rich history is evident in its preserved architecture, but its contemporary culture is what truly makes it stand out.

A Hub for Creatives

Inglewood is a magnet for creative types, with its plethora of art galleries, music venues, and unique shops. This neighborhood fosters a tight-knit community of artists, musicians, and entrepreneurs, providing ample opportunities for collaboration and networking.

The local events, such as the Inglewood Night Market and Fringe Festival, create a vibrant community atmosphere that encourages creative expression.

Close to Nature

For those who value outdoor activities, Inglewood offers easy access to the Bow River and numerous parks and green spaces. This makes it an ideal location for young professionals who enjoy an active lifestyle, whether it’s running, cycling, or simply relaxing by the river.

The Inglewood Bird Sanctuary and the Calgary Zoo are also nearby, offering additional recreational opportunities and a chance to connect with nature.

Kensington

Kensington is another top neighborhood in Calgary that perfectly balances work and leisure. Known for its charming streets and eclectic mix of shops and cafes, Kensington offers a unique blend of urban and suburban living. The neighborhood’s walkability and community-focused atmosphere make it a desirable place to live for young professionals.

Career Opportunities

Kensington is conveniently located near downtown Calgary, making it easy for young professionals to commute to work. The neighborhood is also home to several co-working spaces, providing a flexible environment for freelancers and remote workers.

These spaces often host networking events and workshops, fostering a collaborative and supportive community for professionals.

Lifestyle and Amenities

Kensington boasts a wide range of amenities, including fitness centers, gourmet restaurants, and boutique shops. The area is also known for its community events, such as farmers’ markets and outdoor festivals, which offer excellent opportunities for socializing and networking.

The neighborhood’s theaters and cinemas provide additional entertainment options, ensuring that residents can always find something to do.

East Village

East Village is rapidly emerging as one of the best areas in Calgary for young professionals.

This revitalized neighborhood offers a modern, urban lifestyle with a host of new developments and amenities. The area’s transformation has made it a trendy and desirable place to live.

Modern Living

East Village is characterized by its sleek, modern architecture and innovative urban planning. The neighborhood features a mix of high-rise condos and townhouses, catering to a variety of living preferences. The new Central Library and the National Music Centre are just some of the cultural landmarks that add to the area’s appeal.

These institutions not only provide educational and recreational opportunities but also enhance the neighborhood’s cultural vibrancy.

Connectivity and Convenience

East Village is well-connected to the rest of the city, with easy access to public transit and major roadways. The neighborhood is also home to a growing number of cafes, restaurants, and shops, making it a convenient place to live for young professionals.

The RiverWalk pathway and various public spaces offer residents a chance to enjoy the outdoors and participate in community activities.

Bridgeland

Bridgeland is a charming neighborhood known for its strong sense of community and diverse population. It is an excellent choice for young professionals who value a friendly, welcoming environment.

The neighbourhood’s blend of historic charm and modern amenities makes it a unique place to live.

Networking Opportunities

Bridgeland is home to a variety of community organizations and events, providing ample opportunities for networking and professional development. The neighborhood’s community centers and local businesses frequently host workshops, seminars, and social gatherings.

These events foster a sense of belonging and offer residents the chance to build valuable professional and personal connections.

Lifestyle and Recreation

Bridgeland offers a mix of urban and natural amenities. The area is dotted with parks, walking trails, and recreational facilities, making it easy for residents to stay active. The neighborhood is also known for its excellent dining options, with a range of cafes, bistros, and ethnic restaurants.

Bridgeland’s proximity to the Calgary Zoo and Telus Spark Science Centre provides additional recreational and educational opportunities. networking.

The neighborhood’s theaters and cinemas provide additional entertainment options, ensuring that residents can always find something to do.

Mission

Mission is a picturesque neighborhood located along the Elbow River, offering a tranquil yet dynamic living environment. This area is ideal for young professionals who want to enjoy the best of both worlds: a serene setting with easy access to urban amenities.

The neighborhood’s historic charm and modern conveniences make it a desirable place to live.

Career and Connectivity

Mission’s proximity to downtown Calgary makes it a convenient choice for professionals working in the city center. The neighborhood is well-served by public transit, making commuting a breeze.

Additionally, Mission is home to several co-working spaces and business centers, providing flexible work environments for professionals.

Lifestyle and Entertainment

Mission is known for its beautiful riverfront pathways, perfect for jogging, cycling, or leisurely walks. The neighborhood also boasts a vibrant dining scene, with numerous cafes, bars, and restaurants lining 4th Street SW.

The annual Lilac Festival is a highlight, drawing crowds from all over the city. This event, along with other community gatherings, fosters a lively and engaging atmosphere.

Best Communities in Calgary for Young Professionals

Choosing the right neighborhood is essential for young professionals looking to make the most of their time in Calgary. Whether you prioritize proximity to work, vibrant social scenes, or access to outdoor activities, Calgary’s diverse neighborhoods offer something for everyone.

From the trendy vibe of Inglewood to the modern living of East Village, each area has its unique charm and advantages. By considering your lifestyle preferences and career goals, you can find the perfect spot to call home in this dynamic city.

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.