Calgary Real Estate Market Update - September 2024

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In August 2024, the Calgary real estate market showed signs of moderation compared to the intense seller's market earlier this year. Sales were down 19.5% year-over-year, with 2,186 transactions reported, primarily driven by a drop in sales of homes priced below $600,000. However, the overall market is still performing better than long-term averages.

Inventory increased significantly by 37.3%, bringing the months of supply up to 2.05—an improvement from the tight conditions experienced in the spring, particularly for detached homes, where supply gains in higher price ranges helped ease some of the pressure.

Despite this, the market remains relatively undersupplied compared to historical levels.

The unadjusted benchmark price for all residential properties in Calgary reached $601,800, marking a 6.33% year-over-year increase. Detached homes saw a benchmark price of $762,600, while apartments recorded an increase of 15.8%, with a benchmark price of $346,500. New listings were up 13% from the previous year, and the easing sales and rising inventory indicate a shift towards more balanced conditions, especially in the higher-end market segments.


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