December 3, 2024 — Calgary Real Estate Update
As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. The 1,797 sales for November mirrored last year's levels and remained 20 per cent above long-term trends for the month.
"Housing supply has been a challenge over the past several years due to the sudden rise in population," said Ann-Marie Lurie, Chief Economist at CREB. "Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type."
The months of supply increased to over two months, representing a shift away from the extremely low levels seen earlier this year. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. Year-over-year price gains range from nearly seven per cent for row homes to nine per cent for apartment-style units.
DETACHED — SELLER'S MARKET
Detached homes continue to see strong demand relative to supply. Price growth for this segment remains positive on a year-over-year basis, supported by ongoing population growth and persistent supply shortages at lower price points. Seasonally adjusted prices have remained stable over the past four months.
SEMI-DETACHED — SELLER'S MARKET
Semi-detached properties continue to see limited supply relative to demand. This segment has been among the strongest performers throughout 2024, with consistent year-over-year price gains and seller-friendly conditions persisting through the fall.
ROW/TOWNHOME — SELLER'S MARKET
Year-over-year price growth for row homes reached nearly seven per cent in November — among the strongest of all property types. New listings improved slightly, but demand remains robust relative to available inventory across most price ranges and districts.
APARTMENT/CONDOMINIUM — SELLER'S MARKET
Despite a monthly decline in sales, apartment-style units reported nine per cent year-over-year price growth in November. The improved rental supply is beginning to moderate demand somewhat, but overall conditions continue to favour sellers in this segment.