Real Estate Market Report | Calgary | September 2024
A Surge in Supply, Rising Demand, and Competitive Prices Across All Property Types
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.
Bōde sellers 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 September 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 latest market data for Calgary’s real estate scene reveals a market in transition, with significant increases in new listings, moderate sales growth, and a shifting dynamic across property types. This September, the city has seen a notable surge in new listings, climbing by 26% compared to the same period in recent years. This influx of new supply, however, hasn’t diluted buyer interest, as sales managed a slight 1% uptick, suggesting that demand remains steady even as the market becomes more saturated. Perhaps the most telling indicator of market health is the inventory, which has dropped by 10% overall. This points to the fact that while new properties are entering the market, they are being absorbed at a faster rate, tightening the available supply and fueling competitive pricing. The average benchmark price across all property types in Calgary now stands at $588,600, reflecting the resilience of the city’s housing sector despite economic headwinds.
Calgary's Detached Homes
Focusing on detached homes, the market shows a modest but steady performance. New listings have grown by 4%, a healthy indicator that sellers remain confident. However, sales in this category have dipped by 8%, signaling a softening demand relative to supply. What’s more telling is the inventory level, which has plunged by 17%, showing that detached homes are being snatched up, even if at a slightly slower rate. The benchmark price for detached properties is holding strong at $690,900, proving that this segment remains a sought-after asset for buyers seeking the exclusivity and space that detached homes offer.
Calgary's Apartments
In contrast, the apartment market is experiencing a veritable boom. New listings have skyrocketed by 39%, flooding the market with options for buyers. Yet, this influx of supply has been met with enthusiasm, as sales surged by 18%. The modest 1% increase in inventory indicates that despite the flood of new listings, apartments are finding buyers rapidly, keeping supply levels in check. Prices have responded accordingly, with the benchmark price for apartments now sitting at $351,400, underscoring a renewed interest in this segment, likely driven by affordability and urban living preferences.
Calgary's Attached Homes
Finally, the attached home market—which includes townhouses and duplexes—has seen its own growth spurt. New listings in this segment have jumped by 34%, reflecting a strong supply chain, while sales have increased by 6%, demonstrating consistent buyer interest. Yet, inventory has dropped by 12%, once again pointing to a high absorption rate of available properties. The benchmark price for attached homes has risen to $469,800, a clear signal that this middle-ground option between detached homes and apartments is thriving in Calgary’s real estate landscape.
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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