Calgary Real Estate in 2024: 1st Quarter Market Review

Are we still in a Seller’s Market
How’s the Listing Inventory in Calgary these days? 
Today I am going to share some valuable information that may interest you regarding Calgary Real Estate.

   

March was another crazy month, as 1,151 single-family homes were sold. The Benchmark price has reached $739,700, which is a 6% increase since December, and a 14% increase from last year March.

   

For Townhouses, the Benchmark Price has gone up to $448,700, a 5.55% increase since December, and a 20% increase from March 2023. This is a very sharp increase in Calgary's Real Estate history. For example, in North Calgary, if you want to buy a townhouse with a single attached garage, you need to pay close to or over $500,000, when similar townhouses were sold for under $400,000 one year ago. Lately, we sold a few townhouses in Nolan Hill, and each time we got 8 to 10 offers.


Apartment sales in different parts of Calgary had different trends in the last one year.  If you take a closer look at the graph in different parts of the City, you will notice that the North and South areas (mostly in the newer areas), their sale price increase is sharper than in the Inner City, especially in the Downtown core.  This phenomenon is due to the demand in the Suburbs, where the newer communities are in high demand.  People tend to like the newer communities which have better shopping and other facilities.  You will also notice that the age groups around 60 to 70 are ready to downsize to Apartments, and many of them will not pick Downtown areas.

   

For Downtown apartments, some owners bought their units at the peak market in 2014, and therefore may still suffer loss when they are trying to sell at this time.  Downtown Apartments have dropped significantly during 2016 to 2020, and are still recovering now.  If you are interested to know more about the Downtown market situation, please feel free to call or email me to discuss.

In terms of Inventory, we are still low. In many areas, there are less than 1 months’ supply, or may have only 1.5 months’ supply.  That is also the main reason the Seller’s market condition continues.  Despite the high-interest rates, the demand for Real Estate is still strong in Calgary. We are expecting the Bank of Canada to lower the lending rate in June, and that may help more buyers afford to buy.  We have good confidence the market will remain strong and steady in Calgary throughout this year.

If you are a homeowner planning to sell this year in this uptrend market, then you will need an experienced agent who can give you the most up-to-date knowledge of the current market status, and will help you get top dollar for your property!

If you are a home buyer in search of your dream home, you need an honest and experienced agent who will help you strategically compete and win against the competition.  In this confusing market, the last thing you want is to pay way over the list price and find out later that you paid too much during the competition. 

If you are thinking of buying or selling real estate, please call me today at 403-241-9800. 

Thank you!

Contact us if you have any questions!

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