CREB® reported on April 1, 2024 that March sales rose 10% to 2,664. New listings of 3,172 were still below normal for March.
Calgary benchmark price by type, March 2024
The main points
- The sales-to-new-listings ratio rose to 84%, and months of supply fell below one month.
- Inventory was 2,532 units, 22% lower than last year and half the usual March level.
- “We have not seen March conditions this tight since 2006,” said CREB Chief Economist Ann-Marie Lurie. She noted that 2006 was also the last time Calgary had high interprovincial migration and under one month of supply.
- The benchmark price rose to $597,600, up 2% in a month and nearly 11% in a year.
By type
- Detached: 1,151 sales on 1,386 new listings. Inventory was nearly 60% below long-term trends, and 71% of it was priced above $700,000. The price reached $739,700, up 14%.
- Semi-detached: 250 sales on 260 new listings, a 96% ratio. The price reached $658,000, up 14%.
- Row: 449 sales on 536 new listings. Inventory over $400,000 rose 35%, but fell below that. The price reached $448,700, up over 20%.
- Apartment: 814 sales and a record 1,940 in the first quarter, up nearly 31%. The price reached $337,700, up 17%.
What it means: this is the third straight year of a sellers’ market. Buyers need pre-approval, flexibility and quick decisions.
Compared with February
Spring arrived on schedule, but supply did not. Sales rose from 2,135 in February to 2,664 in March, while new listings rose from 2,711 to 3,172. Because buyers absorbed almost every new listing, inventory barely moved, and the total benchmark price climbed from $585,000 to $597,600 in a single month. Every property type gained again: detached rose from $721,300 to $739,700, semi-detached from $639,100 to $658,000, row from $436,500 to $448,700 and apartments from $329,600 to $337,700.
Why it is so tight
Lurie linked the shortage directly to people moving to Alberta. “We are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply,” she said, adding that because supply adjustments take time, continued upward pressure on prices is not a surprise. Inventory fell for homes priced below $1,000,000, and the steepest drop was below $500,000, the range where most first-time buyers shop.
Where prices rose fastest
The pattern was the same across the city: the more affordable the district, the faster prices climbed. Detached prices rose most in the North East and East. For semi-detached homes, annual gains ranged from 11% in the City Centre, the most expensive area, to 25% in the East. Row prices also grew slowest in the City Centre and fastest in the lowest-priced districts. For apartments, the first quarter brought a record 1,940 sales, and the 82% ratio and one month of supply kept sellers in control.
A closer look at row homes
Row homes show how the market is splitting by price. Inventory of row units priced above $400,000 rose 35% from last year, while supply below that level kept shrinking. With 355 row units available, inventory was 12% below last year and 53% below the long-term March average.
Practical takeaways
- Buyers under $500,000: this is the most competitive range. Get pre-approved, watch new listings daily and be ready to act on the first weekend.
- Move-up buyers: 71% of detached inventory is priced above $700,000, so there is more to choose from at the higher end.
- Sellers: with under one month of supply, well-prepared homes sell quickly, but a realistic price still matters because buyers compare carefully.
- Everyone: CREB expects tight conditions to continue while migration stays high, so plan for a busy spring.
