As winter settles in, Calgary’s housing market reflects the typical seasonal slowdown. However, the market remains robust when compared to the same time last year. Here’s a detailed look at the November 2024 real estate trends:
Sales Trends
November saw 1,797 homes sold, a figure consistent with last year’s activity and an impressive 20 per cent above the long-term average for the month. While sales of apartment condominiums declined, increased activity in detached, semi-detached, and row homes balanced the market, keeping overall sales strong.
Inventory and Supply Dynamics
A significant shift is occurring in Calgary’s housing supply. Inventory levels rose to 4,352 units in November, a substantial increase from the 3,000 units available at this time last year. Despite this improvement, inventory remains below the long-term trend for November.
According to Ann-Marie Lurie, Chief Economist at CREB®, "Housing supply has been a challenge over the past several years due to the sudden rise in population. Rising new home construction has bolstered supply in rental, new home, and resale ownership markets. However, supply improvements vary significantly by location, price range, and property type."
The months of supply—a key metric for assessing market balance—has increased to over two months. This marks a departure from the extremely tight conditions of the past three Novembers, where months of supply dipped below two. While this signals more balanced market conditions, many segments still favour sellers.
Price Performance
Improved supply options have eased the pace of price growth. Year-over-year, the benchmark price increased by:
7% for row homes
9% for apartment-style units
The overall residential benchmark price reached $587,900 in November, reflecting a modest year-over-year increase of just under 4 per cent. Seasonal adjustments show stable pricing over the past four months, even as unadjusted prices trend downward due to seasonal patterns.
What This Means for Buyers and Sellers
For Buyers:
Improved inventory levels and months of supply create more opportunities for those entering the market.
Slower price growth in row and apartment-style homes offers more affordable options.
For Sellers:
Certain segments still favor sellers, particularly in high-demand areas and price ranges.
Pricing strategies should consider the slower pace of growth and increased competition from rising inventory.
Looking Ahead
As Calgary transitions deeper into winter, the market is expected to remain stable yet influenced by ongoing population growth and varying supply levels. Buyers and sellers should monitor localized trends for the best opportunities.
Stay tuned for our December market update as we wrap up an eventful year for Calgary’s real estate market.