Real Estate Market Report | Calgary | April 2024
Things continue to heat up in Calgary; becoming one of the best years for sellers in a long time
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 April 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.
Sales activity increased from last month and remains up from the 5 year average. With pricing increasing by $10,000 from last month but still at historically high levels. With the BofC holding rates steadily as predicted, buyers are looking optimistic towards the spring market.
Calgary's Detached Homes
The most valuable segment of the housing market remains unseasonably slow, but pricing remains very strong above historical levels. The lack of supply available to buyers really making the biggest impact on the market activity.
Calgary's Apartments
Calgary apartments remain extremely hot in a market that’s seen significant gains over the last few years. With very little inventory available, any apartment sales aren’t staying available for long. Pricing has softened, but still well above historical levels. But a 26% increase in listing activity over the last 5 March’s is a strong signal to other markets that there’s affordable space in Calgary.
Calgary's Attached Homes
Sitting right inbetween the heat of apartment sales and value of the detached market, attached homes are still seeing an increase in pricing and sales activity with a 16% increase over the last 5 March’s. Pricing remains well above the historical average but showing small signs of slowing.
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.
Want to Buy or Sell Your Home easily?
Welcome to Bōde
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Get started at bode.ca
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