Calgary Housing Market Update | December 2024 (Y/Y)
Overview
The Calgary Real Estate Board (CREB) reported that December 2024 closed with 1,322 units sold. This represents a 3% decrease from December 2023 but remains 20% higher than long-term averages. While total sales for 2024 were slightly lower than 2023 due to supply constraints in lower-priced segments, gains in higher-priced homes emerged as inventory improved later in the year.
Market Highlights
Inventory:
December ended with 2,989 units available, still below historical norms but an improvement from last year. The latter half of 2024 saw inventory growth supported by increased rental options and heightened activity in new home construction.
Prices:
Residential benchmark prices rose by 7% on an annual basis. Although prices stabilized in the second half of the year as supply improved, they remained robust.
2025 Outlook
Supply will continue to be a pivotal factor shaping price trends and overall market conditions. CREB®’s forecast report, set for release on January 21, 2025, will provide deeper insights into the year ahead.
Detached Homes
Sales:
Recent activity has been bolstered by sales of homes priced over $600,000.
Inventory:
While overall inventory improved, variations remain across districts.
Prices:
Detached home prices increased by nearly 11%, with the most significant growth observed in affordable districts such as the North East and East.
Semi-Detached Homes
Sales:
Annual sales grew by 5%, reaching 2,355 units.
Inventory:
Inventory improvements led to balanced conditions in select areas.
Prices:
Prices for semi-detached homes rose by 11%, with the North East and East districts leading the way.
Row Homes
Sales:
With 4,647 units sold, row homes achieved their second-highest sales volume on record, reflecting a 2% increase year-over-year.
Prices:
Prices for row homes surged by 14%, with affordable districts seeing gains exceeding 20%.
Apartment Condos
Sales:
The segment recorded 7,568 units sold, down 4% compared to 2023.
Prices:
Apartment condo prices climbed 15%, with the North East, East, and South districts experiencing the most significant growth.
Regional Market Facts
Airdrie:
Sales rose by 4%, and prices increased by 8%.
Cochrane:
Improved inventory eased market conditions, driving a 9% price increase.
Okotoks:
Sales grew by 8%, while prices also rose by 8%.
Conclusion
Despite supply challenges in certain segments, 2024 marked a year of substantial growth in both sales and prices, positioning Calgary for a dynamic and potentially transformative 2025.
