City of Calgary, December 2, 2024
SUPPLY ON THE RISE, BUT NOT ACROSS ALL PRICE RANGES
As we transition into winter, Calgary’s housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.
The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”
The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.
Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.
Rising sales for homes above $600,000 offset the declines in the lower price ranges caused by limited supply choice. While inventory levels did improve, 85 per cent of the supply was priced above $600,000. Improving supply caused the months of supply to push above two months in November, with higher months of supply reported for homes priced above $700,000 and less than two months of supply for homes priced below that level. This variation within the market is likely to result in different price pressures.
The unadjusted detached benchmark price was $750,100, slightly lower than last month but over seven per cent higher than prices reported last year at this time. Year-over-year gains have ranged across the city, with slower growth reported in areas with the most competition from newer homes.
Row home sales improved in November compared to last year, contributing to nearly three per cent of year-to-date gains. Sales have remained exceptionally strong over the past three years as purchasers seek more affordable options. At the same time, new listings have also improved relative to sales, supporting year-over-year gains in inventory levels. Despite inventory improvements, conditions remained relatively tight with nearly two months of supply.
Following steep gains earlier in the year, the pace of price growth has eased. As of November, the unadjusted benchmark price was $454,200, nearly seven per cent higher than last year. Year-to-date average benchmark prices have improved by nearly 15 per cent. Row prices in the City Centre were the highest at $620,000, while the North East and East districts were the only areas to report benchmark prices below $400,000.
There were 173 sales in November, an improvement over last year and contributing to the year-to-date growth of nearly five per cent. This was possible thanks to gains in new listings and higher supply levels. With two months of supply, conditions are not as tight as earlier in the year but still favour the seller, especially for properties priced below $700,000.
As of November, the unadjusted benchmark price was $675,100, nearly eight per cent higher than last November. The pace of price growth has eased over the past several months, primarily due to seasonal factors. Benchmark prices ranged from $926,800 in the City Centre district to $409,300 in the East district of the city.
APARTMENT CONDOMINIUM
Sales in November slowed over last year’s record high. However, the 429 sales were still 47 per cent higher than long-term trends. New listings for apartment-style units have been on the rise. With 1,482 units available in November, more supply is available now than during the spring, and it is the only sector to see levels rise above long-term trends for the month.
The additional supply caused the months of supply to push above three months and is taking some of the pressure off home prices. As of November, the unadjusted benchmark price was $337,800, down over last month, but still nine per cent higher than last year. Supply has improved for units priced above $200,000, but most gains have been in the $300,000 to $500,000 range.
SEPTEMBER 2026 Calgary Market Update DETACHED HOME SALES IMPROVE IN SEPTEMBER Calgary, Alberta, Oct. 1, 2026 – September sales totalled 1,650 units, similar to August
AUGUST 2026 Calgary Market Update SALES AND NEW LISTINGS SLOW IN AUGUST Calgary, Alberta, September 1, 2026 – Consistent with trends throughout most of 2026,
JUNE 2026 Calgary Market Update City of Calgary, July 2, 2026 HIGH-DENSITYSUPPLY IMPACTS APARTMENT CONDOMINIUM PRICES Calgary, Alberta, July 2, 2026 – sales in
City of Calgary, August 1, 2023 – Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18 per cent, reflecting the strongest July levels reported on record. The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector. Despite recent gains, year-to-date sales have declined by 19 per cent over last year.
In line with seasonal expectations, sales and new listings trended down compared to last month. However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a month of supply of 1.3 months, conditions continue to favor the seller.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”
In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over four per cent higher than the previous peak in May of 2022.
With 1,197 sales and 1,587 new listings in July, inventory levels trended up over last month. However, with 1,720 units available, inventory levels are at the lowest ever reported for July. Inventory levels have declined across all properties priced below $1,000,000. Shifts in sales and inventory have caused the months of supply to trend up over the one month reported over the past several months. However, conditions remain relatively tight, and prices continued to rise this month. In July, the unadjusted
benchmark price rose to $690,500, a monthly gain of nearly one per cent and
over seven per cent higher than last July. Both year-over-year and monthly
price growth was strongest in the city’s most affordable North East and East
Districts.
While row sales, new listings and inventory levels have all trended up compared to levels seen at the start of the year, like other property types, levels are much lower than last year. With one month of supply available, conditions continue to favor the seller. The tight market conditions also placed further upward pressure on prices.
In March, the benchmark price rose to $378,100, reflecting a year-over-year gain of nearly eight per cent and representing a new monthly record high. Price growth was strongest in the city’s North East and South districts, with the lowest year-over-year gains occurring in the West district.
With only 248 new listings in July and 211 sales, the sales-to-new-listings ratio once again pushed above 85 percent. The pullback in new listings relative to sales ensured that inventory levels remained low, and the months of supply remained just over one month. With no shift in the sellers ‘market conditions, the unadjusted benchmark price
continued to trend up in July, reaching $616,800. Monthly gains were strongest
in the North East and East districts both rose by over two percent compared to
June. The only district that experienced stability in monthly prices was the
City Centre
APARTMENT CONDOMINIUM
July sales continued to rise over last year’s levels, leaving year-to-date sales 16 per cent higher than levels reported last year. This is the only property type that has reported a year-to-date gain in sales activity. This has been possible thanks to recent gains in new listings. However, conditions remain tight for apartment condominiums with a sales-new-listings ratio of 84 percent and a months of supply of1.4 months. The strong demand relative to supply for this property type has driven further price gains this month. As of July, the unadjusted benchmark price reached $305,900, nearly one per cent higher than last month and over 12 per cent higher than last July. While prices are higher than last year in every district, the city center has yet to see the same level of pressure on prices and has reported the lowest year-over-year growth at nearly nine percent.
SEPTEMBER 2026 Calgary Market Update DETACHED HOME SALES IMPROVE IN SEPTEMBER Calgary, Alberta, Oct. 1, 2026 – September sales totalled 1,650 units, similar to August
AUGUST 2026 Calgary Market Update SALES AND NEW LISTINGS SLOW IN AUGUST Calgary, Alberta, September 1, 2026 – Consistent with trends throughout most of 2026,
JUNE 2026 Calgary Market Update City of Calgary, July 2, 2026 HIGH-DENSITYSUPPLY IMPACTS APARTMENT CONDOMINIUM PRICES Calgary, Alberta, July 2, 2026 – sales in