2024 Real Estate Market Recap: Strong Sales and Rising Prices
As 2024 wraps up, Calgary’s real estate market once again demonstrated resilience and growth. December closed with 1,322 sales, a slight three per cent dip from last year but still nearly 20 per cent higher than long-term trends. Overall, annual sales remained strong, with gains in higher-priced homes offsetting the challenges posed by limited supply in the lower price ranges.
“Population gains over the past several years have supported sales activity that has outperformed long-term trends,” notes Ann-Marie Lurie, Chief Economist at CREB®. “Sales could have been even higher in 2024 if there was more supply choice, particularly in the lower price ranges.”
As inventory levels began to rise, especially in the second half of the year, the market saw a slight shift. By December, 2,989 units were available—an improvement over last year’s levels but still below long-term trends. Increased rental supply and new home activity bolstered the resale market, offering some relief to buyers.
Price Growth and Market Balance
While more inventory helped stabilize prices later in the year, Calgary’s benchmark prices still saw a robust annual increase of over seven per cent. As we look to 2025, market dynamics will depend on the type of supply added and how economic conditions influence demand. Stay tuned for CREB®’s upcoming 2025 forecast report, scheduled for January 21.
A Breakdown by Property Type
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- Detached Homes
- Market Conditions: Improving inventory levels supported some year-over-year gains in detached home sales, particularly for homes priced above $600,000. However, conditions varied across Calgary, with balanced markets in areas like the City Centre and North East and tight seller markets in others.
- Price Growth: Detached home prices surged nearly 11 per cent in 2024, with the most substantial gains seen in the North East and East districts, where affordability continues to drive demand.
- Key Takeaway: Detached homes remain a hot commodity, especially in Calgary’s more affordable districts, and easing lending rates are likely to sustain demand moving forward.
Semi-Detached Homes
- Market Conditions: Limited options in the lower-priced detached market steered many buyers toward semi-detached homes. This sector saw 2,355 sales, marking a five per cent annual gain.
- Price Growth: Benchmark prices jumped nearly 11 per cent to $669,042, with the North East and East districts leading the way at over 15 per cent annual growth.
- Key Takeaway: As inventory levels improve, semi-detached homes offer an attractive alternative for buyers seeking affordability and space.
Row Homes
- Market Conditions: Row homes had a record-breaking year with 4,647 sales, up two per cent from 2023. Inventory growth in higher-priced units helped ease supply pressures.
- Price Growth: Despite supply improvements, row homes saw a 14 per cent annual price increase, with the most affordable districts reporting gains of over 20 per cent.
- Key Takeaway: Row homes are increasingly popular among buyers seeking affordability without compromising on space, making this a resilient market segment.
Apartment Condominiums
- Market Conditions: Although apartment sales slowed by four per cent compared to 2023’s record highs, the 7,568 transactions in 2024 still marked the second-best year on record.
- Price Growth: Benchmark prices rose by 15 per cent annually, with the North East, East, and South districts reporting growth above 20 per cent.
- Key Takeaway: Improved supply is helping balance the apartment market, providing more options for buyers and alleviating some pricing pressure.
Regional Market Highlights
Airdrie
- Market Conditions: Sales grew by four per cent to 1,951 units, thanks to increased new listings in the latter half of the year.
- Price Growth: Benchmark prices rose nearly eight per cent, driven by strong demand for higher-density homes.
- Key Takeaway: Airdrie’s market remains competitive, but improved inventory has helped ease pricing pressures in the last quarter.
Cochrane
- Market Conditions: Cochrane maintained seller-friendly conditions for most of the year, with inventory levels remaining below long-term trends.
- Price Growth: Prices increased by nine per cent, averaging $565,808, with modest inventory gains taking pressure off pricing in the final quarter.
- Key Takeaway: Cochrane’s strong demand for detached homes continues to drive the market, though a balanced market may be on the horizon.
Okotoks
- Market Conditions: Sales increased by nearly eight per cent, with a 16 per cent rise in new listings supporting modest inventory growth.
- Price Growth: Benchmark prices rose by eight per cent, with row and semi-detached homes experiencing over 11 per cent growth.
- Key Takeaway: Tight market conditions have driven sustained price growth, especially in higher-density housing.
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Looking Ahead to 2025
As Calgary and its surrounding areas continue to grow, supply will remain a critical factor in shaping the real estate market. The CREB® 2025 forecast will shed light on emerging trends and provide insights into how market conditions are expected to evolve.
For those navigating the real estate market, whether buying or selling, understanding these dynamics is crucial. Partner with a knowledgeable and experienced real estate professional to ensure your goals are met in this ever-changing landscape.
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Click here to view the full Calgary region monthly stats package.
- Detached Homes
Whether you’re considering buying, selling, or simply curious about your home’s current value, contact me today for expert advice and a personalized plan to help you achieve your real estate goals. Let’s make 2025 your year in real estate! estate professional to ensure your goals are met in this ever-changing landscape.