Real Estate Market Report | Calgary | November 2024
Diverse Dynamics Shape a Resilient Market
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!
November 2024 Calgary Real Estate: Supply, Demand & Trends
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.
Calgary’s real estate market remains robust, bolstered by economic growth and population gains. With average home prices increasing by 9.6% year-over-year and total sales up 7% compared to the last five Octobers, solid demand and an adequate supply, particularly in affordable segments is making Calgary one of the most active markets in the country. This tightness highlights the city’s consistent appeal despite broader economic uncertainties.
Calgary's Detached Homes
Detached homes see strong demand but face inventory constraints at 6% of the last five Octobers. Prices though have have surged by 10.9%, with the average now at a historical high. Buyers favor family-friendly layouts in suburban areas, creating bidding wars in mid-range segments. However, luxury homes above $1.5 million show slower activity, suggesting affordability remains a critical factor.
Calgary's Apartments
Calgary’s apartment segment shines as the most active, with sales climbing 25% over the last five Octobers. Strong investor interest, fueled by rental market growth, drives transactions. Prices are up 7.6% since this time last year, averaging just under $350,000. Inventory challenges persist, with only 2 months of supply. Young professionals and downsizers are key demographics, making this a competitive market.
Calgary's Attached Homes
Attached homes, including semi-detached and townhouses, experience balanced growth. Sales increased to 10% of the last 5 Octobers, while prices grew 10.9%, averaging $464,000. This segment appeals to first-time buyers and those seeking affordable alternatives to detached homes. Despite tighter inventory, the supply is relatively stable compared to other property types.
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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