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Market update archive

Calgary real estate market update: February 2024

From our archive of monthly updates: CREB®’s official numbers for the City of Calgary for February 2024, in plain language.

This is our archived report for February 2024. CREB®’s figures are shown as they were published at the time. Newer numbers are available: see the latest Calgary market update.

Calgary Real Estate Board (CREB®) statistics for February 2024, released March 1, 2024.

February at a glance

  • Sales2,135+22.84% vs. Feb. 2023
  • New listings2,711+13.62% vs. Feb. 2023
  • Homes for sale (inventory)2,355−14.24% vs. Feb. 2023
  • Months of supply1.101.58 a year ago
  • Benchmark price$585,000+10.27% vs. Feb. 2023
  • Average days on market2433 a year ago

Source: CREB®, City of Calgary Monthly Statistics Package, February 2024.

City of Calgary, all residential February 2023 February 2024 Change (CREB®)
Sales 1,738 2,135 +22.84%
New listings 2,386 2,711 +13.62%
Inventory (homes for sale) 2,746 2,355 −14.24%
Months of supply 1.58 1.10 −30.19%
Sales-to-new-listings ratio 72.84% 78.75% +5.91 pts
Benchmark price $530,500 $585,000 +10.27%
Median price $460,000 $548,500 +19.24%
Average price $506,823 $583,160 +15.06%
Average days on market 33 24 −26.75%
Sale price as % of list price 99.45% 101.02% +1.57 pts

Source: CREB®, City of Calgary Monthly Statistics Package, February 2024, page 5 [1]. Change is CREB®’s year-over-year change; for the two ratios it is the change in percentage points.

From January to February 2024, 3,784 homes sold in Calgary, 28.88% more than in the same months of 2023 (2,936) [1].

What these numbers mean. The benchmark price is CREB®’s price for a “typical” home and is the best number for tracking price trends, because the median and average move with the mix of homes that happen to sell in a month. Months of supply is how long today’s inventory would last at the current pace of sales. A lower number usually means a tighter market for buyers.

What CREB® reported

CREB®’s headline for February 2024: “Low inventory and high demand drive price gains in February” (news release, March 1, 2024) [2].

CREB® reported that new listings kept rising in February, which supported a sales gain of nearly 23 per cent from a year earlier. With a sales-to-new-listings ratio of 79 per cent, inventory stayed near historic lows and months of supply fell to just over one month. [2]

By type of home

Benchmark price by property type

City of Calgary, February 2024

Detached$721,300
Semi-detached$639,100
Row$436,500
Apartment$329,600
Source: CREB®, City of Calgary Monthly Statistics Package, February 2024, page 6.

Benchmark price vs. February 2023

Change from a year earlier

Detached+13.18%
Semi-detached+12.74%
Row+18.81%
Apartment+17.21%
Source: CREB®, City of Calgary Monthly Statistics Package, February 2024, page 6.

Sales by property type

City of Calgary, February 2024 (change vs. Feb. 2023)

Detached954+20.30%
Semi-detached191+36.43%
Row352+12.10%
Apartment638+29.94%
Source: CREB®, City of Calgary Monthly Statistics Package, February 2024, page 6.

Months of supply by property type

City of Calgary, February 2024

City, all homes: 1.10

Detached1.10
Semi-detached1.16
Row0.87
Apartment1.21
Source: CREB®, City of Calgary Monthly Statistics Package, February 2024, page 6.
February 2024, City of Calgary Benchmark price vs. Feb. 2023 Sales Sales vs. Feb. 2023 Months of supply
Detached $721,300 +13.18% 954 +20.30% 1.10
Semi-detached $639,100 +12.74% 191 +36.43% 1.16
Row (townhouse) $436,500 +18.81% 352 +12.10% 0.87
Apartment condo $329,600 +17.21% 638 +29.94% 1.21

Source: CREB® [1], page 6.

South and Southeast Calgary

CREB® groups Calgary communities into eight districts. The 15 south Calgary communities we focus on are in two of them, South and South East; see our Calgary Neighbourhood Guide for the full list.

Benchmark price: South vs. South East

CREB® districts, February 2024

SouthSouth East

DetachedSouth: $685,600South East: $696,200
Semi-detachedSouth: $505,200South East: $494,700
RowSouth: $388,700South East: $445,500
ApartmentSouth: $302,400South East: $353,100
Source: CREB®, Monthly Statistics Package, February 2024, page 7 (Calgary Districts).

Months of supply: South vs. South East

CREB® districts, February 2024

SouthSouth East

DetachedSouth: 1.03South East: 0.88
Semi-detachedSouth: 0.52South East: 0.73
RowSouth: 0.66South East: 0.91
ApartmentSouth: 0.80South East: 0.81
Source: CREB®, Monthly Statistics Package, February 2024, page 7 (Calgary Districts).
February 2024 South: benchmark South: vs. last year South: months of supply South East: benchmark South East: vs. last year South East: months of supply
Detached $685,600 +10.78% 1.03 $696,200 +13.06% 0.88
Semi-detached $505,200 +12.84% 0.52 $494,700 +13.28% 0.73
Row $388,700 +25.10% 0.66 $445,500 +16.99% 0.91
Apartment $302,400 +22.08% 0.80 $353,100 +19.13% 0.81

Source: CREB® [1], page 7 (Calgary Districts). In February 2024, CREB® counted 193 detached sales in the South district and 138 in the South East [1].

February over the years

Here is how February compared in Calgary from 2022 to 2024, using CREB®’s February statistics package for each year.

Benchmark price, all residential

City of Calgary, February of each year

2022$522,900
2023$530,900
2024$585,000
Source: CREB®, City of Calgary Monthly Statistics Packages for February of each year, page 5 (February 2022 is the year-ago column of the February 2023 package).

Sales, all residential

City of Calgary, February of each year

20223,293
20231,740
20242,135
Source: CREB®, City of Calgary Monthly Statistics Packages for February of each year, page 5 (February 2022 is the year-ago column of the February 2023 package).

Want today’s numbers? See our latest Calgary market update, or book a call and we’ll pull the recent sales near you.

Source of the city and district statistics: CREB® (Calgary Real Estate Board), City of Calgary Monthly Statistics Package, February 2024. CREB® is a registered trademark of Calgary Real Estate Board Co-Operative Limited. Figures are shown as CREB® published them for February 2024; CREB® may revise past months in later packages. This update is general market information, not an appraisal or advice on a specific property. Berg Estate Team, eXp Realty · 587-888-2919.

Sources

  1. CREB®, Monthly Statistics Package, City of Calgary, February 2024 (pages 5–7). CREB® no longer hosts this file (https://www.creb.com/Housing_Statistics/documents/02_2024_Calgary_Monthly_Stats_Package.pdf); archived copy: https://web.archive.org/web/20240311013750id_/https://www.creb.com/Housing_Statistics/documents/02_2024_Calgary_Monthly_Stats_Package.pdf
  2. CREB®, “Low inventory and high demand drive price gains in February”, news release, March 1, 2024: https://www.creb.com/News/Media_Releases/2024/March/Low_inventory_and_high_demand_drive_price_gains_in_February/