Calgary Real Estate Market Report📈

February 2024

Strong Migration and Low Supply Drive

Read Time 90 sec.

Dear Readers,

As we step into a new year, Calgary's real estate market has kicked off with a great start, showing signs of vigor and resilience that promise exciting opportunities for homeowners and investors alike. Let's dive into the details of what January had in store for us!

🚀 Strong Sales Performance

January witnessed a significant leap in sales, reaching 1,650 units - a notable increase from last year and surpassing long-term trends. This surge was bolstered by a substantial rise in new listings, totaling 2,137 units, especially in homes valued above $300,000, with the most impressive gains in the $700,000+ range.

🏡 Inventory Remains Tight

Despite the influx of new listings, the inventory levels in Calgary stayed near record lows, with 2,150 units available. Inventory levels consistently trailed behind the city's long-term trends, averaging a 44% drop from the 10-year average. This scarcity in supply, especially for homes under $1,000,000, played a significant role in pushing the city's prices to new highs.

💹 Price Trends Across Categories

Detached Homes

Achieved a sales-to-new-listings ratio of 77%, with the unadjusted detached price hitting $702,200, marking a near 13% increase from last year.

Semi-Detached

Saw a dip in the sales-to-new-listings ratio to 59%, with January's benchmark price at $625,000, reflecting an 11% rise year-over-year.

Row Houses

Exhibited a high sales to new listings ratio of 92%, pushing the benchmark price to $426,400, up nearly 20% from last January.

Apartments

Enjoyed a 54% increase in sales activity, with the benchmark price reaching $324,000, a 19% jump from the previous year.

🏘️What does this mean for your Community?

Look up your community by scrolling down on your mobile device or in the right-hand margin on your computer screen to see...

🌐 Regional Insights

Airdrie

Showed strength in detached and row sales, with a nearly 10% increase in the benchmark price from last January.

Cochrane

Maintained high sales activity, with the benchmark price staying over 10% higher than last January despite slight easing.

Okotoks

Witnessed a rise in both sales and new listings, with the benchmark price climbing to $589,600, indicative of tight market conditions.

📉Latest Interest Rates

For the fourth consecutive time, the Bank of Canada maintained the prime rate at 7.20%, leaving many awaiting hints of potential rate decreases, while ongoing inflation news dims the prospects for prime rate reductions in the first half of 2024.
For an update on the latest interest rates for various loan terms go to rayriley.com/blog/current-interest-rates/

🗝️ Unlock Market Opportunities

In a market characterized by limited supply and growing demand, now is an ideal moment for both buyers and sellers to act. Allow me to assist you in this dynamic market.

Thank you for staying connected.

Warmest regards,
Ray Riley

To Read the Full City of Calgary Housing Market Update Report Click Here

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All data sourced from the Calgary Real Estate Board (CREB®)

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