Calgary Real Estate Statistics - December 2024

Calgary’s real estate market closed 2024 with 1,322 sales in December, marking a 3% decline compared to last year but still 20% above long-term averages for the month. Overall, sales for the year were nearly on par with 2023, as gains in higher-priced homes balanced declines in the more affordable segments, which faced persistent supply constraints.

Ann-Marie Lurie, Chief Economist at CREB®, noted, “Population growth over the past several years has kept sales activity above historical trends. While sales could have been even stronger in 2024 with more options in the lower price ranges, we started to see market shifts in the second half of the year, with supply improvements in higher-priced homes.”

December ended with 2,989 active listings, a significant improvement from last December’s lows and the early part of 2024, though inventory remained below long-term trends for the month. Increased rental options and new home construction helped boost resale market listings, leading to higher inventory levels in the latter half of the year.

While market conditions continued to vary by property type and price range, the increased supply helped ease upward pressure on home prices. Prices stabilized in the year’s second half following significant growth in the spring. For 2024 as a whole, the total residential benchmark price increased by over 7%.

As Calgary heads into 2025, housing supply is expected to remain a critical factor. The impact on prices will depend on the type of supply entering the market and how demand responds to evolving economic conditions. CREB® will release its forecast report on January 21, offering insights into market expectations and potential risks for the year ahead.