Real Estate Market Report | Calgary | July 2024
Demand still outpaces supply
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!
So what's happening in the Calgary real estate market as of July 2024?
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.
The Calgary real estate market is buzzing with activity, showcasing diverse trends across different segments. As of July 2024, we’re seeing some interesting shifts in supply, demand, and prices for detached homes, apartments, and attached homes. New listings have nudged up by 2% compared to the last five years, signaling a steady flow of new properties hitting the market. Sales have also ticked up by 2%, reflecting a healthy demand. However, overall inventory has dipped by 27%, making the market more competitive for buyers. The months of supply, a key indicator of market balance, has dropped by 34%, pointing to a seller’s market with fewer homes available. The benchmark price for properties in Calgary has been climbing, underscoring the ongoing demand and limited supply.
Calgary's Detached Homes
In the world of detached homes, new listings have taken a 11% dip, indicating fewer new properties entering this segment. Sales have mirrored this trend, also decreasing by 11%. The inventory of detached homes has significantly shrunk by 30%, creating a tighter market with fewer options for buyers. Consequently, the months of supply for detached homes have decreased by 23%, solidifying the seller’s market scenario. Despite these declines, the benchmark price for detached homes has risen to $687,200, reflecting steady demand and the desirability of these properties.
Calgary's Apartments
Apartments are seeing a lively market! New listings have surged by 22%, showing a robust influx of new apartment units. Sales have jumped by an impressive 36%, indicating strong demand, likely fueled by affordability and a preference for urban living. Inventory for apartments has decreased by 17%, pointing to a healthy absorption of new listings. The months of supply for apartments have plummeted by 54%, highlighting a strong seller’s market where demand is outpacing supply. The benchmark price for apartments now stands at $345,700, showcasing solid growth driven by high demand and limited inventory.
Calgary's Attached Homes
The attached home segment is holding steady with a slight 3% decrease in new listings, indicating a stable yet slightly declining supply. Sales have edged up by 2%, reflecting steady demand. Inventory for attached homes has dropped by 34%, indicating a significant reduction in available homes. This has led to a 31% decrease in the months of supply, reinforcing a seller’s market in this segment. The benchmark price for attached homes has climbed to $468,700, showing continued price appreciation due to stable demand and reduced supply.
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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