It’s hard to believe we’re already in June! As we hit the halfway point of the year, Calgary’s real estate market remains incredibly active, and there are some important shifts happening that you’ll want to know about.
✔ Sales activity is still strong, but the market is adjusting.
✔ Home prices continue to rise due to tight inventory.
✔ Buyers are still facing competition, but more listings are helping.
✔ The luxury market is thriving, and demand from out-of-province buyers is increasing.
In this market update, I’ll break down the latest trends, price movements, and what you need to know whether you’re buying or selling in Calgary.
Calgary’s Real Estate Market: Sales Stay Strong, Inventory Still Tight
📊 In May 2024, we saw 3,092 home sales, a slight dip compared to May 2023, but still one of the highest months on record.
🏡 New listings are up 18.5% year-over-year, with 4,033 homes hitting the market—a positive sign for buyers looking for more choices.
📉 But inventory is still extremely low! With only 3,402 active listings, Calgary remains in a strong seller’s market.
📦 Supply remains a major issue, with only 1.1 months of inventory—well below what we need for a balanced market.
This means most homes are still selling quickly and often above asking price.
Calgary Home Prices Keep Climbing
💰 Benchmark home price (all property types): $562,000 (+9.5% year-over-year)
💰 Median home price: $608,000 (+10.9% year-over-year)
Even though sales volume has slightly decreased, home values continue to rise due to tight inventory and high demand.
So, will prices keep rising?
✔ If inventory stays low, prices will keep increasing.
✔ If interest rates drop, more buyers will enter the market, pushing prices even higher.
✔ Until Calgary builds more homes, demand will continue to outpace supply.
What’s Happening in Different Property Segments?
🏢 Apartment Condos: A Hot Market for First-Time Buyers & Investors
✔ 81.8% of listed condos are selling, meaning demand is high.
✔ Benchmark condo price: $340,500 (+14% year-over-year)
✔ 40% of sales are in the $300K – $400K range, making this a popular option for first-time buyers.
Key Takeaway: Calgary’s condo market is still one of the most affordable in Canada, keeping demand strong—especially among investors and young professionals.
🏘 Townhouses: The Most In-Demand Property Type
✔ 127% absorption rate—meaning more townhouses are selling than are being listed!
✔ Benchmark price: $462,500 (+18.4% year-over-year)
✔ 40% of townhouse sales are in the $400K – $500K range.
Key Takeaway: Townhouses are flying off the market. They offer the best of both worlds—more space than a condo but more affordability than a detached home.
🏡 Semi-Detached Homes: Popular Alternative to Detached Homes
✔ 95.2% of listed homes are selling.
✔ Benchmark price: $678,000 (+12.9% year-over-year)
✔ Luxury semi-detached properties ($1M – $1.5M) are seeing increased demand.
Key Takeaway: If you’re looking for a semi-detached home, expect strong competition and potential bidding wars.
🏠 Detached Homes: Demand Still Outpacing Supply
✔ 86.7% of listed homes are selling.
✔ Benchmark price: $761,800 (+13.3% year-over-year).
✔ The $600K – $700K range is still the most active price point.
Key Takeaway: Calgary’s detached home prices continue to rise, with strong demand from local and out-of-province buyers.
Interest Rates & Their Impact on Calgary’s Housing Market
One of the biggest questions I get: How will interest rates impact the market?
📉 If the Bank of Canada cuts rates later this year, it could bring more buyers back into the market, leading to higher competition and rising prices.
⏳ Right now, some buyers are waiting on the sidelines in hopes of lower rates.
So, should you buy now or wait?
🤔 If you’re buying a home to live in long-term, now is a great time to get in before prices climb even further.
🤔 If you’re waiting for lower interest rates, just remember that lower rates could push prices even higher.
This is where strategy is key—let’s talk about your specific goals and make a plan.
Is Now a Good Time to Buy or Sell in Calgary?
✔ For Buyers:
- More listings are coming, giving you more options than earlier this year.
- Competition is still high, but now is a good time to negotiate before rates drop and demand surges again.
✔ For Sellers:
- Homes are still selling quickly and at strong prices.
- If you’re thinking of selling, pricing strategy is key.
- Luxury properties ($1M+) are selling well, especially to out-of-province buyers.
If you’re unsure about the timing, let’s have a conversation and find the right approach for you.
Thinking of Selling? Our Home Upgrade Program Can Help!
We know that small upgrades can make a huge difference in how quickly your home sells and for how much.
🎨 New carpet & fresh paint = highest return on investment.
💰 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 maximize your home’s value.
Final Thoughts: What to Expect for the Rest of 2024
📌 Calgary’s market remains strong, and prices will likely keep rising due to tight inventory.
📌 Interest rates could drop later this year, bringing more buyers back into the market.
📌 If you’re thinking about buying or selling, strategy is key in this shifting market.
If you have questions about buying, selling, or investing, I’m here to help!
📞 Call/Text: (587) 847-0449
📩 Email: rob@robvanoteam.ca
🌐 Website: www.viewcalgaryareahomes.ca
Let’s talk soon!
– Rob Vanovermeire