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Townhouses in Calgary
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Welcome to our comprehensive update on the current state of the Calgary real estate market this Ocrober/November 2024. For both seasoned investors, prospective home owners and home sellers, this update offers valuable insights to inform strategic decisions in the ever-evolving Calgary real estate market. Let’s get started!
Quick Summary:
Sales & Price Ranges:
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- Calgary’s real estate market saw strong demand in October, particularly in homes priced above $600,000, which balanced out a reduction in sales of lower-priced properties. October sales were stable year-over-year, with 2,174 sales, 24% above the long-term average.
- Ann-Marie Lurie, Chief Economist at CREB, noted that the market might have seen even higher activity if more lower-priced homes were available.
- The supply constraints in lower price ranges have resulted in distinct market conditions, with higher-priced homes experiencing more balanced conditions, while lower and mid-priced homes remain in a seller’s market.
Inventory & Supply Trends:
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- Inventory levels improved significantly in October with 4,966 units, compared to last year’s record-low inventory of 3,205 units. This increase helped ease some of the tight market conditions, though nearly 50% of available homes are now priced over $600,000, altering the composition of available housing.
- While inventory gains have led to a less intense market compared to the spring of 2023, the overall supply remains relatively tight. The market now has an average of 2.3 months of supply and a 67% sales-to-new-listings ratio. Inventory distribution varies considerably, with less than two months of supply for detached homes under $700,000, but over three months for homes priced above $1,000,000.
Overall Pricing:
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- The benchmark price across all residential properties was $592,500 in October, showing over a 4% increase compared to October 2023. Year-to-date, the benchmark price has averaged an increase of 8% compared to last year.
- Seasonal trends caused a slight decline in unadjusted prices from September to October, though seasonally adjusted prices remained stable, indicating strong underlying market fundamentals.
Credit: https://wowa.ca
What are the mortgage rates in Calgary right now – November 2024?
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Detached Homes in Calgary
- Sales of detached homes in October were 1,071 units, representing an increase over September and nearly 10% higher than in October of the previous year.
- New listings grew compared to last year but slowed from September, which kept the sales-to-new-listings ratio high at 69% and prevented further inventory growth.
- Inventory for detached homes remained close to two months of supply, slightly improved from last year’s levels. The unadjusted benchmark price for detached homes was $753,900, up 8% year-over-year. Additional higher-priced inventory has eased some price pressure, though seasonal trends influenced a slight monthly pullback.
Semi-Detached Homes (Duplexes) in Calgary
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- October sales for semi-detached homes increased by over 6% year-over-year, with inventory levels also improving due to rising new listings, especially in the higher-priced segments.
- The market for semi-detached homes moved towards a more balanced condition thanks to these inventory increases, though with only two months of supply overall, the seller’s market conditions persist.
- The benchmark price for semi-detached homes was $677,000, up over 8% compared to October 2023, with year-to-date prices averaging an 11% gain.
Townhouses in Calgary
- The year started strong for row houses, but sales slowed from June onwards, not due to waning demand but rather due to a lack of supply in the under-$400,000 range.
- New listings in the lower price segment fell by 35%, impacting the overall number of row house sales. Year-to-date sales remained comparable to 2023, with declines in lower-priced homes offset by gains in higher-priced ones.
- The benchmark price for row houses reached $456,600 in October, an 8% increase over last year. Year-to-date, row house prices rose by nearly 16%, with supply increases helping reduce price pressures.
Apartments
- Despite October showing the fifth straight month of year-over-year declines in condo sales, demand remains historically high, with 6,782 sales year-to-date, only slightly lower than last year’s peak.
- Factors like high lending rates, rising rents, and limited lower-priced options are driving up demand for condos, especially as supply in lower price segments remains limited.
- Inventory for condos increased in the $300,000–$500,000 range, creating more balance at those price points, while tighter conditions persisted in lower-priced options. The benchmark price for condos was $341,700 in October, up 11% year-over-year, though a minor monthly decline was attributed to seasonal changes and higher availability in newly completed projects.
Regional Market Update
Airdrie
- Both sales and new listings in Airdrie rose year-over-year, though a drop in new listings from September led to a higher sales-to-new-listings ratio of 67%.
- Inventory growth helped transition Airdrie toward a more balanced market, ending three years of limited supply. The benchmark price for October was 5% higher than last year, with slight monthly declines due to seasonal factors.
Cochrane
- Cochrane saw a strong performance in October, with sales remaining above long-term averages, boosted by record-high new listings for the month.
- Inventory in Cochrane remains below long-term trends despite recent gains, keeping months of supply at 2.3. The benchmark price increased by 6% year-over-year, and year-to-date prices averaged over 9% higher than in 2023.
Okotoks
- Okotoks also saw sales rise year-over-year, supported by increased new listings that eased inventory limitations. October inventory was 103 units, up from 66 units last October.
- With less than two months of supply, the market conditions continue to favour sellers. The benchmark price for October was over 6% higher than last year, with an 8% year-to-date gain, despite slight monthly seasonal declines.
Do you have questions about buying or selling your home?
I am a licensed real estate agent/Realtor and a property manager with CIR REALTY in Calgary, Alberta. I’ve been in real estate since 2011. Learn about me here.
If you want to get more information quickly and save yourself some time and effort, just send me a message, book an appointment with me (office or Zoom) or send me a text message – 403.835.6913 (I do not always pick up my phone as I am busy with clients, so for the fastest response, it’s better to text me or schedule an appointment online), and I’d be happy to help you figure out the best type of property in Calgary for you and your family.
If you are curious about what’s on the Calgary real estate market right now and want to know about interesting and fun Calgary events, sign up for my “Calgary Weekly Events in Your Inbox” here: http://bit.ly/yyceventslist
Summary
Article Name
Calgary Real Estate Market Update: November 2024
DescriptionStay informed with the latest Calgary Real Estate Market Update for November 2024. Discover key trends, housing prices, and expert insights to guide your buying or selling decisions.
Author
Anastasia Dvorak
Publisher Name
Calgary Lifestyle Guide
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