Calgary’s real estate market in November 2024 highlights a complex balance of rising supply, steady sales, and moderating price trends.
Sales Activity and Market Trends
Calgary recorded 1,797 residential sales in November 2024, relatively unchanged from the same month last year, according to the Calgary Real Estate Board (CREB®). This performance is 20% above the long-term average for November, demonstrating resilient demand. While detached, semi-detached, and row home sales increased, year-over-year flat sales figures were primarily driven by a steep decline in the condominium segment.
Source: Edge Realty Analytics
Supply and Inventory
Inventory levels rose to 4,352 units, a significant 45% year-over-year increase from the 3,000 units reported in November 2023. New listings also climbed by 5% compared to the previous year, according to an Edge Realty Analytics report in December. These gains reflect an ongoing response to strong construction activity and rising population levels, which continue to shape Calgary’s market dynamics.
However, the increased supply has not been uniform. Improvements in housing options vary widely by location, price range, and property type. For example, condominiums, in particular, played a central role in boosting inventory levels, with a 65% year-over-year jump in condo listings, as noted by Edge Realty Analytics.
Market Balance
The sales-to-new listings (S/NL) ratio increased from 64% in October to 70% in November. Months of supply reached just over two months, up from earlier levels of less than two months.
These conditions suggest improving balance, providing buyers with more options. Nonetheless, certain market segments, especially affordable homes, continue to favour sellers due to sustained demand. Calgary remains in a seller’s market, though the dynamics are beginning to normalize.
Source: Edge Realty Analytics
Pricing Trends
Year-over-year, prices are up 4% from the same time last year, with a November benchmark price of $587,900.
- Detached homes saw a 7% year-over-year price increase to $750,100.
- Semi-detached homes recorded an 8% rise to $675,100.
- Row houses increased by 7%, reaching $454,300.
- Condominiums, while seeing higher inventory levels, posted a 9% price gain year-over-year, with a benchmark price of $337,800.
Condominium Market
In the condominium segment, sales dropped 24% compared to last year’s record high. Still, the 429 sales recorded in November remain 47% above long-term trends. New condo listings rose to 1,482, marking a shift in supply that brought months of supply above three months, which is the highest of any housing segment in Calgary.
The November benchmark price for condominiums stood at $337,800, down from October but still 9% higher year-over-year.
Construction
According to Edge Realty Analytics, dwellings under construction rose by 3.3% in October. For a better overall picture and a sense of potential future resale supply, however, excluding purpose-built rentals under construction is helpful. Doing this shows a notable increase in Calgary recently, including an 8.5% increase in October, which is the biggest monthly increase in five years.
Source: Edge Realty Analytics
Affordability
Affordability has improved, with monthly mortgage payments trending lower in Calgary and remaining well below national averages.
Calgary’s real estate market reflects a transitioning landscape. Rising inventory, especially in the condominium segment, is creating opportunities for buyers. At the same time, price growth has moderated. However, the market remains in seller’s territory, although there are some indicators of normalization and the potential for more balanced conditions heading into 2025.
