Calgary Real Estate Market Update August 2024

Calgary Real Estate Market Update: August 2024

The Calgary real estate market continues to demonstrate resilience and growth as we enter August 2024, with strong demand driving prices upward across various property types. Here's a comprehensive look at the current state of Calgary's housing market:

## Overall Market Trends

Calgary's real estate scene remains robust, characterized by high demand and tightening supply. The market has seen a modest 4% increase in sales compared to the five-year average, indicating sustained buyer interest[1]. Despite a 10% uptick in new listings, overall inventory has decreased by 21%, creating a competitive environment for buyers[1].

## Property-Specific Insights

### Detached Homes

The detached home segment is experiencing some interesting shifts:

- Benchmark price has risen to $690,900
- Inventory is down 23% compared to the five-year average
- Sales have dipped by 9%, likely due to reduced availability
- Months of supply have decreased by 15%, indicating a seller's market[1]

### Apartments

The apartment market is particularly hot:

- Significant 29% increase in both new listings and sales
- Inventory has decreased by 11%
- Months of supply have plummeted by 68%
- Benchmark price has climbed to $349,200[1]

### Attached Homes

Attached properties are showing balanced growth:

- 8% increase in new listings
- 9% rise in sales
- Inventory down by 29%
- 49% drop in months of supply
- Benchmark price now at $470,500[1]

## Market Drivers

Several factors are contributing to Calgary's thriving real estate market:

1. **Population Growth**: Calgary's robust job market and economy continue to attract new residents, fueling demand for housing[2].

2. **Economic Stability**: The city's strong economy supports ongoing real estate activity, with job growth attracting more buyers[2].

3. **Limited Supply**: The decrease in inventory across all property types is creating upward pressure on prices[1].

4. **Affordability Concerns**: Despite rising prices, Calgary remains more affordable compared to other major Canadian cities, attracting buyers from across the country[2].

## Looking Ahead

As we move through August 2024, experts anticipate continued price growth due to strong demand and limited supply. However, affordability issues may begin to temper the rate of increase[2]. Buyers and sellers should stay informed about market trends and consider factors such as interest rates, which could influence future market dynamics[2].

Calgary's real estate market remains one of the strongest in Canada, offering opportunities for both buyers and sellers. Whether you're looking to purchase your first home, upgrade to a larger property, or invest in real estate, understanding these market dynamics is crucial for making informed decisions in Calgary's dynamic housing landscape.

Citations:
[1] https://home.bode.ca/blog/calgary-real-estate-market-august-2024/
[2] https://www.getcalgaryrealty.com/blog.html/real-estate-market-of-calgary-in-2024-8206478
[3] https://home.bode.ca/blog/calgary-real-estate-market-july-2024/
[4] https://beginwithdesign.com/blog/calgary-real-estate-market-insights-advantages/
[5] https://wowa.ca/calgary-housing-market
[6] https://www.greatercalgaryrealestate.com/blog/
[7] https://www.truenorthmortgage.ca/blog/housing-market-forecast
[8] https://creastats.crea.ca