Calgary Real Estate Market Update: November Supply Trends
As we enter winter, Calgary’s housing market is experiencing the usual seasonal slowdown, but overall demand remains robust compared to historical trends. In November, 1,797 homes sold, matching last year’s levels and remaining 20% above long-term averages for the month. While detached, semi-detached, and row home sales increased year-over-year, apartment condominium sales slowed, reflecting a more varied market performance across property types and price ranges.
Inventory on the Rise
The biggest shift this November has been in inventory. Available housing units climbed to 4,352, a significant jump from 3,000 units in November 2023. Despite this improvement, supply remains below long-term seasonal averages, signaling continued challenges for certain buyers.
Ann-Marie Lurie, Chief Economist at CREB®, explained that Calgary’s rapid population growth has stressed the housing supply. Although new home construction has bolstered the market in all sectors—including resale, rental, and new builds—supply increases are uneven across neighbourhoods, property types, and price points.
Currently, Calgary’s months of supply sit just above two, a moderate improvement from recent years when the market favoured sellers. Despite this shift, many segments still see tight conditions, especially at lower price ranges.
Prices Stabilizing
Increased inventory has slowed the pace of price growth. Calgary’s total residential benchmark price rose 4% year-over-year to $587,900. However, prices in more affordable segments, like row homes and apartments, saw larger gains of 7% and 9%, respectively. Over the past four months, prices have remained seasonally stable, with slight dips expected during winter.
Segment Breakdown
Detached Homes
Sales for detached homes remained strong, particularly in properties priced above $600,000, which offset declines in lower price ranges constrained by limited supply. Inventory for detached homes increased, yet 85% of available units were priced over $600,000.
• Benchmark Price: $750,100 (up 7% year-over-year).
• Market Conditions: Balanced for homes priced above $700,000 but tighter for those below.
Detached price gains varied across Calgary, with slower growth in neighbourhoods competing with newer developments.
Semi-Detached Homes
November saw 173 sales of semi-detached homes, a year-over-year increase. New listings helped boost inventory levels, but demand remains high, especially for homes under $700,000.
• Benchmark Price: $675,100 (up 8% year-over-year).
• District Highlights: Prices ranged from $926,800 in the City Centre to $409,300 in the East.
While price growth has eased due to seasonal factors, sellers continue to benefit from favourable market conditions.
Row Homes
Row homes continue to gain popularity as an affordable alternative, with sales increasing year-over-year and contributing to a 3% rise in year-to-date sales. New listings have also improved, boosting inventory and easing some of the tightness in this segment.
• Benchmark Price: $454,200 (up 7% year-over-year).
• Regional Trends: City Centre row homes saw the highest prices at $620,000, while the Northeast and East districts remained under $400,000.
Although price growth has moderated since early 2024, row homes continue to be in high demand, making this an attractive option for first-time buyers and downsizers.
Apartment Condominiums
Apartment sales slowed compared to last year’s record high but remain 47% above long-term trends. With 1,482 units available, apartments are the only segment where inventory has risen above historical averages.
• Benchmark Price: $337,800 (up 9% year-over-year).
• Market Dynamics: Most inventory gains occurred in the $300,000–$500,000 range, offering buyers more options.
Higher months of supply (above three) have reduced price pressures, offering better opportunities for buyers in this segment.
Regional Market Trends
Airdrie
Inventory in Airdrie is rebounding to levels more consistent with pre-2020 activity. Detached and row homes dominate the market, making up 84% of the supply.
• Benchmark Price: $543,300 (up 4% year-over-year).
• Biggest Gains: Apartment-style properties saw the largest price increases at 16%.
Improved supply has eased some price pressure, offering more choices for buyers.
Cochrane
Cochrane saw record-high new listings for November, met with strong sales activity. Detached homes drove much of this growth, maintaining inventory levels despite surging demand.
• Benchmark Price: $568,600 (up 4% year-over-year).
• Apartment Price Growth: The largest gains were reported in apartment-style homes.
Seasonal trends have slowed price growth, but demand remains high, especially in detached properties.
Okotoks
Unlike other regions, Okotoks experienced a decline in new listings in November. Sales outpaced supply, keeping inventory levels exceptionally low at under two months of supply.
• Benchmark Price: $624,000 (up 6% year-over-year).
• Segment Trends: Row homes led the market in price growth, followed by detached properties at $707,300.
Tight inventory in Okotoks continues to create challenges for buyers, particularly in the detached segment.
Key Takeaways for Buyers and Sellers
The Calgary housing market is gradually rebalancing, with inventory gains and slower price growth providing opportunities for buyers. However, supply challenges persist in certain price ranges and regions, particularly for affordable housing options. Sellers in higher price brackets may see more balanced conditions, while sellers in tighter segments continue to benefit from strong demand.
For a deeper dive into the numbers, check out the full CREB stats packages below.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
If you’re looking to buy or sell in Calgary, contact me today for expert guidance tailored to your needs!
Article From Creb.com