Calgary Real Estate Statistics - November 2024

In November 2024, Calgary’s real estate market began to follow typical seasonal trends, with activity slowing as winter approached. Despite this, year-over-year demand remained strong. Sales for the month reached 1,797, matching last year’s levels and sitting 20% above the long-term average for November. 

Sales gains in detached, semi-detached, and row homes balanced out a decline in apartment condominium sales, highlighting varied demand across property types.

The most notable change was in inventory. November ended with 4,352 units available—a significant increase from the 3,000 units reported a year ago. However, inventory levels remain below long-term trends for the month.

CREB® Chief Economist Ann-Marie Lurie explained, “Housing supply has faced challenges in recent years due to a surge in population. While increased new home construction has helped improve supply across rental, new home, and resale markets, availability still varies widely based on location, price range, and property type.”

The months of supply rose to just over two months, signaling a shift away from the extremely tight market conditions seen earlier in the year and in the past three Novembers, when supply was under two months. While these more balanced conditions offer promise for buyers, many segments of the market still favor sellers.

Improved supply has moderated the pace of price growth. Year-over-year price increases ranged from nearly 7% for row homes to 9% for apartment-style units. The total residential benchmark price for November reached $587,900, reflecting an annual gain of just under 4%. This slower growth highlights a shift in demand toward more affordable row and apartment units.

While unadjusted prices trended downward with seasonal patterns, seasonally adjusted prices remained stable over the past four months, further signaling a more balanced market environment.