November 2024 Housing Market in Calgary: A Comprehensive Overview

Calgary's housing market continues its dynamic trajectory as November 2024 data reveals notable trends. The market remains active with a balanced shift due to increasing inventory and sustained demand across various property types.

Sales and Inventory

Total sales in November reached 1,797 units, marking a slight increase of 0.8% from the previous year. This comes alongside a significant 44.5% year-over-year rise in new listings, reaching 2,328 units. Active listings now stand at 4,384, a 40.4% increase compared to last year, contributing to a more balanced market dynamic​

Pricing Trends

The benchmark price for all property types climbed to $587,900, up 3.5% month-over-month and 14.5% year-over-year. Median prices also surged, hitting $573,000, reflecting a 28.8% annual increase​

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• Detached Homes: These continue to command attention, with a median price of $699,800, growing by 7.7% year-over-year.
• Semi-Detached and Townhouses: Semi-detached homes saw an impressive 16% annual price growth, while townhouse prices rose by 8.1%​​
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• Apartments: Despite a 13% decline in sales volume, benchmark prices rose by 11.4% year-over-year to $341,700​
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Market Conditions

The months of supply improved slightly but still favor sellers, especially in lower price segments. Detached homes in higher price ranges are experiencing a balanced environment due to increasing new listings. Meanwhile, apartments are witnessing a stabilization as inventory grows faster than demand, leading to easing price pressures​

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Broader Economic Context

Calgary’s affordability compared to other major cities like Toronto and Vancouver continues to attract buyers, although affordability challenges persist due to rising prices. Population growth and limited new housing construction further contribute to ongoing market tightness​.

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Conclusion

November's data highlights a resilient housing market in Calgary, characterized by rising prices and active sales despite economic challenges. For prospective buyers or sellers, understanding these trends is crucial for making informed decisions.

For more insights or to explore your options in Calgary real estate, visit

tps://www.creb.com/Housing_Statistics/Daily_Housing_Summary/) or contact Jinder Sidhu at clickcalgaryhomes.com.