January 5, 2025 — Calgary Real Estate Update

The year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year's levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.

"Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges," said Ann-Marie Lurie, Chief Economist at CREB. "We did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes."

As of December, there were 2,989 units available in inventory — still below long-term trends for the month but a significant improvement over last December. Improved rental choice and significant gains in new home activity helped boost new listings, driving higher inventories in the year's second half. On an annual basis, total residential benchmark prices improved by over seven per cent.

Calgary real estate market chart December 2024

Detached home sales remained relatively strong through December, supported by gains in the upper price ranges. Easing lending rates supported some year-over-year gains in detached home sales. The detached market ended 2024 firmly in seller's market territory, with tight supply particularly in the lower to mid-price ranges.

Calgary real estate chart

Semi-detached properties continued to see strong demand relative to supply through the end of 2024. Limited inventory in this segment supported price growth throughout the year.

Row and townhome properties saw supply improve somewhat in the second half of 2024, but conditions still favoured sellers overall. Year-over-year price growth for row homes was among the strongest of all property types at nearly seven per cent.

Apartment-style units reported nine per cent year-over-year price growth — the strongest of all property types. Improved rental supply began to slow the pace of price growth late in 2024, but conditions still favoured sellers through December.