2024: A Strong Year for Calgary’s Housing Market

 

Calgary's real estate market closed 2024 with strong sales, totaling 1,322 in December—a slight dip of 3% from last year but nearly 20% above the long-term average. While overall sales were close to last year's levels, growth in higher-priced homes offset slower sales in lower price ranges due to limited supply.

“Population growth has kept sales above long-term trends, but if there had been more options—especially in the affordable range—sales could have been even higher,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, we saw supply improve in the second half of the year, especially for higher-priced homes.”

By December, inventory had risen to 2,989 units, a notable improvement over last year level. More housing options helped ease price pressures, with benchmark prices rising by 7% overall in 2024. As we head into 2025, supply will continue to be a key factor in shaping the market.

Key Property Trends:

• Detached Homes: Sales rose for homes priced over $600,000, aided by easing lending rates. Detached home prices increased by nearly 11%, with the strongest growth in the North East and East districts.
• Semi-Detached Homes: Tight supply in detached homes drove buyers toward semi-detached properties, leading to a 5% sales increase. Prices rose by almost 11%, particularly in the North East and East.
• Row Homes: Row homes saw a 2% increase in sales, making it the second-highest total on record. Prices rose by 14%, with the North East and East districts seeing over 20% growth.
• Apartment Condominiums: After a strong first half, apartment sales slowed by 4%, but still reached the second-highest total ever. Prices rose by 15%, with the North East, East, and South districts seeing the biggest gains.

Regional Highlights:

• Airdrie: Sales rose by 4%, thanks to more listings, and prices increased by 8%, especially for higher-density homes.
• Cochrane: The market favored sellers for most of the year, but by the last quarter, more listings helped balance conditions. Prices rose by 9%, averaging $565,808.
• Okotoks: With sales up 8% and new listings increasing by 16%, Okotoks continued to favor sellers. Prices rose by nearly 8%, with row and semi-detached homes seeing larger increases.

Looking Ahead to 2025

As we move into 2025, supply will remain critical in shaping Calgary’s housing market. CREB®’s upcoming forecast report will provide further insights into what to expect in the year ahead.