CREB® reported on November 1, 2024 that Calgary had 2,174 sales in October, similar to last year and 24% above long-term trends. Gains above $600,000 offset declines at the lower end.
Calgary benchmark price by type, October 2024
The main points
- Inventory was 4,966, up from a near-record low of 3,205 last October. Nearly half is priced above $600,000.
- Months of supply was 2.3, with a 67% sales-to-new-listings ratio.
- Supply varies by price: detached homes under $700,000 have less than two months, while homes over $1,000,000 have more than three.
- The benchmark price was $592,500, over 4% higher than last October. Seasonally adjusted prices were stable.
By type
- Detached: 1,071 sales, up nearly 10%; 2,199 for sale and about two months of supply. The price was $753,900, up 8%.
- Semi-detached: sales up over 6% and two months of supply. The price was $677,000, up over 8%.
- Row: supply passed two months for the first time since the end of 2021. Over 70% of sales were above $400,000. The price was $456,600, up over 8%.
- Apartment: the fifth year-over-year sales decline in a row, but 6,782 sales so far this year, nearly double the decade average. The price was $341,700, up 11%.
CREB Chief Economist Ann-Marie Lurie said conditions are “far more balanced in the upper end” than in the lower to mid price ranges.
Compared with September
October brought a small rebound in sales, from 2,003 in September to 2,174. Inventory eased slightly, from 5,064 to 4,966, and months of supply dipped from 2.5 to 2.3. Unadjusted prices kept edging down: the total benchmark went from $596,900 to $592,500, detached from $757,100 to $753,900, semi-detached from $678,400 to $677,000, row from $459,200 to $456,600 and apartments from $345,000 to $341,700. CREB said this monthly easing is mostly seasonal, because seasonally adjusted prices remained relatively stable. On a year-to-date basis, the benchmark is still averaging over 8% higher than last year.
Two markets in one
“Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type,” Lurie said. Nearly half of all inventory is now priced above $600,000. Detached homes under $700,000 have less than two months of supply, while homes over $1,000,000 have more than three. CREB said this likely creates different price pressures depending on price range and property type.
Row and condo details
Row sales have slowed since June, but CREB said that reflects supply, not demand: sales fell for homes under $400,000, the same segment where new listings fell 35%. Over 70% of row sales were above $400,000 this year, compared with 47% last year. Row prices are still up nearly 16% on average year to date. For condos, inventory gains were mostly in the $300,000 to $500,000 range, which is now more balanced, while cheaper units stay tight. Areas with many newly completed buildings saw slightly larger monthly condo price declines. CREB noted that higher lending rates, rising rents and limited choice in lower-priced homes have fuelled condo demand.
Compared with last October
A year ago, Calgary had only 3,205 homes for sale, near a record low. Inventory is now 4,966, much closer to long-term trends. Detached sales rose nearly 10% from last October, and semi-detached sales rose over 6%, as more homes came onto the market.
Practical takeaways
For buyers above $600,000, and especially above $1,000,000, conditions are much more balanced than in the spring. Expect room to negotiate on price and terms, and do not feel pressure to waive conditions. Buyers below $600,000 still face competition and should be ready to move quickly. Sellers of higher-priced homes should study competing listings; a home priced above similar listings may sit. Condo owners in areas with many new buildings should expect more competition from new units.
