November 3, 2024 — Calgary Real Estate Update

Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales of 2,174 — similar to last year and 24 per cent above long-term trends for the month.

"Housing demand has stayed relatively strong in our market as we move into the fourth quarter. However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving, but much of the gains have been driven by higher-priced units for each property type," said Ann-Marie Lurie, Chief Economist at CREB.

As of October, 4,966 units were available in inventory — a significant improvement over the near-record low of 3,205 units reported last October. With 2.3 months of supply and a 67 per cent sales-to-new-listings ratio, conditions remain relatively tight. Nearly half of all residential inventory is now priced above $600,000.

Calgary real estate market chart October 2024

Detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months. This wide variation reflects the different dynamics at play across price ranges. Overall, detached conditions strongly favour sellers in the lower-to-mid price ranges.

Calgary real estate chart

Semi-detached supply remains tight relative to demand. This segment continues to be among the most competitive in the Calgary market, with buyers often facing multiple-offer situations for well-priced properties.

Row home inventory is improving but still below long-term averages. Year-over-year price gains remain strong as demand outpaces the modest supply improvements in this segment.

Apartment-style condominiums continue to see strong year-over-year price growth. While improved rental alternatives are starting to attract some buyers away from ownership, the overall resale condo market remains competitive.