Calgary Market Update: December 2024

🎉 2024 Was a Year for the Books!

December sales were 1322, a slight 3% dip from last year, but nearly 20% higher than long-term trends—a testament to Calgary’s bustling market. The annual sales tally nearly matched last year’s, with gains in higher-priced homes balancing out supply shortages in lower price ranges.

📈 What Drove the Market?

Population growth fueled impressive sales activity. However, a limited supply of affordable options held back potential highs. The tide began to turn in the second half of the year as inventory levels improved for higher-priced homes, boosted by a surge in new rental and home construction activity. By December, inventory hit 2989 units—still below historical norms but a notable increase from early 2024.

💰 Prices on the Rise

Steep price gains in the spring were followed by stabilization in the latter half of the year. Still, the annual residential benchmark price grew over 7%, reflecting Calgary’s persistent demand for housing.

🏠 What’s Next for the Calgary Market?

Supply remains the star of the show as we enter 2025. The interplay between housing types, price ranges, and economic conditions will dictate whether Calgary’s market retains its upward momentum - which I expect it will as Calgary remains the most moved-to City in Canada. 🚀


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STATS BY PROPERTY TYPE

NOTE: Statistics and overviews are taken from the Calgary Real Estate Board website, available here.

Detached Houses

Easing lending rates have likely supported some recent year-over-year gains in detached home sales over the past three months. Improving sales were driven by gains for homes over $600,000, which also reported improvements in new listings. Inventory levels did improve within city limits for detached homes; however, conditions varied across districts. The City Centre, North East and North District all reported relatively balanced conditions over the last quarter of the year, while all other districts continued to struggle with seller market conditions. 

The relatively tight market conditions throughout the year caused prices to rise by nearly 11% in 2024, a faster pace than what was reported in 2023. Much of that growth occurred during spring when supply levels were exceptionally low. Prices grew across all districts, with the strongest growth occurring in the most affordable districts of the North East and East. 

Townhomes/Row House

Limited supply choice for lower-priced detached homes drove many purchasers toward the semi-detached sector. In 2024, there were 2,355 sales, with an annual gain of 5%. Thanks to gains in new listings relative to sales, inventory levels started to improve, supporting a shift toward more balanced conditions by the fourth quarter. However, much of this shift occurred in the higher-priced City Centre district, where the months of supply averaged three months in the last quarter. 

The annual average benchmark price increased by nearly 11& to $669,042 in 2024. Like detached homes, exceptionally tight conditions throughout the spring caused the pace of price growth to rise over the 7% annual gain reported in 2023. Prices improved across all districts, ranging from an annual gain of under 10% in the City Centre and West to gains exceeding 15% in the North East and East districts.

Condos

Easing sales in the second half of the year offset earlier gains, causing apartment sales to slow by 4% compared to last year. However, last year was a record high for sales, and the 7,568 transactions this year reflect the second-highest year on record. At the same time, new listings have been on the rise, supporting inventory gains and a shift toward more balanced conditions by the end of the year.

 

As more supply became available, we did see some price adjustments in the last quarter of the year. However, the quarterly decline did not offset the strong gains that occurred earlier in the year, and the annual benchmark price rose by 15%. Price growth ranged from a low of 11% in the city centre to over 20% in the North East, East and South districts. 


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Calgary Market Update: November 2024