Calgary housing market, March 2024: the tightest March since 2006
Inventory was half of normal for March. Row prices rose over 20% in a year, and first-quarter condo sales set a record of 1,940.
Berg Estate Team blog
News & Insights – Page 13
Calgary real estate market news, our monthly market updates and new videos from the Berg Estate Team: Tom Berg and Valery Berg, REALTORS® with eXp Realty.
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Bank of Canada holds at 5% as shelter costs keep inflation up
GDP grew 1% in the fourth quarter. Core inflation measures are still in the 3% to 3.5% range, so the Bank is not ready to cut.
Airdrie, Cochrane and Okotoks in February 2024: Okotoks tops $600,000
Airdrie inventory is the lowest for February since 2006. Okotoks inventory is 63% below long-term trends. Cochrane listings hit a seven-month high.
Homes under $500,000: Calgary’s tightest segment as supply drops 31%
Supply is rising for higher-priced homes, bringing more balance at the top, while the low end keeps getting tighter.
Calgary housing market, February 2024: sales up 23%, supply near historic lows
The benchmark rose over 2% in one month. Detached prices reached $721,300, and 75% of new detached listings were priced over $600,000.
Alberta Budget 2024: education tax rates frozen, Calgary to pay $881.7 million
Provincial education property tax revenue is expected to grow by $229 million in 2024-25. Many owners will see a higher bill because values rose.
CREB opposes Calgary’s proposed blanket rezoning
CREB argues the plan risks congestion and strain on infrastructure, and will not add supply where it is most needed. It wants a targeted approach.
Ottawa extends the foreign buyer ban by two years, to 2027
People who are not citizens or permanent residents, and foreign commercial enterprises, remain barred from buying residential property.
Airdrie, Cochrane and Okotoks in January 2024: prices up about 10% in a year
Airdrie inventory is half its usual level. Cochrane's supply fell back below two months after four months above that mark.
Calgary housing market, January 2024: detached prices pass $700,000
The detached benchmark reached $702,200. Condo sales jumped 54%, and row homes sold at a 92% sales-to-new-listings ratio.
Bank of Canada holds at 5% to start 2024
The Bank forecasts GDP growth of 0.8% in 2024 and 2.4% in 2025, with inflation near 3% in the first half of 2024 and 2% in 2025.
CREB 2024 forecast: another strong year, with sellers in control through spring
New supply is expected mostly in the upper price ranges, so lower-priced homes should stay tight and keep rising faster.