Calgary Real Estate Market Update-April 2024

May 1, 2024
Price growth persists in Calgary as seller’s market prevails
In April, Calgary’s real estate market maintained its momentum with a seven per cent increase in sales compared to last year, reaching 2,881 units. Although the growth rate moderated compared to earlier in the year, sales remain 37 per cent above long-term trends for the month. The surge in sales has been particularly notable in more affordable, higher-density properties.

New listings also saw an increase, with 3,491 new listings in April, marking an 11 per cent gain over last year and a three per cent rise above long-term trends. This rise in new listings prevented a further decline in inventory levels. However, with 2,711 units in inventory, levels are still 16 per cent below last year and half of what is typically seen in April.

Ann-Marie Lurie, Chief Economist at CREB®, notes, “While supply levels are still declining, much of the decline has been driven by lower-priced homes.” Homes priced below $500,000 reported a 29 per cent decline in supply, while there is growth in listings for homes priced above $700,000. High-interest rates are pushing demand towards more affordable products while driving listing growth for higher-priced properties.

With a sales-to-new-listings ratio of 83 per cent and a months of supply of less than one month, conditions continue to favor sellers, leading to further price gains. In April, the unadjusted total residential benchmark price reached $603,700, a one per cent increase over last month and almost 10 per cent higher than last year.

Detached Homes:
Sales of detached homes increased by one per cent in April compared to last year. Sales gains in higher price ranges offset declines in homes priced below $600,000 due to a lack of listings. Although new listings for detached homes rose by 10 per cent year-over-year, those priced below $600,000 saw a 34 per cent decline in new listings. The market remains tight, with less than one month’s supply, driving further price growth. The unadjusted benchmark price reached $749,000 in April, over one per cent higher than last month and 13 per cent higher than April 2023 levels.

Semi-Detached Homes:
Sales activity for semi-detached homes continued to rise in April, contributing to an 18 per cent year-to-date growth. While there were gains in new listings, they did little to change the low inventory situation. Market conditions remain tight, leading to further price gains. The unadjusted benchmark price reached $668,400 in April, nearly two per cent higher than last month and 13 per cent higher than last year.

Row Homes:
Row home sales improved by 19 per cent year-to-date, with a 16 per cent increase in new listings. However, the low inventory situation persisted due to high sales activity, maintaining a sales-to-new-listings ratio of 93 per cent. This tight market condition, especially in lower price ranges, led to further price growth, with the unadjusted benchmark price reaching $458,100 in April, two per cent higher than last month and 20 per cent higher than last year.

Apartment Condominiums:
Sales of apartment condominiums rose by 24 per cent in April compared to last year, representing nearly 30 per cent of all resale activity. New listings increased, but inventory levels remain lower than last year. Persistently tight market conditions, especially in lower price ranges, are driving further price growth, with the unadjusted benchmark price reaching $346,200 in April, over two per cent higher than last month and nearly 18 per cent higher than last year.

Regional Market Facts:
Airdrie:
The Airdrie market faces challenges in supply, with the sales-to-new listings ratio remaining high at 92 per cent. Persistently tight market conditions drove further price gains, with the unadjusted total residential benchmark price reaching $549,100 in April, over 10 per cent higher than last year.

Cochrane:
Sales in Cochrane eased in April compared to last year, but year-to-date sales improved by seven per cent. Despite a modest gain in inventory levels, market conditions remain relatively tight, leading to further price gains. The unadjusted total residential benchmark price reached $561,000 in April, nearly 11 per cent higher than last year.

Okotoks:
Both sales and new listings improved in April compared to last year, but with 89 new listings and 65 sales, inventory levels rose compared to last month and last year. However, inventory levels in the town remain 60 per cent below what is typically on the market at this time of year.

With one month of supply, the market continues to favour the seller and is driving further price growth. In April, the unadjusted total residential benchmark price reached $617,200, one per cent higher than last month and nearly eight per cent higher than last year. Prices improved across all property types, with the highest gains occurring for semi-detached and row homes.