December 2024 Calgary Real Estate Insights
Navigating the Calgary Real Estate Market
As of December 1, 2024, Calgary’s real estate market showcases resilience and adaptability amid shifting economic conditions. Below, we analyze the latest market trends using data from the Calgary Real Estate Board (CREB) and highlight developments in nearby areas, including Airdrie, Cochrane, and Okotoks. Additionally, we provide strategic tips for buyers and sellers and discuss the impact of current interest rate trends.
Calgary Real Estate Market Overview
Key Trends and Insights
Sales Activity
In November 2024, Calgary recorded 1,797 home sales—a 0.8% year-over-year increase and 20% above long-term averages for November. This steady demand reflects the market’s strength, even during the typical seasonal slowdown.
Inventory Levels
Housing inventory rose to 4,352 units in November, up from 3,000 in the same month last year. Despite this increase, inventory remains below historical averages, indicating Calgary is still experiencing a seller’s market.
Pricing Trends
The benchmark price for all property types reached $587,900 in November, a 3.5% year-over-year gain. This growth is driven by rising demand for more affordable row houses and apartment-style homes.
Market Dynamics by Property Type
Detached Homes
Detached home sales grew, standing 24% above long-term November averages. The benchmark price reached $757,100—up nearly 9% from November 2023.
Semi-Detached and Row Houses
Both semi-detached and row house segments showed year-over-year sales growth, contributing to the market’s stability. Row house prices rose by 7%, while semi-detached homes also saw price increases.
Apartment-Style Units
Although sales for apartment-style units slightly declined, benchmark prices jumped nearly 14%, highlighting strong demand for affordable housing options.
Advice for Buyers and Sellers
Buyers
- Explore Expanding Inventory: Higher-priced segments now offer more options.
- Act Quickly: Lower-priced properties remain highly competitive.
- Secure Pre-Approval: Mortgage pre-approval can strengthen your position when making offers.
Sellers
- Capitalize on Strong Demand: Lower to mid-price range properties are seeing the most activity.
- Prioritize Pricing and Marketing: Proper pricing and effective marketing strategies will help attract serious buyers and favorable offers.
Interest Rate Outlook
Impact on Real Estate Market
As of late November, the Bank of Canada has maintained its policy interest rate, with indications of potential easing in the near future. Fixed mortgage rates have declined since the summer, sustaining demand in Calgary’s real estate market. Buyers should keep a close eye on interest rate changes, as these could impact affordability and borrowing costs.
Interest Rate Outlook
Calgary’s real estate market remains active and competitive as we move into December 2024. With increasing inventory creating opportunities for buyers and favorable conditions for sellers, the coming months present unique opportunities for those looking to buy or sell. Staying informed about local trends and interest rate movements will be key to making successful real estate decisions.
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