CREB® released its 2024 year-end figures on January 2, 2025. Sales for the year were just shy of 2023 levels, and the total residential benchmark price rose by over 7%.
Annual benchmark price growth by type, 2024, %
December and the year
- December had 1,322 sales, down 3% but nearly 20% above long-term trends.
- Inventory was 2,989 at year-end, still below long-term trends but well above last December.
- Gains for higher-priced homes offset declines in the lower price ranges, where supply was short.
- CREB Chief Economist Ann-Marie Lurie said sales “would likely have been higher if there was more supply choice.”
By type
- Detached: prices rose nearly 11%, faster than in 2023, led by the North East and East. The City Centre, North East and North districts were relatively balanced by the fourth quarter.
- Semi-detached: 2,355 sales, up 5%; the average benchmark price rose nearly 11% to $669,042.
- Row: 4,647 sales, up over 2% and the second-highest on record. New listings rose 18% and prices 14%.
- Apartment: 7,568 sales, down 4% from the 2023 record but the second-highest year. Prices rose 15%.
Looking ahead: CREB expects supply to be the dominant theme of 2025, and its forecast was set for January 21.
Compared with 2023
In 2023, Calgary had 27,416 sales, about 8% below the 2022 record, and average benchmark growth was nearly 6%. Sales in 2024 were just shy of 2023 levels, so the market held its pace, while price growth sped up to over 7%. The mix shifted as well. Apartments had a record 7,884 sales in 2023; in 2024 they slowed to 7,568, still the second-highest year on record. Semi-detached sales rose 5% to 2,355, and row sales rose over 2% to 4,647, the second-highest total on record.
A year in two halves
Lurie said the market began to shift in the second half of the year “as supply levels started to improve for higher priced homes.” Prices rose steeply in the spring, when supply was exceptionally low, and then stabilized. Improved rental choice and strong new home activity boosted new listings in the resale market, which drove inventory higher later in the year. By December, inventory was well above the low levels of a year earlier and of early 2024, though still below long-term trends for the month.
Prices by type
Detached prices rose nearly 11%, faster than in 2023, with the strongest growth in the North East and East. Semi-detached prices also rose nearly 11%, from under 10% in the City Centre and West to more than 15% in the North East and East. Row prices rose 14%, from 12% in the city centre to over 20% in the North East and East. Apartment prices rose 15%, even with some price adjustments in the last quarter as more supply became available.
What it means for buyers
The most affordable districts saw the biggest price gains, which shows how much demand was concentrated at the lower end. Buyers entering 2025 will find more listings than a year ago, especially for higher-priced homes and condos. In the City Centre, North East and North, detached conditions were relatively balanced in the fourth quarter, while other districts still favoured sellers.
What it means for sellers
Most districts still had sellers’ conditions for detached homes at the end of the year. Sellers of condos and higher-priced homes, however, already face more competition. CREB said the effect of new supply on prices will depend on the type of supply being added and how demand holds up in a changing economic climate.
Practical takeaways
Look at your own segment, since price growth and supply differed sharply by type and district in 2024. Buyers should plan for the spring, when competition was strongest last year. Sellers should base their price on the latest sales, not on the spring peaks.
