The average sale price in the Calgary housing market has increased by 11.7 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $539,648 in 2023 to $602,653 in 2024).
The number of sales increased by 3.4 per cent during the same time period (from 16,946 in 2023 to 17,524 in 2024), while the number of listings has increased by eight per cent (from 21,520 in 2023 to 23,251 in 2024).
Average sales prices across all property types are anticipated to increase by three per cent through the remainder of 2024, while the number of sales likely hold steady.
Calgary is a seller’s market, which is expected to persist into the fall. While buyer demand continues to remain high in the region, inventory is low.
The biggest factor contributing to the shortage in the Calgary housing market is that there are not nearly enough new listings. This continues to be an issue, especially in the under-$600,000 range for detached homes, and under $300,000 for condo apartments. Sales have also decreased within these price ranges due to ongoing inventory challenges. Interprovincial migration is putting a strain on the market, with out-of-province investors competing with local buyers.
On September 4, the Bank of Canada will share its next interest rate announcement. Even if there will be another rate cut, it is not expected to impact market activity in Calgary. There has not been a direct connection between sales activity and the reduction in interest rates, as low inventory results in a competitive environment that is favourable for sellers.
Additionally, affordable options are still hard to find in the Calgary housing market. Should any reasonably affordable properties come on the market, high demand and multiple offers are expected, which often push prices higher.
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