The Calgary Housing Market: A Tale of Two Realities as Sales Spike Over $600K, While Affordable Homes Face Challenges

The Calgary housing market is seeing some interesting changes as we head into the final months of 2024. If you’ve been keeping an eye on things, you might have noticed that homes priced above $600,000 are flying off the shelves, while options for more affordable homes seem to be dwindling.

In October, we had 2,174 homes sold, which is a nice bump from September and stands about 24% above the long-term average for this time of year. That’s great news, right? But here’s the twist: the gains in sales have mostly come from higher-priced homes. For those looking for more budget-friendly options, the market is feeling a bit tighter.

Why Is This Happening?

As Ann-Marie Lurie, Chief Economist at CREB®, pointed out, demand is holding strong, but we’re seeing a real difference in what’s available. There simply aren’t enough homes priced below $600,000 to meet the demand. While more homes are coming onto the market, the majority are in that higher price range. It means if you’re shopping for a more affordable home, you might have to be patient.

Right now, we have nearly 5,000 homes available, which is a big improvement over last year when we had just over 3,200. But, here’s the kicker: almost half of those listings are above $600,000. This shift means the market is leaning more towards a balanced situation for pricier homes while keeping conditions a bit more competitive for those lower-priced properties.

What's Going On with Prices?

The average benchmark price for homes in Calgary hit $592,500 in October, which is up more than 4% from last year. For detached homes, the price is around $753,900—also higher than last year but slightly down from last month due to seasonal factors.

If you’re looking at semi-detached homes, the average price is about $677,000. Row homes are averaging $456,600, which is still about 8% higher than last year. Apartment condos have seen a drop from last month to $341,700, but they’re still up 11% year-over-year.

What This Means for You

If you’re thinking of buying a home, know that the market is still active, but you’ll need to be ready for some competition, especially in the lower price brackets. Homes priced under $700,000 are selling quickly, often in less than two months, while homes over $1 million are sitting a bit longer.

Sellers in the higher price ranges are in a more balanced market, meaning they might not see the bidding wars that were common earlier this year. If you’re thinking about selling, be prepared for your home to take longer to sell than it might have a few months ago.

The average days on the market have jumped to 28 days, so it’s a different landscape now.

Overall, we’re seeing a shift toward a more balanced market, which is good for both buyers and sellers. It gives everyone a chance to breathe a little and make decisions without feeling rushed.

Have a great November, everyone!

Cheers,

KR

P.S. If you want to check out all the latest stats from the Calgary Real Estate Board, click here.

Ken Rigel

CEO and Team Lead

Ken Rigel Group @ EXP Realty

O: 403 207 1748

C: 403 835 6338

email: [email protected]