October 5, 2024 — Calgary Real Estate Update

Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003 — 17 per cent below last year's record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.

"We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges," said Ann-Marie Lurie, Chief Economist at CREB. "While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales. Improved supply combined with lower lending rates should keep demand strong throughout the fall."

New listings in September rose to 3,687 units — the highest September total since 2008. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September. The months of supply reached 2.5 months. The unadjusted benchmark price was $596,900 — slightly lower than last month but over five per cent higher than last year.

Calgary real estate market chart September 2024

Detached demand remained strong in September, particularly in the mid and upper price ranges. Supply improvements have been more notable at higher price points, while lower-priced detached homes continue to see tight conditions. Overall, detached conditions still favour sellers, though the market is gradually moving toward more balance.

Calgary real estate chart

Semi-detached properties continue to see strong year-over-year price growth as supply remains constrained relative to demand. This segment has been one of the strongest performers in 2024, with consistent seller's market conditions throughout the year.

Row home inventory has improved somewhat as new listings rose, but conditions continue to favour sellers. Year-over-year price growth remains among the strongest of all property types, reflecting ongoing demand for this more affordable ownership option.

Apartment-style condominiums reported the strongest year-over-year price gains through much of 2024. While the pace of growth is beginning to moderate as rental alternatives improve, conditions still favour sellers as of September.