Calgary Real Estate Statistics - September 2024

In the start of October 2024, Calgary's real estate market saw a dip in sales, particularly in the lower price ranges. With 2,003 sales in September, the total was 17% below last year’s record but remained over 16% higher than the typical levels for September.

Chief Economist at CREB®, Ann-Marie Lurie, commented, "New listings are increasing, especially in higher price segments. Although demand remains strong across all price points, the limited availability of affordable homes may have prevented even stronger sales. While the lower-priced home market will likely continue to face challenges, the combination of improved supply and lower lending rates should sustain demand throughout the fall, without the extreme seller's market conditions seen earlier this year."

New listings in September reached 3,687 units, marking the highest number for the month since 2008. This rise helped grow inventory levels to 5,064 units—almost twice as high as the low levels seen in the spring, though still below the typical 6,000 units for September.

The boost in inventory compared to sales has gradually shifted the market towards more balanced conditions, with the months of supply reaching 2.5 in September. Although this marks an improvement over last year’s record low, the market still slightly favors sellers.

With increased supply, home prices have seen less pressure over the past few months. In September, the benchmark price was $596,900, slightly below the previous month but still more than 5% higher than the same time last year. Year-over-year price gains were most notable in detached homes, which saw nearly 9% growth, and apartment condominiums, which recorded almost 14% gains. These increases outpaced the overall residential price growth due to shifting sales patterns across different property types.