Calgary saw 1,322 sales in December, a three per cent decline over the year prior, but almost 20 per cent higher than long-term trends, the Calgary Real Estate Board (CREB) reports. Overall 2024 sales came in just under 2023’s levels.
“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, CREB’s chief economist, in a press release.
“That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”
More inventory, lower prices
2,989 units of inventory were available in December—below long-term trends for the month but higher than December 2023 levels and those from early 2024. This was due to more rental options and new home activity.
Likewise, more housing options have relieved some pressure on home prices, which were high in the spring but stabilized in the second half of the year. Annually, total residential benchmark prices improved by over seven per cent.
Detached homes
Sales of detached homes improved year-over-year in the year’s final quarter, particularly for properties over $600,000, thanks to easing lending rates. Inventory levels went up in this category within the city but varied across districts. Prices rose by almost 11 per cent in 2024, most of which occurred in the spring amid low inventory.
Semi-detached homes
2,355 semi-detached homes sold last year, with an annual gain of five per cent. Inventory levels increased thanks to gains in new listings relative to sales, much of which occurred in the higher-priced City Centre district. This category’s annual average benchmark price increased by nearly 11 per cent to $669,042 in 2024, and prices improved across all districts.
Row homes
Last year, 4,647 row homes sold, over two per cent more than the year prior and the second-highest total on record. This was thanks to an 18 per cent gain in new listings. While improved supply alleviated prices by the end of 2024, the annual benchmark price rose by 14 per cent. Prices rose across all districts.
Apartment condominium homes
2024’s apartment condominium sales slowed by four per cent compared to 2023, resulting in 7,568 transactions, the second-highest year on record. New listings went up and helped create more balanced conditions. Prices declined in the last quarter but didn’t offset the strong gains from earlier in the year, with the annual benchmark price rising by 15 per cent.
Review the full December 2024 report for Calgary’s city and regional area.
