Calgary saw 1,322 sales in December, a three per cent decline over the year prior, but almost 20 per cent higher than long-term trends, the Calgary Real Estate Board (CREB) reports. Overall 2024 sales came in just under 2023’s levels.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, CREB’s chief economist, in a press release.

“That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.” 

More inventory, lower prices

2,989 units of inventory were available in December—below long-term trends for the month but higher than December 2023 levels and those from early 2024. This was due to more rental options and new home activity.

Likewise, more housing options have relieved some pressure on home prices, which were high in the spring but stabilized in the second half of the year. Annually, total residential benchmark prices improved by over seven per cent. 

Detached homes

Sales of detached homes improved year-over-year in the year’s final quarter, particularly for properties over $600,000, thanks to easing lending rates. Inventory levels went up in this category within the city but varied across districts. Prices rose by almost 11 per cent in 2024, most of which occurred in the spring amid low inventory.

Semi-detached homes

2,355 semi-detached homes sold last year, with an annual gain of five per cent. Inventory levels increased thanks to gains in new listings relative to sales, much of which occurred in the higher-priced City Centre district. This category’s annual average benchmark price increased by nearly 11 per cent to $669,042 in 2024, and prices improved across all districts.

Row homes

Last year, 4,647 row homes sold, over two per cent more than the year prior and the second-highest total on record. This was thanks to an 18 per cent gain in new listings. While improved supply alleviated prices by the end of 2024,  the annual benchmark price rose by 14 per cent. Prices rose across all districts.

Apartment condominium homes

2024’s apartment condominium sales slowed by four per cent compared to 2023, resulting in 7,568 transactions, the second-highest year on record. New listings went up and helped create more balanced conditions. Prices declined in the last quarter but didn’t offset the strong gains from earlier in the year, with the annual benchmark price rising by 15 per cent.

Review the full December 2024 report for Calgary’s city and regional area. 

The Calgary Real Estate Board says November home sales remained on par with last year’s levels, as gains in detached, semi-detached and row home sales balanced out a drop in condo sales. 

A total of 1,797 homes were sold last month, up 0.8 per cent from November 2023 and roughly 20 per cent above long-term averages. Sales dropped 17.3 per cent from October, following “typical seasonal trends.”

The benchmark price for all property types was $587,900, a 0.8 per cent decrease from October but 3.5 per cent higher year-over-year.

CREB notes a “significant shift” in supply; inventory levels rose to 4,352 units in November, a jump from the 3,000 units reported during the same month last year. 

“Housing supply has been a challenge over the past several years due to the sudden rise in population,” notes Ann-Marie Lurie, chief economist at CREB. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets,” Lurie says while noting that supply improvements “vary significantly by location, price range and property type.”

Detached home sales saw growth in higher price ranges, particularly for properties above $600,000. Semi-detached and row homes also recorded gains, supported by rising supply levels. Meanwhile, condominium sales fell from last year’s record November but remained 47 per cent above long-term trends.

The months of supply increased to over two months, up from the “extremely” low levels seen earlier this year, though CREB notes many segments still favour sellers. 

Calgary’s real estate market saw a significant decline in overbidding activity in this year’s third quarter (Q3), with only 10 per cent of neighbourhoods experiencing homes selling above asking, compared to 54 per cent in the second quarter, according to an analysis from Wahi.

Homes sold within $5,000 in nearly 70% of Calgary neighbourhoods despite overbidding drop

The company notes this drop doesn’t signal a collapse in home prices or significant losses for sellers, but rather that prices across most neighbourhoods remained stable.

Over two-thirds (69 per cent) of about 200 Calgary neighbourhoods saw homes sell within $5,000 of asking price.

In Q3, the median price of a Calgary home stood at $561,000, down 2 per cent from the previous quarter but still up 13 per cent compared to the same time last year. While Calgary as a whole slightly moved into underbidding territory, the median underbid amount was a modest $4,925, reflecting overall market stability.

“The Calgary market has been holding steady despite an apparent rise in underbidding activity,” says Wahi CEO Benjy Katchen. One factor Katchen attributes to this is the fact that summer is short and people tend to go away on vacation.

A drop in home sales with stable prices

Although home prices remained relatively stable, Calgary saw a sharp drop in home sales during Q3.

A total of 6,585 homes sold, representing a 25 per cent decline from the previous quarter and a 16 per cent decrease from the same period in 2023.

Top Calgary underbid & overbid neighbourhoods in Q3

149 Calgary neighbourhoods were in underbidding territory in the third quarter, with the largest underbids found in upscale areas where home prices range from $1 million to over $2 million.

Cambrian Heights was the exception, with lower price points but still significant underbidding.

19 neighbourhoods remained in overbidding territory, and Red Carpet led the way with a median overbid of $10,200. Despite this, the overall market saw little in the way of large price increases.

This week, the Calgary Real Estate Board (CREB)’s Realtor Community Foundation (RCF) awarded community grants to L’Arche Association of Calgary, HomeSpace Society, The Mustard Seed and Discovery House Family Violence Prevention Society.

These grants will help with major repairs and renovations to existing housing or shelter supply, to keep people housed in their communities. This year, the RCF increased the amount of annual funding with a total of $115,500 allocated to the community grant, $10,000 more than in 2023.

“We are deeply inspired by the significant impact these non-profit organizations have on their communities, and we are proud to support them on behalf of our local realtors,” says Catherine Chow, chair of CREB Realtor Community Foundation.

“Unity in our local communities is crucial to improving housing and shelter solutions for those who need it most. Together, we can build a brighter future for Calgary and surrounding areas.”

The recipients 

L’Arche Association of Calgary is a charity that supports people with intellectual disabilities to participate in a community designed to bring out their best. The organization has five homes in Calgary with supported independent living and day programming, and grant funds will enable essential renovations at one of the homes to ensure it meets standards and provides a secure and healthy living space for residents.

HomeSpace Society builds and manages specialized, affordable housing for vulnerable people in Calgary. One of its buildings that offers permanent supportive housing and a palliative care suite needs several updates and maintenance to ensure good quality housing for residents, which the grant funds will be dedicated to.

The Mustard Seed is a non-profit organization that cares for individuals experiencing poverty and homelessness by providing a space where people can have their physical, mental and spiritual needs met. Funds will be used to upgrade the flooring in several units.

Discovery House Family Violence Prevention Society serves women and children leaving domestic violence by helping them rebuild their lives. The shelter has two-, three-, and four-bedroom apartments, a childcare centre, counselling rooms, community spaces and an enclosed courtyard with a play area and garden. Funds will target updating one of the suites with new flooring, lighting, appliances and furnishings.

Last month, the Calgary Real Estate Board (CREB) reported that climbing sales in higher price ranges couldn’t fully offset the decline in lower-priced homes. This led to 2,003 sales — 17 per cent below last year’s record. However, sales were still over 16 per cent higher than typical September levels.

Demand strong across all price ranges but lower-priced choice is limited, preventing stronger sales

“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,” says 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.”

Lurie explains that challenges in the lower price ranges aren’t expected to change and improved supply and lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that fueled rapid price growth earlier this year.

New listings

New listings in September climbed to 3,687 units, the highest since 2008 for this month. While this rise helped boost inventory, September’s count reached 5,064 units — almost double the spring lows but still below the usual 6,000 units for September.

With inventory improving compared to sales, the market is gradually shifting towards more balanced conditions. In September, months of supply reached 2.5 — higher than last year’s record low but creating conditions that still favour sellers.

Home prices and inventory

Increased supply has eased some pressure on home prices. September’s unadjusted benchmark price was $596,900, slightly lower than August but still over 5.0 per cent higher than last year. Detached homes saw nearly 9.0 per cent year-over-year price growth, while apartment condominiums led with a 14 per cent gain, highlighting the shifting sales composition.

Detached homes

Despite 9.0 per cent sales growth for homes over $700,000, a significant pullback in homes priced below $600,000 resulted in 942 total sales — 17 per cent less than last year. New listings are stabilizing the higher-priced segment, leading to more balanced conditions for homes priced above $700,000.

In September, the unadjusted detached benchmark price was $757,100 — down slightly from August but nearly 9.0 per cent higher year-over-year. Tighter conditions for lower-priced homes have driven much of this price growth.

Semi-detached homes

September saw 299 new listings and 182 sales, pushing the sales-to-new-listings ratio to 61 per cent. Despite gains in listings, inventory remains tight, with less than 400 units available — 33 per cent below long-term trends. Months of supply improved to just above two but remained seller-favourable, and the unadjusted benchmark price eased slightly to $678,400 — still over 9.0 per cent higher than last year.

Row homes

Over 600 new listings hit the market in September, with 70 per cent priced above $400,000. Sales totaled 377 units, slightly down from last year, but inventories rose to 747 units — an improvement over the past two years. This increase led to nearly two months of supply, slowing price growth. The unadjusted benchmark price was $459,200 — 10 per cent higher than last year.

Apartment condominium homes

September saw strong gains in new listings with 993 units, while sales dropped to 502. This drop caused the sales-to-new-listings ratio to fall to 50 per cent and inventories to rise to 1,623 units. Months of supply climbed to 3.2, the highest since 2021. The unadjusted benchmark price for apartment condominiums was $345,000 — up 14 per cent year-over-year. Despite the price easing, year-to-date prices still reflect a 17 per cent increase over 2023.

Review CREB’s full reports for the city and region.

Calgary-based realtor Renata Reid has an inspired way with open houses that’s helping to reshape the traditional format and kick this timeworn marketing tool up to the next level.

As senior vice president of sales for Sotheby’s International Realty Canada, Reid believes that open houses should tell a story and sell a lifestyle. Her brokerage has done a number of marketing videos featuring her techniques, hoping to fire the imaginations of agents across the country.

Are open houses still worthwhile in this fractured, digitally-driven market? And what, you may ask, could Reid possibly be doing in this threadbare milieu to attract that kind of attention?  

The world of extreme open houses: An ‘immersive’ experience with the ‘Martha Stewart’ touch

Welcome to the world of extreme open houses, where superior enticements such as catered refreshments, entertainment and prizes are used to generate buzz about a property, stimulate the senses and create an unforgettable “elevated” experience. 

Envision an open house held by Martha Stewart, if she was a realtor.

The home has a gourmet kitchen? Have a chef at the open house cooking up a storm. There’s a gorgeous deck? Throw an epic barbeque. The idea is for potential buyers to see the home sizzling with life and energy, making it easier for them to imagine themselves living there. 

“If you don’t do anything out of the ordinary, people won’t come,” insists Reid, who maintains that potential buyers are attracted to the “immersive experience” she creates.

Of course, there also continues to be a need for quieter open-house experiences.

But if you’re going all-out, a paper plate of cheese and crackers won’t do. At Reid’s open houses, depending on the asking price and the package the sellers choose, there’s live music — everything from a violinist or wandering professional singer to a jazz band. There may be games and prizes set up in the backyard to keep the kids occupied, white linen tablecloths making the event more reminiscent of a wedding than an open house, floral displays and fresh baking scenting the air, elaborate trays of food (and wine, if allowed) and waiters smoothly circulating with canapes.

Once, to symbolize “iconic luxury,” Reid had an Aston Martin on display in all its glory. “I have sponsors for my open houses — mortgage specialists, architects, interior designers — who may be there to give advice to potential clients,” Reid adds. 

Creating hype with advance advertising and a warm welcome

Creating momentum leading up to her “grand open house weekends” is a key part of the hype, with plenty of “coming soon” advertising, she explains.

Wife and husband team Kelly and Michael MacKendrick concur that “a lot depends on advertising in advance.” Without going to the radical lengths that Reid does, the couple, with Sutton Group Heritage in Ontario, recently managed to pack the open houses they held for the sale of their own home in Markham, prior to moving to the small town of Meaford. 

“Even during COVID we’d have people lined up out the door for open houses, once they were allowed again,” recalls Kelly. 

It can’t hurt that you’d be hard pressed to find realtors more hospitable than these two. We’ve all been to open houses where the agents barely acknowledge visitors. That’s not the MacKendrick’s style, nor do they feel it’s constructive. 

It’s about ‘the art of selling’

“A large part of whether or not you’re successful at an open house comes down to the art of selling,” asserts Michael. “If you’re not engaging, I can see why an open house wouldn’t be as effective.” 

He and Kelly like open houses because they maximize exposure for their clients — which is the name of the game, they point out — and also have potential to be a source of new clients, thanks to those who come through unrepresented or bring along friends and family. Unlike many agents, they’re not adverse to extending invitations to people who aren’t in the market to buy, as it can be helpful in getting the word out.

This includes neighbours — nosy and otherwise. “Some of your best advocates are the neighbours. We’ve gotten clients that way,” says Kelly. “And they give you great intel on the neighbourhood.”

Look for out-of-the-box opportunities and strategies

Thinking outside the box, the duo have occasionally held open houses at odd times, including in the evening and when school is about to let out. “You never know what will work. Look for opportunities,” they advise.

Taking that kind of strategizing further, realtors could consider timing open houses to coincide with events in the area, such as street fairs, neighbourhood-wide garage sales, concerts and other community gatherings. 

Another perspective: Don’t ‘water down’ the experience

Re/Max top producer and real estate advisor Tim Hill of Greater Vancouver cautions though, that the sellers’ interest in open houses tapers off after the beginning stages. “Open houses are most effective when a property is just listed,” or has recently had a price reduction, he’s observed.

Hill explains that holding too many open houses tends to “water down” the experience for everyone, especially sellers, who grow tired of all the cleaning and the amount of time they’re required to remain away from the house.

In his opinion, open houses “are not the most effective tool,” due mainly to the attendance of “looky-loos” and potential buyers who haven’t been prequalified. 

Make seller expectations clear and give buyers plenty of notice

This familiar beef notwithstanding, Re/Max broker Akash Bedi, a past president of the Winnipeg Regional Real Estate Board, has found that recent open house “traffic counts” have increased now that summer is over.

Bedi advises making it crystal clear to sellers what’s expected of them, and allowing at least “four to five days of pre-marketing” to help ensure that people who want to attend an open house are available and up to speed.

Many realtors get new agents to help with open houses and with marketing them, he adds. From what Bedi has seen, the majority of agents and their clients “still use open houses as a listing and marketing tool.”

Most clients, although by no means all, still seem to like and expect them … elevated experience or not.

Since moving his well-established real estate brand from Re/Max to eXp Realty last fall, Calgary realtor Justin Havre has been an ambassador for the relatively new, independent company trying to upend the status quo across North America.

At the time, Havre had a team consisting of 60 agents and 18 staff. 

New model, different fit

Havre’s team has been very successful, selling almost 9,000 homes in Calgary since 2016. For five consecutive years, they were named Re/Max’s #1 Large Team in Canada in Closed Transactions. They left Re/Max First with $4 billion in sales volume in Calgary and surrounding areas.

Today, his team at eXp, the Justin Havre Real Estate Team, has 90 agents. 

In Canada, eXp continues to grow with the recent addition of Toronto’s Polsinello Team, which Havre helped recruit to the brand. With 25 agents, last year they achieved 218 closed transactions totaling $213 million in volume.

“Finding a brokerage that offered more in terms of commissions and benefits was our top priority and eXp Realty fit the bill perfectly,” says founder and team lead Frank Polsinello in a news release. “We are very conscious of what’s best for our agents. The idea of a retirement fund and revenue share made a huge difference in our decision.” 

Likewise, Havre notes that other teams choose to partner with eXp because they see the business model is for them and their agents who go on to become partners.

Future plans: ‘The sky’s the limit’

Havre explains his future plans are to continue to impact the people he chooses to partner with. 

Goals for the Justin Havre Real Estate Team also include creating a great client experience and delivering results that both buyers and sellers are seeking in the marketplace while continuing to evolve and adapt to the constantly changing real estate environment, “whether that comes with utilizing technologies, different brokerage models and/or marketing tools to ensure that we are top of mind in the marketplace but at the same time creating the (right) client experience.”

Havre’s mission is to provide the tools, resources and development for all agents so they have what they need to navigate the ever-changing real estate landscape.

“One thing we do quite well is training and developing our agents, whether they’re experienced or new to the industry,” he explains. “I’ll continue to grow as long as we find the right people. I’m never going to say no to aligning myself with people who have the skills, the talent and the ambition to grow a successful real estate business. How many agents is that going to be? The sky’s the limit, really.”

Super or ‘mega’ teams with 200+ agents to come

Havre thinks the industry will see the formation of super, or mega, teams in the future with 200 to 300 agents.

“I do believe that a lot of brokerages are recognizing it’s incredibly challenging to run a profitable business but at the same time provide all the tools and resources to support their agents,” he points out.

“Because the margins are so small and tight in that brokerage model, this is where the so-called ‘disruptors’ like eXp come into play, (to) actually provide better support, better tools, better technologies and resources that will help agents’ businesses for a lot less.”

Another benefit he cites is the fact that all agents partnered with eXp have ownership in the company.

Havre could have gone the route of creating a brokerage, but he says eXp made more sense for being able to grow his business and attract people to a model.

‘It‘s a business that’s here to stay. It’s a business that more and more agents are looking to’

Being a large independent real estate company with more than 87,000 agents in over 20 countries, eXp continues to scale internationally. It gives realtors the unique opportunity to earn equity awards for production goals and contributions to overall company growth.

“There are a lot of misconceptions, a lot of fear-mongering from the traditional brokerages, which is unfortunate. I may have been one of those people myself because I wasn’t informed,” Havre admits.

He feels that as more people get educated and begin to understand this model — a model that he stresses isn’t going anywhere — one of the things he’ll look at is publicly traded companies.

“I would say that people on Wall Street are pretty smart. And when you can look at a Re/Max with 140,000 agents with a market cap of around $250 million compared with, for instance, a company like eXp with 87,000 agents having a market cap of nearly $2 billion, that has to say something about what kind of a business model it is.

And it’s not going to be gone tomorrow — it‘s a business that’s here to stay. It’s a business that more and more agents are looking to.”

Havre explains that if people open their eyes to study the model without judgment and once they start to see and understand how it works, “The ‘light bulb moment’ will go off. Part of me moving over also opened many people’s eyes. There must be something to this model.”

Returning to original brokerages for ‘the professionalism of the people, the vibe feeling like family and the services provided’

As with anything else, finding the right brokerage is a personal decision that looks different for every agent and industry professional.

For example, Teri Shaw, a realtor with Royal LePage State Realty in Ancaster, Ontario, moved over to eXp in February 2020 from Royal LePage but returned in December 2020. Shaw has been a realtor for 17 years. She joined Royal LePage State Realty in 2015.

She says the decision to join eXp wasn’t her choice as she had a business partner at the time who was “gung-ho” on the idea.

“I just went with it,” says Shaw, adding that her experience with the brand was “not great.” “But, in fairness, they were new to Ontario. So the professionalism that I was used to from Royal LePage, which is amazing, was not there with eXp.”

Shaw ended her business partnership and stayed with eXp for a couple of months after that. “Then, I needed to go back to somewhere I felt was a better fit for me,” she recalls.

Shaw cites the professionalism of the people she had worked with at Royal LePage and the vibe of the brokerage which felt better suited to her, feeling more like family, as key factors in her decision to return.

“Also, I felt the services provided by the brokerages were more in line with who I was than eXp. I want to sell real estate. I didn’t want to recruit people and it felt like eXp was a recruiting (place). Get more people to join. And that’s not what I wanted to do — it wasn’t for me,” notes Shaw.

“I wanted to talk to a real person, but every time I’d have a question about something I’d call and they’d say you have to go into the ‘eXp world’ and chat with someone there. I didn’t want to do that. I wanted to be able to pick up the phone and call my manager to get my question answered immediately.”

That said, Shaw recognizes they may have improved upon this by now. “I’m not knocking them. There were some quite nice people that worked there and everybody was helpful, but at that time they were not ready for the growth that they were experiencing.”

Last month, Calgary’s market continued to move from the strong seller’s market conditions of the spring, the Calgary Real Estate Board (CREB) reports. More inventory and fewer sales brought months of supply to more than two months, a level unseen since 2022.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” says Ann-Marie Lurie, chief economist at CREB. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

More inventory driven by higher-priced properties; fewer sales thanks to lower-priced properties

Last month’s inventory reached 4,487 units, 37.3 per cent higher than the year prior but almost 25 per cent lower than long-term trends for August.

Higher-priced properties mostly drove these gains, with more new listings and less sales, at 2,186 — 19.5 per cent less than 2023’s record high yet 17 per cent higher than long-term averages for August. Sales declines were for homes priced below $600,000.

August’s unadjusted residential benchmark price was $601,800, 6.3 per cent higher than last year and slightly lower than last month. The average benchmark price rose by 9.0 per cent year-to-date.

Detached homes

Compared to a year ago, detached home sales fell by 14 per cent. August saw 2,011 detached homes in inventory, with over 85 per cent priced above $600,000, helping push the months of supply up to nearly two months.

August’s unadjusted detached benchmark price was $762,600, just under last month but over 9.0 per cent higher than last year.

Semi-detached homes

For semi-detached properties, the region saw 297 new listings and 172 sales, with a sales-to-new-listings ratio drop to 58 per cent that supported increased inventory and a months of supply jump to nearly two months.

This category’s August unadjusted benchmark price was $681,200, a drop from July but almost 10 per cent higher than last year.

Row homes

Last month, new listings for row homes priced above $400,000 added to year-to-date growth of about 16 per cent, while slower sales over the past quarter also boosted inventory gains. There were 660 row home units available, a 75 per cent increase over particularly low levels reported last year.

This category’s unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than the year prior.

Apartment condominium homes

August’s new listings of apartment condominium homes reached 1,001, a record high for the month. This was paired with declining sales, which caused the sales-to-new-listings ratio to fall to 60 per cent and inventories to rise to 1,476 units, with months of supply to rise to about two and a half months.

The month’s unadjusted benchmark price was $346,500, similar to July’s and almost 16 per cent higher than 2023’s prices.

Review CREB’s full reports for the city and region.

Between May and July, Calgary saw homes selling for above list price in over half of its neighbourhoods (54 per cent), marking a 13 per cent jump in overbidding since the first quarter of this year (41 per cent), Wahi reports.

Clearly, homebuyers in the market haven’t been waiting for further interest rate cuts. In fact, buyer competition intensified even before the Bank of Canada cut interest rates in June.

Demand is strong for Calgary real estate 

As well, the share of neighbourhoods selling at-asking increased quarter-over-quarter to 18 per cent (compared to 17 per cent in the first quarter).

This past quarter, 102 neighbourhoods were overbid and 34 sold at-asking, up from 76 and 31, respectively.

“Whether it’s buyers from other provinces attracted by Calgary’s relative affordability or locals benefitting from Alberta’s resilient economy, demand remains strong for Calgary real estate,” says Wahi CEO Benjy Katchen.

Top overbidding neighbourhoods

Overall, the top five overbidding neighbourhoods were priced lower than the top underbidding neighbourhoods, with median overbid amounts between $26,000 and $50,050.

Three were located in the Northwest quadrant, and Deer Ridge was the only neighbourhood to make the top five for overbidding in both quarters of the year so far.

Top underbidding neighbourhoods

Upper Mount Royal was the only Calgary neighbourhood to make the top five underbidding list in both quarters of the year so far.