Calgary Real Estate Market Update: September 2024
September in Calgary remains a story of contrasts, with divergent trends emerging between different price segments. Overall, the month saw slower sales activity and an increase in inventory year-over-year. While demand remained relatively strong across all segments, inventory growth and increased sales activity were concentrated in the higher price ranges. Meanwhile, inventory in the lower price segments stayed limited, demand in this market has also slowed slightly.
“Sales in the higher price segments rose, but they couldn’t fully counterbalance the slowdown in the lower price ranges”
The average days on market rose to 24 days, still under a month but indicating a slower pace of sales. Properties are taking a bit longer to sell, and multiple offers are becoming less common. Many sellers have had to reduce their prices to adjust to the changing market conditions and recalibrate from their initial asking prices.
“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” noted Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”
As we head into the fall market, it’s crucial to not only look at year-over-year statistics but also consider historical averages. Last year and the beginning of this year were defined by an extremely hot sellers’ market, which has since cooled. The increase in inventory relative to sales has been shifting the market toward more balanced conditions. That said, the market still currently favors sellers, but we anticipate a shift toward increased buyer demand in Q1 and Q2 of next year, driven by expected declines in interest rates.
Calgary Market Stats – September
- Sales: 2,003 in September (↓ 17% YoY), still 16% above typical September levels.
- New Listings: 3,687 units (highest since 2008).
- Inventory: 5,064 units—almost double spring lows, but below the usual 6,000 units.
- Benchmark Price: $596,900 (↓ slightly from last month, ↑ 5% YoY).
- Year-over-Year Price Gains:
- Detached homes: ↑ ~9%
- Apartment condos: ↑ ~14%
- Price Growth Drivers: Changes in sales composition across property types.
Calgary September Market Stats by Product Type
Detached
- 9% growth in sales over $700,000.
- Decline in sales for homes priced below $600,000.
- September sales: 942 units (17% decline year-over-year).
- Improved sales for higher-priced homes due to rising new listings.
- Market showing balanced conditions for homes priced above $700,000.
- September benchmark price: $757,100 (slight decline month-over-month, 9% higher year-over-year).
- Largest year-over-year price gains in North East and East districts.
Semi-Detached
- September: 299 new listings and 182 sales.
- Sales-to-new listings ratio: ~61%.
- Rising inventory levels; still 33% below long-term trends.
- September months of supply: slightly over 2 months.
- Seller’s market conditions persist.
- September benchmark price: $678,400 (slight decline month-over-month, 9% higher year-over-year).
Row
- Over 600 new listings in September (70% priced above $400,000).
- 34% of new listings in North and South districts.
- September sales: 377 units (slight decline year-over-year).
- September inventory: 747 units (improvement over the last two years but below long-term trends).
- September months of supply: nearly 2 months.
- Seller’s market conditions remain.
- September benchmark price: $459,200 (10% higher year-over-year).
Apartment Condominium
- Strong gains in new listings continued into September (993 units).
- September sales: 502 units.
- Sales-to-new listings ratio dropped to 50%.
- Inventory rose to 1,623 units.
- 72% of inventory priced above $300,000 (compared to 58% last year).
- September months of supply: 3.2 months (highest since 2021).
- September benchmark price: $345,000 (14% higher year-over-year).
- Year-to-date prices: 17% year-over-year gain.
Regional Market Facts
- Airdrie
- September inventory: 349 units (improvement over the last three years).
- September sales: 151 units.
- Months of supply: 2.3 months.
- September benchmark price: $551,000 (7% higher year-over-year).
- Cochrane
- Year-to-date sales: 6% higher year-over-year.
- September inventory: 174 units; 58 sales.
- Months of supply: 3 months (first time since 2020).
- September benchmark price: $578,300 (similar to last month, 9% higher year-over-year).
- Okotoks
- September inventory: 106 units.
- Months of supply: 2 months.
- September benchmark price: $630,300 (1% higher month-over-month, 9% higher year-over-year).
