2024 marks another strong year for sales and price growth
Calgary’s real estate market finished 2024 on a high note, showcasing resilience and strength despite ongoing supply challenges. December recorded 1,322 sales—a 3% decline from the previous year but nearly 20% above long-term trends for the month. For the year, overall sales nearly matched 2023 levels, with gains in higher-priced homes offsetting pullbacks in the lower price ranges due to limited supply.
“Population gains over the past several years have supported sales activity that has outperformed long-term trends,” said Ann-Marie Lurie, Chief Economist at CREB®. “In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges. That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher-priced homes.”
Inventory and Supply Trends
December ended with 2,989 units available in inventory, marking a significant improvement over the exceptionally low levels reported last December and earlier in 2024. While still below long-term trends for the month, the rise in inventory was driven by increased rental options and a surge in new home construction, which helped bolster new listings in the resale market.
These improvements were most notable in higher-priced segments, offering more choices for buyers and easing the extreme seller’s market conditions seen in the spring. However, inventory for lower-priced homes remains tight, continuing to challenge buyers in those segments.
Price Growth and Market Shifts
The stabilization of inventory levels in the second half of 2024 helped moderate the pace of price growth. After steep gains earlier in the year, prices leveled off in the latter half, offering some relief to buyers. Despite this, total residential benchmark prices saw an annual increase of over 7%, reflecting the strength of Calgary’s housing market.
Looking Ahead to 2025
As we enter 2025, supply will remain a key theme in Calgary’s real estate market. The impact of increased supply on pricing will depend on the type of housing being added and how demand holds up amid changing economic conditions. CREB®’s forecast report, set to be released on January 21, will provide further insights into the market’s trajectory and the challenges and opportunities ahead.
Ready to Make Your Move in 2025?
Whether you’re considering buying, selling, or investing in Calgary’s dynamic real estate market, understanding the latest trends is essential. With inventory improving in some segments and prices stabilizing, now is the time to strategize your next move.
Contact me today for expert advice and personalized guidance to help you achieve your real estate goals in 2025!
“Population gains over the past several years have supported sales activity that has outperformed long-term trends,” said Ann-Marie Lurie, Chief Economist at CREB®. “In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges. That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher-priced homes.”
Inventory and Supply Trends
December ended with 2,989 units available in inventory, marking a significant improvement over the exceptionally low levels reported last December and earlier in 2024. While still below long-term trends for the month, the rise in inventory was driven by increased rental options and a surge in new home construction, which helped bolster new listings in the resale market.
These improvements were most notable in higher-priced segments, offering more choices for buyers and easing the extreme seller’s market conditions seen in the spring. However, inventory for lower-priced homes remains tight, continuing to challenge buyers in those segments.
Price Growth and Market Shifts
The stabilization of inventory levels in the second half of 2024 helped moderate the pace of price growth. After steep gains earlier in the year, prices leveled off in the latter half, offering some relief to buyers. Despite this, total residential benchmark prices saw an annual increase of over 7%, reflecting the strength of Calgary’s housing market.
Looking Ahead to 2025
As we enter 2025, supply will remain a key theme in Calgary’s real estate market. The impact of increased supply on pricing will depend on the type of housing being added and how demand holds up amid changing economic conditions. CREB®’s forecast report, set to be released on January 21, will provide further insights into the market’s trajectory and the challenges and opportunities ahead.
Ready to Make Your Move in 2025?
Whether you’re considering buying, selling, or investing in Calgary’s dynamic real estate market, understanding the latest trends is essential. With inventory improving in some segments and prices stabilizing, now is the time to strategize your next move.
Contact me today for expert advice and personalized guidance to help you achieve your real estate goals in 2025!