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. 

A newly designated provincial flood zone in Quebec has sparked concerns and anger across the real estate industry.

The Quebec Professional Association of Real Estate Brokers (QPAREB) says the new zone affects 77,000 properties potentially impacting property values, complicating insurance coverage and destabilizing the market.

“We applaud the government for seeking to implement long-term solutions to counter the very real impacts of climate change,” says Nathalie Begin, president of QPAREB’s Brokerage Practices Committee. 

“However, it is crucial that mitigation and supportive measures be developed to support homeowners affected by the new mapping and to preserve property market stability. The government can continue to count on our complete cooperation in this regard.”

Frustration and anger among Quebecers 

Begin notes the expansion of the map is causing frustration. “A lot of people in the province are pissed off because we had a map before but they’ve added a lot more properties on the new map,” she explains

“Most of the people now in the flood zone it’s their only asset in life,” she said. “A lot of people have been living (in their homes) for a long time. For now, the problem is, because the map is already out, all the insurance companies, (and) the lenders will decide if they want to put some insurance or accept a mortgage on a house, they are looking at this map.

According to Begin, the lack of clarity from lenders and insurers has stalled some transactions. “We don’t have any news about what the lenders are going to do, what the insurers are going to do and we don’t have any programs by the government that’s going to help those people.”

In Sainte-Marthe-sur-le-Lac, Begin notes “almost all the properties are now in the flood zone. People over there are crying because they don’t know what they’re going to do.”

QPAREB’s recommendations

QPAREB has submitted a brief to the public consultation on modernizing the province’s regulatory framework for water environments and flood-prone areas. 

The brief indicates that the new flood zone now covers 55,000 more properties than previously.  

The association is recommending the government implement mitigation measures to relieve the already shaky real estate market and help Quebec homeowners affected by the regulatory framework.  

“This loss of property value will clearly have an impact on the tax revenues of municipalities, which are already facing serious financial difficulties. This is a major issue, since the estimated total value of properties in flood-prone areas under the new mapping is around $18.4 billion,” according to QPAREB.

 “Moreover, owners of homes in the zones newly identified as flood-prone could have serious difficulty should they wish to sell their property. The perception that a flood risk exists, even if this is considered a low-recurrence possibility, can be enough to dissuade potential buyers.”

Recommendations and measures proposed by QPAREB include:

• The Quebec government should establish financial assistance programs to support affected homeowners.
• Financial institutions and insurers should publicly disclose their policies regarding properties in flood-prone zones.
• The government should implement a “resilience certification” program, as suggested by Professor Michel Leclerc of the Institut national de la recherche scientifique, to recognize properties that have been retrofitted for flood protection.
• A public awareness campaign is needed to clearly communicate the impacts of the new regulations to affected residents.

National perspective on climate resiliency and property values

Pierre Leduc, spokesperson for the Canadian Real Estate Association (CREA), shared that CREA is gathering data to evaluate the impact of labelling properties in high-risk zones. “CREA fully recognizes that extreme weather events are happening around the country that are having a direct impact on housing and continues to support efforts to address climate resiliency of Canadian homes,” he wrote in an email statement.

Leduc says CREA collaborated with Natural Resources Canada on “A Homeowner’s Guide to Energy Efficiency,” which aims to inform buyers and sellers about energy-efficient upgrades to make homes more resilient.

“Moreover, CREA is in the process of developing a ‘green’ designation for Realtors which will allow Realtors to better assist their clients (in recognizing) home improvements that make their homes resilient to extreme weather events and more energy efficient.”

In an email, Canada Mortgage and Housing Corporation said it “undertakes and supports research that deepens our understanding of challenges such as extreme weather events and adapting to climate-related risks in the future.”

In an email, Canada Mortgage and Housing Corporation (CMHC) stated it supports research on challenges such as extreme weather and climate adaptation.

 A CMHC study, conducted with the Intact Centre for Climate Adaptation and the University of Waterloo, explored the impacts of catastrophic flooding in Canadian cities including Grand Forks, Burlington, Toronto, Ottawa, and Gatineau. Findings showed that catastrophic flooding led to:

• An 8.2 per cent reduction in the final selling price of homes,
• A 19.8 per cent increase in time on market,
• A 44.3 per cent reduction in the number of houses listed for sale.

Challenges with real estate data on flooding 

Alan Tennant, CEO of the Calgary Real Estate Board, cited the lack of current, credible data as a major hurdle, and noted the flood that devastated Calgary in 2013. 

“We’ve had a huge desire to have maps of that nature and frankly crime statistics and traffic volumes. Those kinds of things are important bits of data that our members are thirsty for because their clients want them.,” Tennant explains. “But it’s getting that credible source that keeps them current and a lot of government agencies aren’t equipped to do that,”

Tennant said a common question is what impact the big flood has had on real estate in the city but there really isn’t any great data on that.

“Most of the time it’s sort of anecdotal,” he said.

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.

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.

Now that the busy spring market is behind us, Calgary is beginning to see some shifts in supply levels, the Calgary Real Estate Board (CREB) reports.

July recorded 2,380 sales and 3,604 new listings, resulting in a sales-to-new listings ratio of 66 per cent, which has supported an inventory increase of up to 4,158 units. While this is still 33 per cent below the typical July average, it’s the first time surpassing 4,000 units in almost two years. Most of the supply growth occurred for homes priced above $600,000 and has helped to ease the spring’s extreme seller’s market conditions.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” notes Ann-Marie Lurie, chief economist at CREB. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

Higher supply: Still favouring sellers but lowering prices

July sales were 10 per cent less than last year’s record high but remained higher than long-term monthly trends. Despite this, the increase in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still favouring sellers but much improved from the under one month earlier this year.

This extra supply helped slow price growth for all property types. July’s total residential benchmark price was $606,700, close to June’s price and almost 8.0 per cent higher than 2023’s levels.

Detached homes

Detached home sales in July fell by 8.0 per cent, as a 15 per cent rise in homes priced above $600,000 was not enough to offset a 50 per cent decline in lower-priced homes. Year-to-date detached sales have eased by just over 1.0 per cent compared to last year.

The city saw 1,098 sales and 1,721 new listings this month, with inventories reaching 1,950 units, which helped push the months of supply up to nearly two months. The unadjusted benchmark price in July was $767,800, similar to last month but 11 per cent higher than last July.

Semi-detached homes

Although semi-detached home sales slowed slightly compared to last year, year-to-date sales reached 1,518 units, 6.0 per cent higher than in 2023. However, conditions remain tight with a 76 per cent sales-to-new listings ratio and 1.5 months of supply.

The pace of monthly price growth has slowed, but the unadjusted benchmark price of $687,900 is nearly 12 per cent higher than last year.

Row homes

More new row home listings compared to total lower sales caused the sales-to-new listings ratio to fall to 73 per cent in July, raising the months of supply to 1.3 months.

Although conditions still favour sellers, the change stopped further monthly price gains, though the benchmark price of $464,200 is still nearly 15 per cent higher than 2023.

Apartment condominium homes

July sales decreased to 659 units, with a large drop in sales for properties priced under $300,000. There were 1,043 new listings last month, causing the sales-to-new listings ratio to drop to 63 per cent which helped raise months of supply to over two months.

Monthly price growth has slowed, but the unadjusted benchmark price of $346,300 is still 17 per cent more than levels from the same time last year.

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

Last week, the Calgary Real Estate Board (CREB) released its Q2 2024 housing market report, which offers an overview of the real estate landscape in Calgary and surrounding areas and showcases trends in sales and pricing.

A seller’s market with sales-to-new listings below 80% for first time since Q1 2023

New listings have risen for the fourth consecutive quarter compared to last year, with many gains in the upper price ranges of each property type — rising prices and high lending rates have encouraged more sellers to list their properties. This increase caused the sales-to-new listings ratio to fall below 80 per cent for the first time since Q1 2023.

However, the market continues to favour sellers with a Q2 sales-to-new-listings ratio of 75 per cent and a months-of-supply of one month.

Slower sales thanks to lower-priced properties, though still above trends

In the second quarter, sales slowed by three per cent compared to the same time last year. This was mainly due to lower-priced properties with the lowest supply levels. Despite this, sales levels were 29 per cent above long-term trends and, after the year’s first half, nearly six per cent higher than last year.

“The unexpected surge in migration over the past two years has contributed to the demand growth and supply challenges experienced in the Calgary market,” says Ann-Marie Lurie, chief economist at CREB.

“While we still have to work through the pent-up demand, slowing migration levels and supply gains in the resale and new home markets should start to support more balanced conditions, taking some of the pressure off home prices.”

 Source: CREB

Home prices have risen by 10 per cent so far this year — with the biggest gain occurring in row properties at 19 per cent and the smallest growth occurring in detached and semi-detached homes at 13 per cent.

What’s next

CREB predicts that increased supply from the new home sector will help support a better-supplied market, including for rentals, and reduce pressure on home prices.

Slowed price growth is expected throughout the year’s second half as supply increases, though this will mostly impact higher-priced properties. The board says more price increases will affect the most affordable property types with persistently tight conditions.

Review the full report here.

Last month, Calgary had 2,738 residential sales, 13 per cent less than last year’s record high, the Calgary Real Estate Board (CREB) reports. However, this is over 17 per cent more than long-term trends.

“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” says Ann-Marie Lurie, chief economist at CREB. “Inventory in the lower price ranges of each property type continues to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.”

Inventory and prices

New listings were also lower in June, which left the sales-to-new-listings ratio at 72 per cent. At 3,789 units, inventory was improved compared to last year, but this is 40 per cent below long-term trends.

Months of supply is relatively higher, at 1.4 months, with rising prices in all districts and conditions favouring sellers. June’s unadjusted benchmark price was $608,000, almost nine per cent higher than last year.

Source: CREB

Detached homes

There was a 16 per cent year-over-year sales drop in detached homes across the city, with new listings 45 per cent below long-term trends for June and 1,775 detached homes in inventory. At $767,600, the unadjusted benchmark price was almost one per cent higher than in May and 12 per cent higher than the year prior.

Semi-detached homes

New listings were low in this property type last month, with the sales-to-new-listings ratio up to 76 per cent for semi-detached homes. With just over one month of supply, inventory remained at about half of what’s typical in June. The unadjusted benchmark price rose one per cent from last month and 12 per cent from last year, reaching $686,100

Row homes

Row home sales slowed in June relative to the past two years, and this property type’s sales-to-new-listings ratio fell to 75 per cent, the lowest June level since 2021. With about one month of supply and an unadjusted benchmark price of $464,600, about 17 per cent higher than last year, conditions are tight.

Apartment condominium homes

791 apartment condominium home sales occurred in June, nearly eight per cent less than last year. This was mainly for lower-priced properties. However, year-to-date apartment sales are up by 13 per cent and at record-high levels. Sales-to-new-listings fell and inventory was up, but mainly in higher-priced properties. Prices increased by over 17 per cent from last year, reaching $344,700. 

Where buyers are going for more affordable homes

Calgary’s market has been going strong, including from a huge amount of interprovincial migration to Alberta last year. That said, it remains relatively affordable compared to other major Canadian markets, and there are several areas in the city where buyers can get a single-family home for $500,000 or less, a recent report from Wahi reveals. This was found in 40 neighbourhoods between January and May this year.

The southwest part of the city is home to the 10 most affordable of the neighbourhoods with two in Northwest Calgary and a third in Northeast Calgary.

Source: Wahi

Bidding wars for Calgary’s single-family homes under $500,000

Despite the relatively lower home prices in some areas, about 65 per cent of the city’s neighbourhoods where the median price of a single-family home was below $500,000 were in overbidding territory through the first five months of the year.

Southwest’s Cedarbrae was leading in this, with selling prices about nine per cent above asking. The neighbourhood with the lowest single-family home median price ($295,000), Woodlands in the southwest, saw overbidding by five per cent.

The city’s higher-priced neighbourhoods and properties are also being overbid, as nearly half of Calgary’s neighbourhoods were in overbidding territory from January to April.

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

Applications for the Calgary Real Estate Board (CREB) Realtor Community Foundation’s Community and Transformation grants, which support local housing and shelter initiatives, are open until June 28.

$150,000 in Community and Transformation grants to support community housing

Community grants fund major repairs or renovations to existing community housing or shelter supply. This year, $105,000 in total Community grants will be awarded.

Transformation grants fund minor renovations to existing infrastructure that will improve housing quality. This year, $45,000 in total Transformation grants will be awarded.

“Everyone deserves the safety and security of a home,” says Catherine Chow, chair of CREB Realtor Community Foundation. “Through our Community and Transformation grants, realtors are committed to supporting Calgarians by keeping them housed and improving housing quality through renovation and repair.

All eligible organizations are strongly encouraged to apply for these grants for extra support on their projects. We look forward to learning more about all the amazing, hard work being done in the community.”

$350,000 in Legacy grant funding to RMHC this year

The Foundation will also award $350,000 in Legacy grant funding to Ronald McDonald House Charities (RMHC) this year, making it the third installment of a three-year $1 million funding agreement to support an expansion project that will more than double the number of families RMHC can support.

“The positive impact we’re making year after year is just amazing,” says Jason Yule, CREB’s director of communications and governance.

“CREB realtors are deeply invested in making a difference in the area of housing and shelter, which is why this year we’re offering $500,000 in grant funding to support local non-profit organizations to create new housing options and sustain the quality of existing housing for those who need it most.”