Calgary Real Estate Statistics - May 2024

Welcome to our latest blog, breaking down some real estate statistics for May 2024 in Calgary, offering a detailed snapshot of the city's housing market dynamics. 

In May, Calgary saw 3,092 resale home sales. Although this is nearly one percent lower than last year's record-setting figures, it is 34 percent higher than the long-term average for May. The slight decrease in sales was primarily due to a drop in transactions for lower-priced detached and semi-detached homes, which faced limited supply compared to the previous year.

"Although new listings have increased, much of this growth is in higher price ranges for each property type," explained Ann-Marie Lurie, Chief Economist at CREB®. "Our strong economic situation has supported sales growth in these higher price ranges. However, this month's sales could not offset the declines in the lower price ranges due to a lack of supply choice."

In May, new listings reached 4,333 units, marking an almost 19 percent increase from last year. This rise in new listings relative to sales caused the sales-to-new listings ratio to drop to 71 percent, contributing to a modest year-over-year inventory gain. Despite this increase, inventory levels remained nearly half of what is typical for May, with most gains occurring in homes priced above $700,000.

While inventories did see some improvement this month, seller-friendly conditions persist with only one month of supply available. Several districts report less than one month of supply, while the City Centre noted the highest supply-to-sales ratio at one and a half months. These seller market conditions have driven price growth across all districts in the city. The unadjusted total residential benchmark price in May reached $605,300, nearly one percent higher than the previous month and 10 percent higher than May of last year.