Calgary Real Estate Market Update: October 2024

Calgary Real Estate Market Update: October 2024

As of October 2024, the Calgary housing market is showing signs of stabilization. With rising inventory and fewer sales compared to last year, the market is gradually shifting away from the intense sellers’ market conditions seen earlier this year.

However, demand remains strong, particularly for higher-priced Calgary homes and Calgary properties. 

mike hickey

October Real Estate Market Insights

In September 2024, Calgary market inventory levels reached 5,064 units—nearly double the levels recorded earlier in the year.

This rise was driven by 3,687 new listings, the highest September total since 2008. However, sales fell by 17% year-over-year, totalling 2,003 units for the month.

Ann-Marie Lurie

“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,”

“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.”

detached homes calgary

Detached Homes

Detached homes continue to face limited supply for lower-priced properties, while homes priced over $700,000 saw some gains. In September 2024, 942 detached homes were sold, a 17% decrease from the same time last year. The increased availability of higher-priced single family homes helped ease pressure on prices, with the benchmark price for detached houses reaching $757,100—up by 9% year-over-year.

Districts like north east and south east Calgary experienced the most significant price gains, solidifying their position as strong options for property investment .

semi detached homes calgary

Semi-Detached Homes

Sales in the semi-detached market totaled 182 in September, with 299 new listings. This brought the sales-to-new listings ratio to 61%, signaling improving balance in the market.

Despite this, the semi-detached home market continues to favour sellers, particularly in districts like north west and the city centre. The benchmark price for semi-detached homes was $678,400, up 9% from last year .

calgary row homes

Row Homes

The row house market saw an increase in listings, especially in the north and south districts. Over 600 new listings were added, leading to a 10% year-over-year price gain, bringing the benchmark price to $459,200.

With inventory rising to 747 units and months of supply reaching 1.98 months, the row home market is slowly becoming more balanced, but still remains favourable for sellers .

apartment condominiums calgary

Apartment Condominiums

Apartment condominiums experienced a surge in new listings, with 993 units added in September 2024. Sales, however, dropped to 502 units, pushing the months of supply to 3.23.

Inventory also rose to 1,623 units, leading to a slight moderation in price growth. The benchmark price for apartment condos was $345,000, up 14% from last year .

Calgary Housing Market Insights

mike hickey realtor

October CREB Report

Key factors, such as rising interest rates, mortgage payments, and increasing property taxes, continue to impact both buyers and investors in the Calgary real estate market. The growth in inventory, combined with moderating price increases, is starting to provide more balance in the market. However, competition remains high, particularly for Calgary homes in popular districts like north east and south east Calgary .

The CREB report highlights that while the market is shifting toward more balanced conditions, home buying remains competitive across most Calgary properties. This is especially true in the higher price ranges, where inventory has improved but remains limited for affordable housing.

calgary market update october

Regional Market Highlights

north calgary homes
top realtor mike hickey
south calgary real estate

Airdrie

Airdrie saw its inventory rise to 349 units in September, while sales totalled 151 units. The benchmark price in Airdrie stood at $551,000, marking a 7% year-over-year increase .

Cochrane

In Cochrane, new listings continued to rise, with 174 units available and 58 sales recorded. The benchmark price for Cochrane homes reached $578,300, up nearly 9% year-over-year.

Okotoks

Okotoks experienced 67 sales in September, with inventory levels remaining low at 106 units. The benchmark price in Okotoks rose to $630,300, up 9% compared to last year .

Top Realtor Mike Hickey

Ready to explore the Calgary real estate market? Stay educated on the Calgary market!

Contact Realtor Mike Hickey for expert guidance on buying or selling your next home today!

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FAQ - Calgary Real Estate Market

The Calgary real estate market is gradually moving toward more balanced conditions, with increased inventory and supply and slower sales.

However, demand remains high for homes in the upper price ranges, while affordable housing remains limited.

Compared to other Canadian cities, Calgary’s market remains competitive, particularly for buyers seeking single-family homes, semi-detached houses, or property investment opportunities.

The rise in new listings has contributed to improved inventory, but interest rates and mortgage payments remain challenges for buyers.

Rising property taxes in Calgary are influencing both homeowners and investors, particularly in the residential and commercial real estate Calgary lease markets. Increased taxes are adding to the cost of home buying and property investment, making it important to account for these expenses when considering a purchase.

Long-term market trends suggest that Calgary will continue to see demand for housing across all property types. CREB updates indicate that supply may improve over periods of time, especially for higher-priced homes.

However, total population growth in Calgary will likely keep demand strong, particularly in high-demand districts like north east and south east.

Rising interest rates have led to higher mortgage payments, making home buying more expensive, especially for first-time buyers.

However, lower lending rates expected in the future may provide relief to buyers.

A knowledgeable Calgary realtor, like Realtor Mike Hickey, can help buyers and sellers navigate the complex real estate landscape, providing insights on inventory and supply, negotiating prices, and identifying ideal property types that suit your needs.

For a structured view of Calgary’s real estate market trends, you can refer to the table of contents in the CREB report, which provides organized insights into inventory levels, price changes, and specific property types like semi-detached houses and row homes.

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