Calgary Real Estate Market Update – October 2024
October’s real estate market in Calgary reveals a shift in dynamics, with increased supply in the higher-priced segments providing a more balanced environment for buyers and sellers. This month, the Calgary area saw a total of 2,174 home sales, marking a steadying trend compared to the previous year, with sales climbing above September’s figures and standing 24% above long-term trends for October.
Market Overview and Sales Activity
Demand in Calgary’s real estate market remains resilient, particularly in homes priced above $600,000, balancing out a softening at the lower end. Despite the tight market conditions for lower-priced properties, the 3,264 new listings this month contributed to an increase in overall inventory levels. As of October, Calgary’s inventory reached 4,966 units—a marked improvement from the ultra-low 3,205 units last October.
Sales by Property Type:
- Detached Homes: With 1,071 sales, detached homes saw a 10% increase compared to last October. The average benchmark price was $753,900, reflecting an 8% year-over-year rise. Detached homes priced under $700,000 remain in high demand, with less than two months of supply, whereas homes over $1 million report over three months of supply, signaling softer conditions at the high end.
- Semi-Detached Homes: This category saw a modest gain in sales, totaling 190, up 6% from last year. New listings also increased by 20%, contributing to a slight improvement in inventory. The benchmark price for semi-detached homes was $677,000, up 8% from last year.
- Row Houses: Row homes reported 353 sales, a 6% decline from October 2023. With a benchmark price of $456,600, up 8% year-over-year, and a moderate supply increase, conditions have started to ease, especially in the $400,000+ range.
- Apartments: Sales in the apartment sector decreased by 13% year-over-year, but demand remains high due to affordability pressures and a surge in rental rates. The benchmark price was $341,700, marking an 11% year-over-year increase.
Pricing Trends and Benchmark Prices
Despite seasonal adjustments bringing slight monthly price declines, the Calgary real estate market continues to exhibit robust year-over-year growth in benchmark prices across all property types. October’s overall benchmark price reached $592,500, representing a 4% increase from last year.
District Highlights:
- City Centre: The benchmark price in the City Centre reached $599,500, with a modest 3.2% annual increase.
- North West: In North West Calgary, prices rose by 5.1% year-over-year, bringing the benchmark price to $641,700.
- South East: South East Calgary saw a 6.2% increase in benchmark price, now at $582,800.
- East: The East District experienced the most significant increase, with an 11.5% year-over-year growth, bringing the benchmark price to $434,600.
Inventory Levels and Supply Conditions
The inventory composition in Calgary continues to shift, with nearly half of all residential units now priced above $600,000. Supply for homes priced below $400,000 remains tight, creating persistent seller’s market conditions in this range, while the upper end shows a more balanced environment.
As of October, Calgary’s months of supply reached 2.3 months, an increase compared to earlier in the year. Detached homes below $700,000 maintain under two months of supply, while homes over $1 million have eased to over three months of supply.
Summary
Calgary’s real estate market remains strong as we head into the year’s final quarter. With sales, supply, and benchmark prices stabilizing, the market shows signs of moving toward more balanced conditions in the higher price ranges, though affordability constraints continue to drive demand for lower-priced homes.
October 2024 Calgary Region Real Estate Market Update
The Calgary region’s real estate market is seeing notable trends this October, with shifts in inventory and pricing patterns across surrounding cities and towns. Here’s a detailed look at what’s happening in each area:
Airdrie
Airdrie real estate market is experiencing a strong seller’s market, with a benchmark price of $546,300 in October 2024. Sales rose to 154 units, supported by a rise in new listings, which reached 231. Although the new listings provided more options for buyers, the 67% sales-to-new-listings ratio kept inventory from seeing substantial monthly growth. October inventory stands at 365 units, leading to a months-of-supply figure of 2.37, slightly favoring sellers. Airdrie’s persistent high demand has kept the annual benchmark price 6.3% higher than last year, continuing a trend of steady price increases.
Okotoks
In Okotoks, inventory levels have risen, providing buyers with more options. The benchmark price sits at $618,300, reflecting a year-over-year increase of 7.2%. October sales reached 60 units, while new listings hit a record high for the month, allowing inventory to rise to 178 units. The months of supply rests at 2.34, suggesting moderately tight market conditions that still favor sellers. Prices have eased slightly from last month but remain approximately 6% higher than last October, underscoring Okotoks homes for sale enduring appeal.
Cochrane
Cochrane saw both sales and new listings increase over October 2023, leading to a benchmark price of $571,800—a 6.0% year-over-year increase. October sales reached 76 units, while new listings tallied at 102, resulting in a relatively balanced sales-to-new-listings ratio of 49%. Inventory levels remain higher than last year at 365 units, contributing to a months-of-supply figure of 2.37. This gradual rise in supply has helped ease pricing pressures, with Cochrane’s October prices stabilizing slightly from their earlier peaks.
Chestermere
Chestermere’s real estate market is marked by a high benchmark price of $701,400, representing a 6.6% year-over-year increase. With 50 sales recorded in October and new listings reaching 102, the area maintains a relatively balanced inventory. The months of supply rose to 4.16, indicating that supply constraints are easing, and buyers have more choice compared to earlier in the year. This shift towards balance is helping to stabilize prices, although they remain notably high relative to neighboring towns.
Rocky View Region
The Rocky View region saw robust real estate activity in October, with a benchmark price of $638,600, reflecting a 5.9% year-over-year increase. Sales for the month totaled 141, while new listings reached 207, resulting in a sales-to-new-listings ratio of 68%. Inventory levels were 430 units, resulting in a 3.05 months-of-supply, suggesting a market shift toward balance. The increased supply options have helped ease price pressure, providing more choices for buyers while still supporting healthy price growth.
Foothills Region
The Foothills region continues to experience tight market conditions, with a benchmark price of $631,500—up 6.1% year-over-year. October saw 121 sales with a total of 159 new listings, leading to a low months-of-supply of 2.38. Inventory remains limited, with 288 units available, keeping upward pressure on prices. These conditions suggest that the Foothills region remains a desirable area for buyers, especially for those seeking rural or semi-rural properties near Calgary.
Mountain View Region
The Mountain View region showed a moderate pace of activity with a benchmark price of $469,300, reflecting a year-over-year increase of 5.3%. October recorded 57 sales, with new listings at 76. Inventory stands at 148 units, resulting in a 2.60 months-of-supply, offering more choices for buyers compared to prior months. Prices have remained relatively stable over the past few months, partly due to a shift away from the high-demand conditions seen in early 2024.
These October trends illustrate the Calgary region’s dynamic market, where increased inventory is bringing more balance, especially in higher-priced segments. While seller conditions persist in many areas, easing supply constraints are gradually stabilizing price growth across the Calgary metropolitan area and its surrounding towns.
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