Calgary Real Estate Market Update-November 2024

December 2, 2024

Supply on the rise, but not across all price ranges

Calgary’s Housing Market: Winter Trends and Key Insights
As winter sets in, Calgary’s housing market is following predictable seasonal trends, with activity cooling compared to the vibrant fall season. Yet, demand remains robust year-over-year. In November, strong sales in detached, semi-detached, and row homes compensated for a dip in apartment condominium sales. The 1,797 homes sold last month matched last year’s figures and stood 20% above the long-term average for November.

A Shift in Supply
One of the most notable changes is the increase in inventory, which rose to 4,352 units from 3,000 last year. While this marks a step toward balancing the market, inventory levels remain below long-term norms.

“Housing supply has been a persistent challenge due to Calgary’s population surge,” said Ann-Marie Lurie, Chief Economist at CREB®. “Although rising construction activity is improving supply in rental, new homes, and resale markets, these improvements vary significantly by location, price range, and property type.”

The months of supply grew to over two months, a move away from the ultra-low levels of previous Novembers. While these more balanced conditions provide opportunities for buyers, many segments still lean in favor of sellers.

Pricing Trends
A broader range of supply has helped slow price growth. Year-over-year increases range from 7% for row homes to 9% for apartments, with the overall benchmark price reaching $587,900—just under a 4% increase from last year. This tempered growth reflects a shift toward more affordable housing types, such as row and apartment-style units.

Detached Homes:
Higher sales in the $600,000+ range offset slower activity in lower price brackets due to limited availability. Inventory improvements pushed months of supply above two months, with more options for higher-priced homes. The benchmark price for detached homes in November was $750,100, a slight dip from last month but still 7% higher year-over-year.

Semi-Detached Homes:
Semi-detached sales rose to 173 in November, reflecting a year-to-date increase of nearly 5%. With two months of supply, the market remains favorable to sellers, especially for properties under $700,000. The benchmark price for semi-detached homes was $675,100—up 8% year-over-year.

Row Homes:
Row homes continue to attract buyers seeking affordability, with November sales boosting year-to-date gains by 3%. Inventory levels have risen, yet conditions remain tight at just under two months of supply. The benchmark price for row homes climbed to $454,200, a 7% year-over-year increase.

Apartment Condominiums:
While November sales dropped from last year’s record high, they remain 47% above long-term trends. Increased inventory—now above long-term averages—has eased price pressures, with the benchmark price at $337,800, up 9% year-over-year.

Regional Highlights
Airdrie:
Inventory in Airdrie is returning to pre-2020 levels, with detached and row homes comprising the majority of supply. Strong sales and improved listings have stabilized prices, with the benchmark price at $543,300—a 4% increase from last year.

Cochrane:
A record surge in new listings paired with strong sales—especially in detached homes—has kept inventory levels 18% below long-term trends. The benchmark price in Cochrane reached $568,600, up 4% year-over-year, with the largest gains in apartment-style properties.

In Summary
Calgary’s market is showing signs of balance as increased supply provides more options for buyers, though many segments remain seller-friendly. Slower price growth and seasonal adjustments reflect a shift toward affordability, setting the stage for a dynamic market heading into 2024.