Calgary Real Estate Market Update: Supply Levels Improve in January 2024
The Calgary real estate market is starting the year with a significant shift—supply levels are improving, giving buyers more options and contributing to a more balanced market. After three years of limited inventory, January saw a notable increase in available listings, bringing new opportunities for buyers and sellers alike. However, while supply has improved, it remains below pre-pandemic levels, keeping market conditions competitive.
If you’re planning to buy or sell in Calgary, Airdrie, Cochrane, or Okotoks, understanding these market trends can help you make informed decisions. Let’s take a closer look at what’s happening in Calgary’s real estate market and what it means for you.
January Market Overview: More Listings, But Still a Seller’s Market
Inventory levels in January rose to 3,639 units, a 70% year-over-year increase. This is a substantial improvement but still falls short of the 4,000+ listings that Calgary typically sees at this time of year. The biggest increase in inventory was in apartment-style condominiums, offering more choices for buyers in that segment.
Despite these gains, supply remains tight in detached, semi-detached, and row homes. The months of supply—a key indicator of market balance—reached 2.5 months in January. While this is an improvement from last year’s ultra-low one-month supply, it’s still below what’s typically expected in winter, maintaining a competitive market for sellers.
New listings surged to 2,896 units, outpacing January’s 1,451 sales. Sales activity dipped 12% year-over-year, but it remains nearly 30% higher than Calgary’s typical January sales volume.
The citywide benchmark price for a home in Calgary reached $583,000, reflecting a 3% increase compared to last January. While price growth is slowing, demand is keeping home values strong across all property types.
Detached Homes: More Listings, But Still in High Demand
- New Listings: 1,228 units (+29% YoY)
- Sales: 674 units (returning to long-term trends)
- Inventory: 1,448 units (-27% below typical January levels)
- Benchmark Price: $750,800 (+7% YoY)
More homes priced above $600,000 hit the market in January, increasing supply. However, demand remains steady, keeping inventory lower than usual and holding prices firm. While some areas—like City Centre and North East Calgary—are seeing more balanced conditions, most of the city is still experiencing seller-favourable conditions.
Semi-Detached Homes: Slightly More Supply, But Still Tight Conditions
- New Listings: Increased compared to last year
- Sales: Higher than last year
- Months of Supply: Just below two months
- Benchmark Price: $673,600 (+8% YoY)
The semi-detached market remains competitive, with supply still below demand. However, conditions are shifting in some areas, with the City Centre, North East, and West districts reporting more balanced conditions.
Row Homes: Strong Sales, High Demand Continues
- Annual Sales in 2024: 4,647 (+2% YoY)
- New Listings: +18% YoY
- Benchmark Price Growth (2024): +14% YoY
Row homes remain one of the most sought-after property types in Calgary. Even though supply has improved, demand remains strong, especially for homes priced above $400,000. The biggest price increases were in North East and East Calgary, where affordability remains a driving factor.
Apartment Condos: More Supply, But Prices Holding Steady
- New Listings: Significantly higher than last year
- Inventory: 589 units (double last January’s near-record low)
- Months of Supply: Over two months
- Benchmark Price: $444,900 (+5% YoY)
While supply has improved for apartment condos, pricing remains strong. The largest monthly price adjustments were in North East Calgary, where new inventory is creating more options for buyers.
Regional Market Update: Airdrie, Cochrane & Okotoks
While Calgary’s market is seeing shifts, surrounding communities are also experiencing changes in supply and pricing.
Airdrie
- Months of Supply: 2.6 months (up from under two months since 2021)
- Benchmark Price: $537,300 (+4% YoY)
- More resale and new home inventory is taking pressure off home prices.
Cochrane
- New Listings: 104 vs. 71 sales in January
- Inventory: 156 units (better than past three years but still below long-term trends)
- Benchmark Price: $565,900 (+5% YoY)
Okotoks
- New Listings: Lower than last year
- Inventory: 68 units (half of pre-pandemic levels)
- Benchmark Price: $614,900 (+5% YoY)
What This Means for Buyers & Sellers in 2024
If you’re buying, improved supply means you’ll have more choices, especially in the apartment condo market. However, for detached and semi-detached homes, competition remains strong, and acting quickly is still key.
If you’re selling, demand remains high, but pricing your home strategically is crucial, especially in higher-priced segments. Market conditions are shifting slightly toward balance, meaning sellers should be prepared to showcase their home effectively to attract the right buyers.
🔹 Thinking about buying or selling in Calgary, Airdrie, Cochrane, or Okotoks? We’d love to help you navigate this evolving market and ensure you get the best results!
Whether you’re considering buying, selling, or simply curious about your home’s current value, contact us today for expert advice and a personalized plan to help you achieve your real estate goals.