CREB® reported on December 2, 2024 that Calgary had 1,797 sales in November, the same as last year and 20% above long-term trends. The bigger change was in supply.
Calgary benchmark price by type, November 2024
The main points
- Inventory rose to 4,352, compared with 3,000 last November, but is still below long-term trends.
- Months of supply is over two. The past three Novembers were all under two months.
- The benchmark price was $587,900, up just under 4%, partly because more sales were in cheaper row and apartment homes.
- Seasonally adjusted prices have been stable for four months.
- CREB Chief Economist Ann-Marie Lurie said rising construction has bolstered supply, but improvements “vary significantly by location, price range, and property type.”
By type
- Detached: 85% of supply is above $600,000. Homes under $700,000 have less than two months of supply. The price was $750,100, up over 7%.
- Semi-detached: 173 sales and two months of supply. The price was $675,100, up nearly 8%, ranging from $926,800 in the City Centre to $409,300 in the East.
- Row: nearly two months of supply. The price was $454,200, up nearly 7%; City Centre row homes reached $620,000.
- Apartment: 429 sales, 47% above long-term trends; 1,482 for sale and over three months of supply. The price was $337,800, up 9%.
Compared with October
October had 2,174 sales and 4,966 homes for sale, so both figures fell in November, which is normal as the market moves into winter. The total benchmark price eased from $592,500 to $587,900, and the detached price from $753,900 to $750,100. CREB said seasonally adjusted prices have been stable for four months, so the monthly drop reflects the season rather than weaker demand. Compared with a year earlier, the change is bigger: inventory rose from 3,000 to 4,352 homes, while sales were unchanged at 1,797.
Homes for sale in Calgary
Context
CREB noted that the past three Novembers all had under two months of supply, which gave sellers the upper hand in most price ranges. Lurie explained the cause: “Housing supply has been a challenge over the past several years due to the sudden rise in population.” Rising new home construction is now adding choice in the rental, new home and resale markets, and the November figures show the effect, with months of supply above two.
What it means for buyers
Buyers looking at detached homes above $700,000 now have more choice and more time than earlier in the year. Below that level, detached homes still have less than two months of supply, so competition remains. Apartment buyers have the most options: 1,482 units were for sale, more than in the spring, and supply is above three months. Most of the apartment supply gains were in the $300,000 to $500,000 range.
What it means for sellers
Sellers of lower-priced homes still face conditions that favour them, especially for semi-detached homes priced below $700,000. Sellers of higher-priced homes and apartments should expect more competing listings and price accordingly. Annual gains of nearly 7% for row homes and 9% for apartments show prices are still rising, but more slowly than earlier in the year.
Local angle
Prices differ widely across the city. A semi-detached home in the City Centre had a benchmark of $926,800, compared with $409,300 in the East. City Centre row homes reached $620,000, while the North East and East were the only districts with row benchmarks below $400,000. CREB also said detached price growth was slower in areas with the most competition from newer homes.
Practical takeaways
Buyers should compare months of supply in their own price range, not the citywide average. Sellers should check recent sales of similar homes in their district, since prices and competition vary by location. With inventory lower than in October, a well-prepared listing has fewer homes to compete with this winter.
