Calgary Real Estate Market Update – October 2024

As Calgary’s real estate market moves into the final quarter of 2024, there are several key trends and insights that prospective buyers, sellers, and investors should be aware of.

Sales and Listing Trends

In September 2024, Calgary’s real estate market experienced a significant shift. Sales dropped by 17.6% year-over-year, with 2,003 properties sold compared to the same period last year. Despite this decline, sales are still 16% higher than the long-term averages for the month, reflecting continued demand, particularly in certain property types and price ranges.

On the other hand, new listings have surged, with 3,687 properties hitting the market in September. This marked the highest number of new listings for a September since 2008, giving buyers more options in a market that has been defined by low inventory over the past couple of years. However, much of the new inventory is concentrated in higher price brackets, with affordable housing still in limited supply.

Prices Remain Strong

Despite the increase in listings and a slight cooling in sales, the market remains competitive. The benchmark price for all home types in Calgary as of September was $596,900. This represents a 5.5% increase from September 2023, although it is a minor decline from August 2024 levels. The detached home segment continues to be the most in demand, with prices climbing 6.2% year-over-year, reaching $701,000.

Market Still Favors Sellers

Even with an uptick in listings, market conditions continue to favor sellers, especially in the lower to mid-price segments. Limited inventory in more affordable categories means that sellers are still able to command higher prices and multiple offers, particularly in neighborhoods with good amenities and proximity to Calgary’s core. Buyers looking to enter the market should prepare for competitive conditions, particularly for homes under the $600,000 mark.

Calgary’s Growing Appeal

Calgary remains one of Canada’s more affordable major cities, despite its recent price increases. High levels of immigration, particularly from other provinces and international migrants, are driving demand for housing. This influx of new residents, combined with Calgary’s growing economy, has kept the city’s real estate market robust in 2024.

The diversification of Calgary’s economy beyond the energy sector, including tech, health, and education, continues to bolster the housing market. The city’s relative affordability compared to cities like Vancouver and Toronto is also attracting buyers from across the country who are seeking more space and a better quality of life.

What’s Next for Calgary Real Estate?

Looking ahead, the combination of increased listings, high demand, and strong immigration should keep Calgary’s real estate market steady through the end of 2024. However, interest rates will continue to play a crucial role in shaping affordability for buyers.

To learn more about what Calgary’s bustling real estate market has to offer, contact the Top Calgary Real Estate Team today!

Justin Warthe
Team Lead
403-620-8746
jw@topcalgaryrealestate.com