Calgary’s real estate market is buzzing with activity, offering exciting possibilities for buyers, sellers, and investors. Calgary has always been a unique real estate landscape, with a rich history tied to the energy sector and abundant natural beauty. Shifts in the economy, evolving buyer demands, and a strong interest in sustainable housing are reshaping the market.
Calgary has become a hotspot for Canadians and international investors, driven by competitive pricing and attractive lifestyle offerings. The 2024 Calgary real estate market offers insights and opportunities, mixing traditional appeal with modern shifts. Let’s have a look at this dynamic Calgary real estate market and its trends this year.
Understanding Calgary’s Real Estate Market Trends
The Calgary real estate market in 2024 is moving from a period of rapid growth to a more balanced state. This shift is marked by slower sales, slight price adjustments, and an increase in available homes. Here’s what these changes mean for buyers and sellers:
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- Slowing Down: Home sales in September 2024 were down 17% compared to last year, the slowest month in five months. However, sales were still 16% higher than pre-pandemic levels, showing interest but at a calmer pace.
- Price Trends: The average home price in September was $596,900, up 5% from the same time last year but slightly lower than the previous month. Single-family homes and condos saw the biggest price jumps, with condos rising 14% year over year.
- More Homes for Sale: New listings increased by 5.4%, helping to boost inventory to 5,064 units, almost double what was available in the spring. Even with this increase, inventory is still lower than the long-term average of 6,000 units, keeping it somewhat in favour of sellers.
- Balancing Market: The months of supply rose to 2.5, a sign that the market is balancing out. While sellers still have an edge, the market is not as competitive as before.
- Price Adjustments: Prices have slightly dipped month-over-month for all housing types, signalling that the rapid price growth is slowing down.
Increased Demand for Langer Homes
There is a high demand for larger homes in Calgary, driven by lifestyle changes and economic growth. Remote work has inspired many buyers to seek spacious suburban properties, with areas like Airdrie, Chestermere, and Cochrane becoming popular for their larger homes and amenities. Calgary’s real estate market has seen detached home prices average around $585,000, fuelled by limited supply, high demand, and increased construction costs. Additionally, Calgary’s recovering economy, particularly in energy, technology, and healthcare, has boosted consumer confidence and attracted new residents, further intensifying demand for larger homes.
Strategies for Calgary Home Buyers in Market Shifts
If you are a house buyer in Calgary, a clear and prepared approach is essential to tackle its shifting real estate market. With rising demand and evolving buyer expectations, staying informed and adaptable can make a significant difference. Here are some tips to guide you:
Map Out Your Money Moves
Know your financial boundaries. Assess your income, savings, and monthly expenses to determine a comfortable price range for a home. This clarity helps you focus on properties within your means and prevents overextending your finances.
Obtain Preapproval from a Reputable Lender
Getting pre-approval for a mortgage strengthens your position as a buyer. It provides a clear picture of how much you can borrow and shows sellers that you’re a serious contender. This step can help the buying process and give you an edge in competitive markets.
Stay Open-Minded in Your Home Search
Flexibility is vital in a dynamic market. While it’s important to have a list of must-haves, being open to different neighbourhoods or property types can increase your options. This adaptability can lead to finding a home that meets your needs, even though it’s not exactly what you initially wanted.
How to Approach Market Shifts as a Calgary Seller?
If you plan to sell your home in Calgary’s changing real estate market, a well-thought-out approach can make a big difference. With the right strategies, you can attract serious buyers and secure a favourable deal. Here are some tips to help you with that:
Trusted Real Estate Expert in Calgary
Partnering with a seasoned local realtor proves invaluable. Their deep understanding of Calgary’s market trends and neighbourhood nuances enables them to craft effective marketing strategies and provide accurate pricing advice. An experienced realtor can also skillfully negotiate on your behalf, ensuring you secure the best possible deal.
Pre-Listing Inspection
Conducting a pre-listing inspection can identify potential issues before your home hits the market. Addressing these concerns proactively can prevent surprises during buyer inspections, streamline the selling process, and enhance buyer confidence. This step demonstrates transparency and a commitment to maintaining the property.
Set the Right Price
Setting an appropriate price is crucial in attracting serious buyers and facilitating a timely sale. Overpricing can deter potential buyers, while underpricing may lead to financial loss. Utilise your realtor’s expertise to analyse comparable sales and current market conditions to determine a competitive and realistic listing price.
Calgary is Always Open for Buying and Selling
Calgary’s real estate market presents year-round opportunities for buyers and sellers due to its adaptability and range of property options. For buyers, Calgary offers affordability compared to other major Canadian cities, making it a favourable market for first-time buyers and investors. From modern condos to spacious family homes, there’s something for every budget and lifestyle.
For sellers, Calgary’s growing population and steady migration contribute to high demand, providing a broad pool of potential buyers. Despite seasonal fluctuations, the market often remains seller-friendly with competitive pricing and relatively short listing times. Although spring and summer are traditionally popular for listings, Calgary’s flexible market allows for successful sales year-round, especially with effective pricing and marketing. Overall, Calgary’s resilient market makes it a good time to buy or sell, regardless of season.
Conclusion
Calgary’s 2024 real estate market is a beacon of resilience and opportunity, balancing new challenges and evolving trends. Demand for larger homes reflects lifestyle shifts, particularly with remote work on the rise, while increased listings hint at a move towards balanced market conditions. Buyers should approach with clear financial plans, pre-approval, and flexibility, while sellers benefit from strategic partnerships with experienced realtors and realistic pricing. Calgary’s economic foundation, fuelled by industries like energy and technology, ensures a consistent flow of interest and long-term market stability. Whether buying or selling, Calgary’s adaptable real estate landscape, enriched by its unique blend of urban and suburban appeal, makes it a suitable environment for real estate pursuits year-round.
Frequently Asked Questions (FAQs)
Calgary’s 2024 real estate market is active, with steady sales growth and rising property prices, supported by interprovincial migration and a strong job market. This trend reflects the city's economic stability and continued attractiveness to newcomers.
Yes, Calgary's market is booming. It is marked by a competitive environment and a sales-to-new-listings ratio of 75%, indicating it is a seller’s market. High demand is driving prices upward and keeping inventory low.
No, Calgary remains a seller’s market, where demand outpaces supply, favouring sellers over buyers. Buyers face competition and need to act quickly to secure properties.
Property prices in Calgary are expected to keep rising in 2025, although the growth rate may slow as supply improves and the market balances out. This steady increase points to sustained market confidence and long-term value. What is the real estate forecast for Calgary in 2024?
Is Calgary real estate booming?
Is Calgary a buyer's market?
Will property prices increase in 2025?
