We’re officially halfway through 2024, and it’s hard to believe how quickly this year is flying by!
The Calgary real estate market has been a hot topic all year, and as we move into the second half of 2024, many people are asking:
📉 Are interest rates going to drop?
🏡 Will Calgary home prices keep rising?
🚚 Is migration into Alberta still driving demand?
💰 Is it better to buy now or wait?
If you’re thinking about buying, selling, or investing, these are crucial questions. In this market update, I’ll break down where we’ve been, where we are now, and where we’re likely heading as we close out the year and move into 2025.
Home Sales Are Slowing – But It’s Not a Crash
If you’ve been watching Calgary’s market closely, you might have noticed a shift.
✔ In June 2024, we sold 2,738 properties—a drop from 3,140 in June 2023.
✔ Year-to-date, total sales are at 14,302, slightly down from 15,147 last year.
✔ Fewer homes are getting multiple offers, and some properties that would have sold instantly a few months ago are now sitting longer.
So what’s happening?
📌 Buyer demand is easing as some people wait for interest rates to drop.
📌 More homes are hitting the market, giving buyers more choices and slowing down bidding wars.
📌 Sellers are adjusting their expectations, with price reductions becoming more common.
Calgary Home Prices Are Still Rising
Despite sales slowing, home prices are still climbing—but at a more moderate pace.
📈 The benchmark price for June (which includes all property types) hit $608,000, up 8.5% from last year.
📈 Year-to-date, the average home price sits at $592,367, reflecting a 9.8% increase over 2023.
📉 Prices aren’t dropping, but the rate of growth is slowing down, which is a sign of a more balanced market.
Why are prices holding steady despite lower sales?
🏡 Low inventory – We still only have 1.38 months of supply, keeping competition high.
💼 Strong economic conditions – Alberta’s job market and population growth continue to fuel demand.
🏗 Slow new construction – Builders are struggling to keep up due to labor shortages.
Interest Rates & Their Impact on the Market
One of the biggest factors affecting Calgary’s market right now is interest rates.
✔ Many buyers are waiting on the sidelines in hopes that rates will drop.
✔ If the Bank of Canada lowers rates by 25-50 basis points, mortgage payments will become more affordable, bringing more buyers back into the market.
✔ But if inventory levels don’t increase, prices could start rising faster again due to renewed demand.
So, should you buy now or wait?
🤔 If you’re looking for a great deal, buying now could work in your favor as demand is slightly lower.
🤔 If you need the lowest possible interest rate, waiting could be an option—but it’s risky if prices rise again.
If you’re unsure, let’s talk about your specific situation and make a plan that makes sense for you.
Alberta’s Strong Economy & Migration Keep Driving Demand
One of the biggest reasons Calgary’s market has been so resilient is Alberta’s economic growth and migration trends.
📌 People are still moving to Alberta in record numbers, driven by job opportunities, affordability, and lifestyle.
📌 Oil prices remain high, keeping Alberta’s economy strong.
📌 Even with a short-term slowdown, demand for housing isn’t going away anytime soon.
And here’s something interesting: Canada currently has nearly 3 million non-permanent residents. If a significant percentage of these people decide to stay, we could see even more demand for housing in the coming years.
This is why I don’t believe Calgary is heading for a market crash. There’s simply too much demand and not enough supply.
What’s Happening in Different Property Segments?
Detached Homes
🏡 Most sales are happening between $600K – $700K, but the $700K – $800K range is growing fast.
📈 Prices continue to rise due to limited supply and strong demand.
⏳ Homes are taking slightly longer to sell, but demand remains steady.
Semi-Detached Homes
🏘 A popular alternative to detached homes, with strong sales in the $500K – $600K range.
📌 More supply in the inner city, but trades shortages are slowing down new builds.
Townhouses
🏠 40% of townhome sales happen in the $400K – $500K range—but there aren’t enough available.
📉 Lack of inventory is keeping prices high.
💰 Great option for first-time buyers who want affordability without sacrificing space.
Condos & Apartment Market
🏢 Most condo sales are happening between $300K – $400K.
📈 Condos are becoming a go-to choice for investors and first-time buyers.
💡 Thinking of investing? Buying a condo and renting it out could be a great way to get into the market!
Should You Buy or Sell Right Now?
✅ If you’re selling, pricing correctly is key—homes are still selling, but unrealistic pricing is leading to longer days on market.
✅ If you’re buying, you may have a small window of opportunity to negotiate better deals before demand picks up again.
✅ If you’re investing, now is a great time to look at condos or townhomes in high-demand areas.
This market isn’t crashing—it’s adjusting. And knowing how to navigate it can make all the difference.
Thinking of Selling? Our Home Upgrade Program Can Help!
We know that small upgrades can make a huge impact on your home’s value.
🎨 Carpet & paint offer the best return on investment—but not everyone has the cash upfront.
💰 We’ll cover the upfront cost of these upgrades, and you don’t pay until your home sells.
📈 A $15K investment in flooring and paint could boost your sale price by $30K+!
If you’re considering selling, let’s chat about how this program can help you get the most for your home.
Final Thoughts: What to Expect for the Rest of 2024
📌 Lower interest rates could bring more buyers back into the market.
📌 Inventory levels remain low, keeping home values stable.
📌 Alberta’s strong economy will continue to drive long-term demand.
If you’re wondering how to best position yourself in this market, let’s chat. Whether you’re buying, selling, or investing, I’m here to help you make the best decision for your goals.
📞 Call/Text: (587) 847-0449
📩 Email: rob@robvanoteam.ca
🌐 Website: robvanoteam.ca
Let’s talk soon!
– Rob Vanovermeire