Calgary Real Estate Market Update – November 2024
As the winter season sets in, Calgary’s real estate market shows typical seasonal trends, with activity slowing compared to earlier months. However, demand remains strong compared to long-term averages. November 2024 recorded 1,797 sales, consistent with last year’s figures and still 20% above historical norms for the month.
While sales in the apartment sector declined, detached, semi-detached, and row home sales showed year-over-year increases, reflecting buyers’ interest in diverse property types. Here’s an in-depth look at Calgary’s real estate performance in November 2024.
Inventory and Supply Trends
Inventory Levels:
Calgary’s inventory rose significantly to 4,352 units in November 2024, compared to just 3,000 units last year. This marks an improvement in housing options for buyers, although inventory remains below long-term averages.
Months of Supply:
The months of supply increased to over two months, providing more balanced conditions compared to the extremely tight markets of recent years. However, supply levels vary significantly by price range, with homes priced under $700,000 remaining in higher demand and tighter supply.
Price Performance by Property Type
Detached Homes:
- Benchmark Price: $750,100 (up 7% year-over-year)
- Detached homes saw strong performance, with prices moderating slightly from October but remaining significantly higher than November 2023. Sales activity was driven by homes priced above $600,000, while those below $700,000 continued to face tighter inventory.
Semi-Detached Homes:
- Benchmark Price: $675,100 (up 8% year-over-year)
- Semi-detached homes experienced notable gains, thanks to increased inventory and strong buyer demand. With 173 sales in November, the semi-detached segment remains competitive, particularly in price ranges below $700,000.
Row Homes:
- Benchmark Price: $454,300 (up 7% year-over-year)
- Row homes continued to attract buyers seeking affordable alternatives to detached homes. Sales improved by 24% year-over-year, supported by increased inventory levels and steady demand across various districts.
Apartment-Style Units:
- Benchmark Price: $337,800 (up 9% year-over-year)
- Apartments saw mixed results in November. While sales declined by 24%, the sector benefitted from higher inventory levels, easing some pressure on prices. The months of supply for apartments increased to 3.45 months, creating a more balanced environment for buyers and sellers.
Key Highlights by District
- City Centre:
- Detached Benchmark Price: $926,800
- Row Home Benchmark Price: $620,000
- Apartments in the City Centre remain popular, with diverse price ranges catering to both luxury buyers and budget-conscious individuals.
- North East and East Districts:
- Detached Benchmark Price: $409,300
- Row Home Benchmark Price: Below $400,000
- These districts continue to offer some of the most affordable housing options, appealing to first-time buyers and investors.
- South and North West Districts:
- Strong demand for family-oriented homes with access to schools, parks, and amenities keeps prices stable and inventory turnover high.
Market Outlook
While November’s numbers reflect typical seasonal adjustments, Calgary’s real estate market remains robust. Rising population levels, increased new construction, and improved resale inventory are shaping the city’s housing landscape.
Buyers are finding better opportunities in certain segments, particularly in the apartment market and higher-priced detached homes. However, affordable options remain competitive, with tight inventory and seller-favorable conditions persisting in homes priced under $700,000.
Calgary Surrounding Areas
As winter sets in, the real estate markets in Airdrie, Cochrane, and Okotoks are showing distinct trends, influenced by seasonal factors and ongoing shifts in supply and demand. Here’s a closer look at how these communities performed in November 2024.
Airdrie Real Estate Market
Sales and Inventory Trends
- Benchmark Price: $543,300 (up 4% year-over-year)
- Sales: 126 units
- Inventory: 344 units
- Months of Supply: 2.73
Airdrie’s inventory levels have improved, bringing the market closer to pre-2020 norms. Detached and row-style properties made up 84% of the available inventory, offering more options for buyers. Sales remained strong, driven by steady demand for detached homes and apartments.
Apartment-style homes saw the largest year-over-year price increase, surging nearly 16%. Meanwhile, detached and row-style properties also reported moderate price growth, reflecting balanced market conditions.
With new listings helping to stabilize inventory, Airdrie’s market is showing early signs of becoming less seller-dominated.
Cochrane Real Estate Market
Sales and Inventory Trends
- Benchmark Price: $568,600 (up 3.8% year-over-year)
- Sales: 65 units
- Inventory: 172 units
- Months of Supply: 2.65
Cochrane experienced a surge in both new listings and sales this November, making it one of the most active Novembers on record. Detached homes led the sales activity, accounting for the majority of transactions.
The benchmark price for Cochrane rose by nearly 4%, with apartment-style homes showing the largest year-over-year gains. Despite the rise in new listings, inventory remains tight, with levels 18% below long-term averages for the month.
The months of supply in Cochrane sits at 2.65, offering buyers slightly more flexibility than in previous months, though the market still favors sellers in the under-$600,000 price range.
Okotoks Real Estate Market
Sales and Inventory Trends
- Benchmark Price: $624,000 (up 6% year-over-year)
- Sales: 52 units
- Inventory: 75 units
- Months of Supply: 1.44
Okotoks continues to struggle with low inventory, a trend that has persisted since late 2020. November saw 52 sales, keeping the months of supply at just 1.44, well below balanced market levels.
Detached homes drove much of the activity, with prices reaching $707,300. Row-style properties also saw significant gains, contributing to the overall 6% price increase compared to November 2023.
Unlike other areas, new listings in Okotoks declined in November, further constraining supply. This imbalance between demand and supply has kept Okotoks firmly in a seller’s market.
Key Takeaways
- Airdrie: Improved inventory levels are easing some of the upward pressure on prices. Buyers now have more choices across property types.
- Cochrane: A robust increase in both sales and new listings signals strong demand, particularly for detached homes.
- Okotoks: Tight inventory and high demand continue to drive price growth, with limited relief for buyers in sight.
Navigating the Market
Whether you’re looking for a home in Airdrie, Cochrane, or Okotoks, staying informed about market trends is key to making the right decision. At Maverick Group, we specialize in helping buyers and sellers achieve their real estate goals in Calgary and its surrounding communities.
Looking to explore homes for sale in Airdrie, Cochrane, or Okotoks? Contact us today for expert guidance and personalized support. Let us help you find the perfect property or maximize the value of your current home in Alberta’s dynamic real estate market!
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