January - 2025 

The Calgary real estate market in 2024 had its ups and downs, but overall, it demonstrated resilience. Home prices saw modest increases, with the benchmark price for single-family homes ending the year about 3-5% higher than in 2023. The condo market, while quieter, experienced a steady demand driven by first-time buyers and investors looking for more affordable options. One of the big stories of 2024 was the ongoing affordability challenge, with higher mortgage rates putting a strain on home buyers. While Calgary remains more affordable compared to major Canadian cities like Vancouver and Toronto, the cost of borrowing, along with inflationary pressures, weighed on the purchasing power of many buyers.

Calgary Monthly Statistics

December saw 1,322 sales, a 3% drop from last year but nearly 20% above long-term trends. Overall, 2024 sales were just below 2023 levels, with higher-priced home sales offsetting declines in lower-price ranges due to supply issues.

"Population growth has driven sales above long-term trends. In 2024, more supply, especially in lower price ranges, could have led to higher sales," said Ann-Marie Lurie, CREB® Chief Economist. "However, we did see shifts in the market as supply improved for higher-priced homes in the latter half of the year."

By December, inventory rose to 2,989 units, still below long-term averages but significantly higher than last December and earlier this year. Improved rental options and strong new home sales contributed to this increase.

More housing options helped stabilize home prices, which had surged in spring. Residential benchmark prices rose by over 7% year-over-year.

Looking ahead to 2025, supply will remain a key factor. Its impact on prices will depend on the type of inventory added and how demand responds to changing economic conditions. CREB® will release its 2025 forecast report on January 21.

CREB® January 2, 2025