Calgary Real Estate Market Update: September 2024

As we move further into September, the Calgary real estate market continues to experience shifts, reflecting broader trends in supply and demand. For those considering buying or selling, understanding these evolving conditions is key.

Inventory is Increasing, But Supply Still Tight for Lower-Priced Homes

Inventory in Calgary has grown significantly in August, rising by 37% compared to the same month last year, with 4,487 units available. While this is a substantial improvement, it is still 25% below long-term averages, indicating that the market remains undersupplied, especially in the lower price segments. Homes priced under $600,000 are still facing inventory challenges, making this part of the market particularly competitive. However, higher-end properties are seeing more balance, offering buyers increased options.

Detached Homes: Shifting Market Dynamics

Detached home sales in Calgary dropped by 14% year-over-year in August, driven by limited availability in homes below the $600,000 mark. This segment of the market remains undersupplied, while the inventory of homes priced higher is growing. The benchmark price for detached homes reached $762,600, a slight dip from July but still 9% higher than last year. While demand has eased slightly in the high-end market, it remains a seller’s market with strong price resilience in this category.

Semi-Detached Homes: Easing Conditions for Buyers

The semi-detached segment is beginning to see more balanced conditions. New listings in August increased, and with 172 sales recorded, the sales-to-new-listings ratio dropped to 58%, closer to pre-pandemic norms. Inventory levels have risen, and the months of supply now stand at two months, giving buyers more breathing room. Prices for semi-detached homes were at $681,200 in August, slightly down from July but 10% higher than the same time last year.

Row Houses: Inventory Growth Eases Price Pressure

Row houses saw the most significant inventory increase, with a 75% rise compared to August 2023. This influx of supply is helping to moderate price growth, although competition remains fierce, particularly for well-priced properties. The benchmark price for row houses in August was $461,700, 12% higher than last year but slightly lower than in July. The cooling in price growth is especially evident in certain districts, such as the City Centre and North West, where small monthly declines have been noted.

Apartment Condominiums: A Balanced Market Emerges

The apartment condominium sector is benefiting from a record number of new listings, with 1,001 units entering the market in August. Sales, however, have slowed, bringing the sales-to-new-listings ratio to 60%. This has led to a 2.5-month supply, providing buyers with more options and easing the urgency seen in earlier months. The benchmark price for condos stood at $346,500, showing a 16% year-over-year increase but remaining steady month-over-month.

What Do These Changes Mean for You?

The Calgary real estate market is shifting toward a more balanced state, particularly in higher-end property segments. However, for buyers seeking more affordable homes, competition remains stiff due to ongoing supply constraints. Sellers in the higher price ranges still benefit from strong price growth, although the pressure on prices is starting to ease in many areas. For both buyers and sellers, staying informed and responsive to these trends is essential.

Overall, the Calgary market remains robust, with price growth continuing across all property types, albeit at a slower pace than earlier in the year. As inventory levels continue to recover and demand cools slightly, the market is moving towards more balanced conditions. Whether you’re looking to buy or sell, now may be a good time to act, particularly in the higher-end market.

For personalized advice and more insights on how to navigate these changes, don’t hesitate to reach out.

This update integrates the latest data and market dynamics, providing a clear picture of Calgary’s evolving real estate landscape as of September 2024. The information is drawn from recent reports by the Calgary Real Estate Board and other reliable market analyses

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_{Disclaimer: The information provided in this article is based on current market research and publicly available data. While every effort has been made to ensure the accuracy of this information, market conditions can change rapidly, and readers are encouraged to conduct their own research or consult with a professional for specific advice. Information deemed reliable, but not guaranteed.}