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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.
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.”
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 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.
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 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.
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.
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.
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 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 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 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.
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.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
