What is really happening in the Calgary Real Estate Market?
Following is a graph that shows the months of inventory for each housing sector. Looking at a one-year trendline gives you an indication of where things are really heading.
Graph showing Months of Inventory for Calgary Real Estate Market
Gord’s commentary for the month (just my opinion).
December 2024 Highlights
- In December we saw a substantial decrease in our Inventory (decrease of 31.32% )
- In December we saw a substantial decrease in sales (down by 26.43%)
- With the decrease in Inventory outpacing the decrease in Sales our total months of inventory dropped again leaving us starting the new year with a lack of Inventory.
Calgary Listing Inventory
The Calgary listing Inventory decreased in December by 1363 listings or 31.32%. A decrease in inventory in December is normal but this decrease is larger than what I would call a seasonal trend.
Calgary Sales:
Sales across all sectors except decreased in December. This is what I would call a seasonal drop as during the holidays a lot of people move their focus from Real Estate to family.
Sales Compared to 2023:
Sales in December compared to December 2024 were up down by only 3% which tells me that this is just a typical seasonal trend.
| Jan | Feb | Mar | Apr | May | June | |
| 2023 | 1198 | 1738 | 2135 | 2686 | 3117 | 3140 |
| 2024 | 1650 | 2135 | 2664 | 2881 | 3092 | 2738 |
| Change | +452 | +397 | +529 | +195 | -25 | -402 |
| % Change | 37.7% | 22.8% | 24.8% | 7.3% | – .8% | -12.8% |
| July | Aug | Sept | Oct | Nov | Dec | |
| 2023 | 2644 | 2716 | 2430 | 2169 | 1783 | 1362 |
| 2024 | 2380 | 2186 | 2003 | 2174 | 1797 | 1322 |
| Change | -264 | -530 | -427 | 5 | 14 | 40 |
| % Change | <10% | 19.6% | 17.6% | .2% | .8% | 3.0% |
Calgary Real Estate Benchmark Sales Prices:
The overall Benchmark price in December declined by $4,600. Or .78% This decline was fairly even across all sectors except Semi-Detached homes which saw an increase of $2500.
Calgary Real Estate Benchmark Year to Date Sales Price: See chart below.
For 2024 the entire market has increased by $13,200 or 2.32%. The amount of increase varied depending what sector you look at:
Sector Jan 1, 2024 Jan 1, 2025 Increasee % Increase
| Detached | 697,400 | 747,500 | 50,100 | 7.18% |
| Semi Detached | 627,100 | 677,600 | 50,500 | 8.05% |
| Attached – Row | 425,100 | 447,400 | 22,300 | 5.25% |
| Apartment | 321,400 | 332,400 | 11,000 | 3.42% |
| Total City | 570,100 | 583,300 | 13,200 | 2.32% |
Current Months of Inventory (Absorption Rate): With our Inventory decreasing by more than our sales decreased Our Months of Inventory stayed declined by .16 This puts all sectors in a Seller’s Market with the exception of Apartment Condos which currently sit in a balanced market position.
My Prediction for what is ahead:
First, I will say that anything could happen with the change in the US government and how the Canadian government will react with new laws – today this is anyone’s guess.
Putting that aside here is what it looks like to me. We are already in a tight (Seller’s market) to start off the new year. This combined with lower interest (more to come) which increases demand. In my opinion this indicates that we should have another busy year in Real Estate unless the Trump factor kicks in then it’s anyone’s guess. By the end of February we should have a lot more certainty in what’s going to happen in 2025.
*Below is a summary of numbers in chart form. All numbers are taken from the Calgary Real Estate Boards monthly Stats package.
*All numbers vary by community and price ranges, if you would like stats specifically for your neighbourhood, please contact us.
