Real Estate Market Report | Calgary | October 2024
Mixed Signals as Supply Tightens and Prices Soar
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 October 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.
Calgary’s real estate market in September 2024 remains competitive, with rising prices fueled by low inventory and strong demand. The total residential sales hit 2,067 units, while the average sold price for all property types increased by 8.5% year-over-year. With supply levels remaining around the historical norm, inventory is tight, and buyers face fewer choices, leading to quicker sales and higher prices across all segments.
Calgary's Detached Homes
Detached homes continue to be a top choice, with just under 1,000 units sold in September. Prices surged by 9.2% year-over-year, reaching an average of $684,400. Inventory remains relatively low, sitting at just over two month’s supply. Buyers face stiff competition, especially in the mid-range price bracket, pushing prices higher and reducing days on market.
Calgary's Apartments
The apartment sector has shown steady growth, with 500 units sold. Prices saw a modest 5.8% year-over-year increase, bringing the average price to just over $350,000. This segment remains more affordable and inventory levels are healthier than other property types, though demand is gradually catching up, leading to increased activity.
Calgary's Attached Homes
Attached homes (townhouses and semi-detached) saw 547 units sold, with prices climbing by 7.4% to an average of $467,200. Inventory in this segment is also low, with two months’ supply, reflecting strong demand from those seeking a balance between affordability and space. This segment remains a popular choice for both first-time buyers and downsizers.
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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