2024 marks another strong year for sales and price growth in Calgary

As 2024 comes to a close, Calgary’s real estate market once again showed strength, with steady sales and notable price growth. December ended with 1,322 sales—a slight 3% dip from last year but still almost 20% higher than the long-term average. For the year as a whole, sales held firm, with higher-priced homes making up for challenges in the more affordable price ranges, where limited supply posed issues.

Population growth has been a significant driver, supporting a sales pace that has consistently outperformed historical trends. According to Ann-Marie Lurie, Chief Economist at CREB®, sales could have been even stronger if more affordable homes were available. The second half of the year, however, saw some relief as supply improved, particularly for higher-priced properties.

By December, inventory levels reached just under 3,000 units—a welcome improvement from the beginning of the year but still below long-term norms. Increased activity in new home construction and rental markets helped boost listings, giving buyers more options. These changes also eased the steep price growth we saw in the spring, leading to a more stable market in the latter half of the year. Overall, residential benchmark prices rose by over 7% in 2024.

As we move into 2025, the focus will remain on supply. How much is added to the market—and the type of homes being listed—will significantly impact prices, especially as economic conditions continue to shift. Stay tuned for CREB®’s forecast report on January 21 to get a clearer picture of what lies ahead for Calgary real estate!

Whether you're buying, selling, or investing, 2024 reminded us that real estate is all about timing, supply, and strategy. If you’ve been wondering how these trends might impact your next move, let’s connect—I’d be happy to help you plan for success in 2025!