The Calgary housing market experienced another strong year in 2024
, with sales and price growth continuing to trend upward
, despite some shifts in market dynamics. December closed with 1,322 sales
, marking a 3% decline
compared to December 2023. However, this number remains nearly 20% higher than the long-term average
, emphasizing the continued demand for housing in the city. While total sales for the year dipped slightly (-1.5%) compared to 2023, certain property types and price ranges saw gains, particularly higher-priced homes. A limited supply of lower-priced homes constrained activity in more affordable segments, but the higher end of the market performed well, thanks to new listings and increased buyer interest. According to CREB® Chief Economist Ann-Marie Lurie, population growth in recent years has bolstered sales activity, allowing the market to outperform historical trends. However, supply challenges in lower price ranges limited potential growth in 2024. Inventory levels remained below long-term averages, but the second half of the year showed significant improvement in availability, especially for higher-priced homes.
Key Market Metrics (December 2024)
- Total Sales: 1,322 (-3% Y/Y)
- New Listings: 1,239 (-0.7% Y/Y)
- Inventory: 2,989 (+37.7% Y/Y)
- Benchmark Price (Total Residential): $583,300 (+7.2% Y/Y)
- Months of Supply: 2.26 months (up from 1.59 last year)
The significant increase in inventory was driven by rising new listings and new home construction, helping to ease supply pressures in some segments. However, market conditions varied significantly across property types and price ranges.
Detached Homes
- December Sales: 613 (+3% Y/Y)
- Benchmark Price: $747,500 (+7.2% Y/Y)
- Months of Supply: 2.00
- Annual Price Growth (2024): +11%
Detached homes remained the most in-demand property type, particularly in the $600,000+ segment, where inventory improved the most. Tight conditions earlier in the year led to significant price growth, particularly in more affordable districts like North East and East Calgary.By the fourth quarter, supply in the higher-priced detached market had improved, leading to more balanced conditions in some areas such as City Centre, North East, and North Calgary. However, seller’s market conditions persisted in other districts, continuing to put upward pressure on prices.
Semi-Detached Homes
- December Sales: 124 (+7% Y/Y)
- Benchmark Price: $677,600 (+8.4% Y/Y)
- Months of Supply: 2.01
- Annual Price Growth (2024): +11%
With limited supply in lower-priced detached homes, many buyers shifted toward semi-detached properties, leading to a 5% increase in annual sales. New listings in this category increased, especially in the higher-priced City Centre district, leading to a more balanced market in Q4.Overall, semi-detached home prices rose nearly 11% year-over-year, with the fastest growth in North East and East Calgary (15%+).
Row/Townhomes
- December Sales: 228 (-10% Y/Y)
- Benchmark Price: $447,400 (+5.9% Y/Y)
- Months of Supply: 2.09
- Annual Price Growth (2024): +14%
Row home sales hit their second-highest annual total ever, growing by 2% compared to 2023. The largest price gains (12-20%) were seen in North East and East Calgary, reflecting high demand in the most affordable districts.New listings increased significantly (up 18% Y/Y), especially in the $400,000+ range, which helped ease inventory shortages and slow down the rapid price increases seen earlier in the year.
Apartments
- December Sales: 357 (-10% Y/Y)
- Benchmark Price: $332,400 (+6.8% Y/Y)
- Months of Supply: 2.90
- Annual Price Growth (2024): +15%
Apartment sales slowed slightly (-4% Y/Y) compared to 2023 but still marked the second-highest year on record. More supply became available throughout the year, shifting the market toward more balanced conditions by Q4.Despite some price corrections in late 2024, overall benchmark prices for apartments still grew by 15% annually, with the strongest gains (20%+) in North East, East, and South Calgary.
Strongest Annual Price Growth:
- East Calgary: +9% Y/Y
- North East Calgary: +4.3% Y/Y
- South Calgary: +5.7% Y/Y
- City Centre: +0.2% Y/Y (stabilized)
Affordable districts such as North East and East Calgary experienced the highest price growth, driven by high demand and limited supply. Meanwhile, City Centre and West Calgary showed slower growth as inventory increased, creating more balanced conditions.
As 2025 begins, the main challenge will continue to be supply availability, particularly in the lower price ranges. The impact of increasing inventory on prices will depend on two key factors:
- The type of new supply entering the market (e.g., new construction vs. resale listings)
- How demand holds up amid shifting economic conditions, including potential changes in interest rates and economic growth.
CREB® will release its official 2025 market forecast on January 21, outlining key expectations and risks for the coming year.
Key Takeaways from the December 2024 Market Report
- Sales remained strong despite a slight year-over-year decline in December.
- Inventory improved significantly, helping ease price pressures in some segments.
- Detached and semi-detached homes led price growth (11% annual increase).
- Row and apartment prices surged in affordable districts, with North East and East Calgary leading growth.
- The second half of 2024 saw shifts toward more balanced market conditions, particularly in higher price segments.
Going forward, Calgary’s real estate market in 2025 will be shaped by supply trends, affordability challenges, and broader economic factors.
For a the full December 2024 CREB Report click
HERE