Calgary Market Update: November 2024
Calgary is is Still Hot Despite the Winter Chill
As winter settles over Calgary, the city’s real estate market is following its usual seasonal trends. November’s statistics reveal a typical slowdown, with sales and listings down, inventory up, and properties taking longer to sell. At first glance, these numbers might seem like cause for concern, but seasoned investors know better. The truth is, Calgary’s market remains resilient—and in fact, it’s still a seller’s market.
Seasonal Slowdowns Are Nothing New
The winter months often bring a natural deceleration in real estate activity. Fewer buyers are house-hunting, and sellers may choose to wait until the spring to list their properties. This pattern isn’t unique to Calgary; it’s seen across Canada year after year. November’s data aligns with this trend, but the fundamentals of Calgary’s market are as strong as ever. Demand remains robust, and while inventory has risen slightly, it’s not enough to shift the market away from favoring sellers.
Why It’s Still a Seller’s Market
Despite the seasonal cooling, Calgary’s real estate market is holding its own. Inventory levels may be higher, but they’re still tight enough to keep sellers in the driver’s seat. Prices are stable, and Calgary’s affordability compared to other Canadian cities continues to attract buyers, particularly investors. Historically, the first six months of the year have shown the largest price gains, making the current period an ideal time to prepare for the upcoming surge.
Investors Are Doubling Down
For savvy investors, this is no time to sit on the sidelines. I’m holding onto every property I own in Calgary, and I’ve recently added two more units to my portfolio. Why? Because the city’s long-term prospects remain incredibly strong. Calgary’s economy is growing, driven by diversification in industries like tech and renewable energy, and its population continues to rise. These factors create a perfect storm for real estate investment success.
How This Market Shift Impacts You
If you’re a homeowner, seller, or potential buyer, it’s important to understand how these seasonal shifts affect your position. Sellers may need to adjust their expectations on timing but can still achieve strong sale prices. Buyers might find opportunities to negotiate, especially as properties take longer to sell. And investors should look at this moment as a strategic window to acquire assets before the spring market heats up.
Planning Your Next Move
Navigating Calgary’s real estate market—especially during seasonal slowdowns—requires insight and strategy. That’s why I’ve created a detailed November market report, breaking down the numbers and what they mean for you. Whether you’re looking to sell, buy, or invest, it’s crucial to have the right information and guidance to make the most of your opportunities.
What’s Next for Calgary’s Market?
Although improving inventory might temper the pace of growth, Calgary’s real estate prices are unlikely to dip anytime soon. For some, this continued climb represents a thriving market; for others, it raises concerns about affordability and accessibility in a city that has long been known for its livability. Seasonality coupled with buyer fatigue of consistently rising prices over the last 4 years has made the statistics look worse than they are. The first 6 months of the year typically drives the most price gains, so we will need to watch to see if 2025 follows the same trend as the last 4 years.
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STATS BY PROPERTY TYPE
Detached & Semi-Detached (Duplex) Houses
Demand for detached homes priced above $600,000 drove sales growth, with inventory in this range accounting for 85% of available properties. While the detached benchmark price of $750,100 dipped slightly from October, it remains 7% higher year-over-year. Homes below $700,000 still see limited supply, maintaining tight conditions in this price range.
Townhomes/Row House
Townhomes continue to be a hot commodity, offering an affordable alternative in Calgary’s housing market. November’s benchmark price of $454,200 represents a 7% year-over-year increase. However, the pace of price growth has eased as inventory slightly improved, with the City Centre boasting the highest prices at $620,000.
Condos
While condos sales slowed from last year’s record, they remain 47% above long-term trends. Inventory reached 1,482 units in November, offering buyers more options, especially in the $300,000 to $500,000 range. The benchmark price of $337,800 is up 9% year-over-year but reflects the easing pressure from improved supply.
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