Calgary’s real estate market demonstrated strength in 2024. Despite some seasonal declines, the year was characterized by solid sales activity and robust price growth across multiple property types.
Sales and Inventory Trends
In December 2024, the market recorded 1,322 sales, for a 3% decline compared to December 2023, but this figure remained nearly 20% higher than long-term trend levels for the month. Overall sales for 2024 came in just shy of the previous year’s totals. Gains in higher-priced properties helped to counterbalance the pullbacks in the lower price ranges, where supply challenges were more pronounced.
Inventory levels rose as the year progressed. By December 2024, there were 2,989 units available. Although this level is still below long-term December trends, it represents a significant rebound compared to both early 2024 and the prior December. Factors such as improved rental options and increased new home activity contributed to a higher number of new listings in the resale market, particularly in the latter half of the year.
Price Movements and Market Conditions
Price growth was a defining feature of 2024. On an annual basis, residential benchmark prices increased by over seven%, although aggregate data for total residential prices in December 2024 indicated a 3.2% rise to $583,300. Detached homes experienced nearly an 11% increase over the year, with much of that growth occurring during a period in spring when supply was exceptionally low. Price increases were observed across all districts, with the most substantial gains seen in the more affordable districts of the North East and East.
Enhanced supply in the second half of 2024 helped ease some of the upward pressure on prices that had been fueled by tight market conditions earlier in the year. Market performance varied across property types and districts, and both supply constraints and improvements played a role in shaping annual price trends.
Market Segments
Detached Homes
Detached home sales benefited from easing lending rates during the last three months of 2024. Increased demand for homes priced above $600,000 contributed to the improved sales figures, and inventory levels within Calgary’s city limits showed signs of recovery. Market conditions differed among districts; the City Centre, North East, and North District achieved relatively balanced conditions in the fourth quarter, while other districts maintained stronger seller market conditions. In December 2024, the average detached home price reached $747,500, marking a 7.2% increase compared to the previous year.
Semi-Detached Homes
The semi-detached market experienced a shift as limited availability in the lower-priced detached segment led buyers to consider alternative options. Throughout 2024, 2,355 semi-detached homes were sold—a five% increase over the prior year. Gains in new listings relative to sales contributed to a gradual improvement in inventory levels, a trend that was especially noticeable in the higher-priced City Centre district, where the months of supply averaged three in the final quarter. The annual average benchmark price for semi-detached homes was $677,600, reflecting an 8.4% year-over-year rise, with price increases ranging from under 10% in some districts to over 15% in others.
Row Homes
The row home sector continued its strong performance in 2024, achieving 4,647 sales—more than a two% increase over 2023 and the second-highest annual total on record. This improvement was driven by an 18% rise in new listings, particularly for properties priced above $400,000, which helped to boost inventory levels over the year. The annual benchmark price for row homes increased by 14%. District-specific gains varied, with some areas reporting a 12% increase in the City Centre and others, notably in the North East and East, experiencing increases of more than 20%. In December 2024, the average row home price was $447,400, up 5.9% compared to the previous year.
Apartments and Condominiums
The apartment and condominium segment saw a slowdown in sales during the latter half of 2024, resulting in an overall 4% decline in year-over-year apartment transactions. Nevertheless, 7,568 apartment transactions were recorded during the year, making 2024 the second-highest on record. An increase in new listings supported gains in inventory, contributing to a market that became more balanced by year’s end. Although some price adjustments occurred in the final quarter as additional supply came on the market, the annual benchmark price for apartments still registered a 15% increase. In December 2024, the average apartment price was $332,400, representing a 6.8% rise year-over-year.
Regional Market Overview
The broader Calgary region experienced significant activity, with several surrounding markets showing distinct trends.
In Airdrie, sales in 2024 rose more than 4% over the previous year. New listings saw a boost later in the year, pushing the months of supply above two months in September and further improving during the fourth quarter. These developments helped to ease price pressures slightly, although the annual benchmark price still rose by nearly 8%, with stronger increases in higher-density, more affordable homes.
Cochrane’s market showed higher sales relative to new listings, keeping inventory levels constrained. However, in the fourth quarter, an increase in new listings led to a more balanced ratio between sales and inventory, with the months of supply rising above two. These changes resulted in modest inventory gains, and the annual benchmark price in Cochrane increased by nearly 9%, averaging $565,808 in 2024.
In Okotoks, a 16% rise in new listings helped lead to nearly an 8% growth in sales during 2024. However, inventory levels for most of the year remained at approximately half of what is traditionally observed. The benchmark price averaged $615,708; this represents a nearly 8% increase from the previous year. Additionally, continued activity in the semi-detached and row-style segments contributed to price gains of over 11% on an annual basis.
