Real Estate Market Report | Calgary | August 2024
Prices Surge as Supply Tightens
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 August 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 market has been characterized by a tightening supply, with a 21% decrease in inventory compared to the average of the last 5 Julys, resulting in a lower months of supply across the board. Sales have seen a modest uptick, with a 4% increase over the same average. Despite a 10% increase in new listings, the overall market remains competitive due to the high demand.
Calgary's Detached Homes
The detached home market is feeling the effects of reduced inventory, down 23% for the five year average, contributing to a 15% decrease in months of supply. Sales have dipped by 9%, reflecting the constrained availability. However, the benchmark price for detached homes has risen to $690,900, demonstrating ongoing demand despite reduced sales activity.
Calgary's Apartments
The apartment segment stands out with a significant 29% increase in both new listings and sales for the five year average. Inventory has decreased by 11%, which, combined with the surge in sales, has driven down months of supply by a remarkable 68%. The benchmark price for apartments has risen to $349,200, showing strong price growth driven by demand.
Calgary's Attached Homes
Attached homes have experienced a mixed trend, with an 8% increase in new listings and a 9% rise in sales for the five year average. The inventory is down 29%, leading to a 49% drop in months of supply. The benchmark price for attached homes is now $470,500, reflecting a healthy market with balanced demand and 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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