Real Estate Market Report | Calgary | February 2024
Buyers and sellers appear to be waiting for the spring market to make decisions
Home buyers continue to purchase in Calgary – due to the strong economy as well as an increase in migration. The strongest market in Canada continues to see significant demand primarily in apartments in attached homes.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōdesellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
Calgary Buyers and Sellers Delay Decisions Until Spring
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Sales activity has slowed from last month, but remains up from the 5 year average. And pricing remains consistent from last month but still at historically high levels. Buyers are waiting to hear the Bank of Canada drop rates to get activity moving and capitalize on the increase in pricing driven by demand into the city.
Calgary's Detached Homes
In fitting with a historically slow period seasonally, this year isn’t dramatically different, but there’s certainly less activity this year than years prior due to that anticipated change in rates. With less inventory and no change in months of supply. Pricing remains at an all time high of $635,600, suffice to say that anything that does come to market is fetching a price well above historical levels.
Calgary's Apartments
Calgary aparments remain one of the best peforming assets in the province maintaining strong sales activity both month over month and year over year, but slightly down from the 5 year average. Pricing remains well above historical norms and looks set to rise.
Calgary's Attached Homes
Attached homes in Calgary continue to perform well, but slowing against other asset classes. Pricing remains strong after a significant year of activity but sales activity showing signs of slowing, down 18% from the 5 year average, but still signficantly higher month over month and year over year.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
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