As we move through 2024, the Calgary housing market continues to show intriguing developments. The Calgary Real Estate Board (CREB®) has recently released its Q2 2024 report, offering valuable insights into our local real estate landscape. CREB Report

Here’s a snapshot of what’s happening and what it means for buyers and sellers:

1. Seller’s Market Dynamics

For the fourth consecutive quarter, we’ve seen an increase in new listings, particularly in the upper price ranges. However, the market remains a strong seller’s market with a sales-to-new-listings ratio of 75% and only one month of inventory available. Despite the rise in new listings, demand continues to outstrip supply, keeping the market firmly in favor of sellers.

2. Price Trends and Forecast

Home prices have surged by 10% this year. Notably, row properties have experienced a substantial 19% increase, while detached and semi-detached homes have seen a 13% rise. Looking ahead, we anticipate a deceleration in price growth as new supply comes online. The increased availability of higher-priced properties is expected to moderate their price growth, whereas affordable properties might continue to face upward pressure due to tight supply.

3. Sales Trends

Sales activity has slowed by 3% compared to the same period last year, with the most significant decline in lower-priced segments where supply is particularly limited. Despite this slowdown, overall sales remain 29% above long-term trends and are up nearly 6% from last year. This indicates a resilient market with strong underlying demand.

4. Market Adjustments

The surge in migration over the past two years has certainly contributed to heightened demand and supply challenges. However, as migration levels stabilize and supply increases from both resale and new homes, we expect to see more balanced market conditions. This shift could alleviate some of the current pressures on home prices.

Understanding these trends can help you make informed decisions whether you are looking to buy or sell.

For buyers, the current market presents several noteworthy developments. With an increase in new listings, especially in higher price ranges, there are more options available than in previous quarters. This surge in listings could provide you with better opportunities to find your ideal home. Additionally, you may experience a slower rate of price growth in the coming months, particularly for higher-priced properties. This could be an advantageous moment to make a move before prices rise further. However, the market remains tight for affordable properties, which continue to see price increases. Buyers interested in this segment should be prepared for heightened competition.

For sellers, the market conditions are currently favorable. The sales-to-new-listings ratio stands at 75% with a months-of-supply of just one month, indicating strong demand for properties. Sellers, particularly those with properties in higher price ranges, are seeing increased listings due to persistently high lending rates and rising prices. This trend provides a prime opportunity to maximize returns. However, as migration levels slow and supply improves, the market is expected to balance out. Sellers might want to consider listing sooner to capitalize on the current high demand before conditions stabilize.

In summary, while the market saw a slight slowdown in sales by 3% year-over-year, the overall environment remains strong, with significant price gains and robust demand. Whether you’re buying or selling, staying informed about these trends can help you navigate the dynamic real estate landscape effectively.

How will these insights impact your real estate decisions? Whether you’re in the market to buy or sell, understanding these trends can shape your strategy. For personalized advice and guidance, feel free to reach out!

Diana Secrieru

Real Estate Advisor

Calgary & Surrounding Areas

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