Calgary Real Estate Statistics - March 2024

Explore the shifting landscape of Calgary's real estate market as we dive into the March 2024 statistics. March saw a surge in sales, reaching 2,664 units, marking a 10% increase compared to last year, surpassing long-term trends. Although new listings slightly increased to 3,172 units from the previous month, they remained below March averages, failing to impact the supply situation significantly. With the sales-to-new listings ratio hitting 84%, and months of supply falling below one month, the market hasn't experienced such tight conditions since 2006, coinciding with high levels of interprovincial migration.

Ann-Marie Lurie, Chief Economist at CREB®, notes that the market continues favoring sellers for the third consecutive year due to increased demand from migration, leading to dwindling resale and rental supplies. This imbalance is putting upward pressure on home prices, especially for properties priced below $1,000,000, with the steepest declines observed in homes under $500,000. Inventory levels in March stood at 2,532 units, 22% lower than last year, reflecting a significant decrease compared to traditional March levels.

The unadjusted total residential benchmark price surged to $597,600, marking a two percent increase from last month and an impressive 11% jump from last year. Across all property types, prices have escalated, with row and apartment-style homes witnessing the most significant year-over-year gains.