As we move toward the end of 2024, Calgary’s housing market is showing some interesting trends that are shaping opportunities for buyers and sellers alike. While the seasonal slowdown is typical for this time of year, demand remains resilient, and several key indicators suggest the market is gradually shifting toward more balanced conditions. Let’s dive into the details.
Steady Sales Amid Seasonal Cooling
In November, Calgary recorded 1,797 sales, closely matching figures from November 2023. What’s remarkable is that these sales are 20% higher than the long-term averages for this month, a clear indication of the market’s strength. Gains in sales for detached, semi-detached, and row homes helped offset a decline in apartment-style condominiums. This dynamic shows that despite cooler weather and seasonal patterns, buyers are still actively pursuing homeownership.
Rising Inventory Levels Bring Opportunities
One of the most notable developments in November was the increase in inventory. The market saw 4,352 units available, a significant rise from 3,000 units last year. While this increase is promising, it’s important to note that inventory still falls below long-term averages for November.
What’s driving these changes? Ann-Marie Lurie, Chief Economist at CREB®, attributes the supply challenges to Calgary’s rapidly growing population. While new home construction has bolstered availability across rental, new build, and resale markets, the improvements are uneven and vary greatly by location, price range, and property type.
Market Balance in Sight?
Another key indicator of market health is the months of supply, which rose to just over two months in November. This marks a shift from the extremely tight conditions we’ve seen over the past few years, where supply levels were consistently below two months. This change hints at a move toward more balanced market conditions. However, many segments—particularly at specific price points—still favor sellers, making it crucial for buyers and sellers to navigate their strategies carefully.
Price Growth Eases as Supply Improves
Improved supply has also had a moderating effect on price growth. While prices are still increasing year-over-year, the pace has slowed. For instance:
Row homes saw a 7% year-over-year price increase.
Apartment-style units experienced a 9% year-over-year rise.
The total residential benchmark price now stands at $587,900, reflecting a more modest year-over-year increase of just under 4%.
This slower price growth reflects the market’s shift toward affordability, with row homes and apartment-style units becoming increasingly popular. Additionally, while unadjusted prices have dipped slightly due to seasonal trends, seasonally adjusted prices have remained stable over the past four months, reinforcing a sense of steadiness in the market.
What Does This Mean for Buyers and Sellers?
For buyers, the rise in inventory and more stable prices present an opportunity to explore a wider range of options without the intense competition seen earlier this year. For sellers, certain market segments—particularly higher-demand price ranges—still provide favorable conditions to achieve top dollar.
As the market evolves, it’s essential to stay informed and work with a trusted real estate professional to navigate the nuances. Whether you’re considering buying, selling, or simply keeping an eye on the market, understanding these trends is key to making confident decisions.
Looking Ahead
As Calgary’s real estate market continues to evolve, these trends remind us of the importance of staying informed. While rising inventory offers new opportunities, the market remains competitive, especially for certain property types and price ranges.
Whether you’re buying, selling, or simply watching the market, staying ahead of these changes can make all the difference. If you’re ready to discuss how this market impacts your real estate goals, I’m here to help.
Let’s refine your real estate experience together—contact me today to get started!
DIANA SECRIERU
Real Estate Advisor | Calgary & Surrounding Areas
REFINEDESTATE.CA | Coldwell Banker Mountain Central | Global Luxury Certified