It’s exciting to share how our vibrant city’s real estate market has performed over the past year. 2024 was another remarkable year for sales and price growth, reflecting the city's resilience and the continued demand for housing across all property types.
Strong Sales Despite Supply Challenges
December closed with 1,322 sales—a slight 3% decline compared to last year but nearly 20% higher than long-term trends. Overall, 2024’s total sales were just shy of 2023 levels. Higher-priced homes saw gains, offsetting declines in the lower price ranges, where supply issues persisted.
Ann-Marie Lurie, Chief Economist at CREB®, noted, “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.”
Inventory Improvements in the Second Half
By December, inventory levels reached 2,989 units—a significant improvement from the same time last year but still below historical norms. This increase was driven by improved rental options and a surge in new home activity, which also boosted new listings in the resale market. These changes contributed to a stabilization in home prices during the second half of the year, following steep gains in the spring. On average, residential benchmark prices increased by over 7% annually.
Property-Specific Trends:
Detached Homes
Detached home sales saw year-over-year gains in the latter part of 2024, primarily for properties over $600,000. Inventory levels improved within city limits but varied by district. While the City Centre, North East, and North District achieved relatively balanced conditions, other areas remained seller’s markets.
Detached home prices rose nearly 11% annually, with the strongest growth in the North East and East districts, driven by affordability.
Semi-Detached Homes
Limited options for lower-priced detached homes pushed buyers toward semi-detached properties, resulting in 2,355 sales—a 5% annual increase. Inventory growth in this segment helped create balanced conditions by Q4, particularly in the higher-priced City Centre district. Prices grew by nearly 11%, with gains ranging from under 10% in the West to over 15% in the North East and East.
Row Homes
Row homes achieved over 4,647 sales, a 2% increase year-over-year and the second-highest total on record. Improved inventory levels helped ease price pressures, yet the annual benchmark price rose by 14%. The North East and East districts led the way, with prices climbing over 20%.
Apartment Condominiums
While apartment sales slowed by 4% compared to 2023’s record-breaking year, 2024 still marked the second-highest year for transactions with 7,568 units sold. Rising inventory levels brought balance to this segment by year-end. Annual benchmark prices grew 15%, with the most affordable districts experiencing gains exceeding 20%.
Regional Highlights:
Airdrie
Sales in Airdrie reached 1,951 units, a 4% increase from last year, thanks to a boost in new listings. Although inventory gains eased price pressures in Q4, the benchmark price rose nearly 8% annually, with higher-density homes driving growth.
Cochrane
Cochrane’s market remained a seller’s paradise for most of 2024, though inventory improvements in Q4 began shifting toward balanced conditions. Annual benchmark prices increased nearly 9%, averaging $565,808.
Okotoks
Okotoks saw an 8% rise in sales, supported by a 16% increase in new listings. Despite some inventory growth, tight market conditions persisted, driving an 8% increase in benchmark prices to $615,708. Semi-detached and row-style units saw price growth exceeding 11%.
Looking Ahead to 2025
As we enter 2025, supply dynamics will remain a critical factor. Whether prices stabilize or continue to rise will depend on the type of supply added and how demand evolves in a changing economic climate. Stay tuned for the CREB® forecast report on January 21 for a deeper dive into what’s next for Calgary’s real estate market.