Calgary Real Estate Statistics - May 2024

Calgary's real estate market is still booming, making it a great time for home sellers. In April, sales increased by 7% from last year, with 2,881 sold homes. Although the sales growth rate has slowed a bit compared to the beginning of the year, sales still remain higher than the long-term trends that was seen for the month. Most of this growth is happening with more affordable homes and condos.

On the listing side, there were 3,491 new homes listed in April which is up 11% compared to last year. The rise in new listings helped further worsen the Calgary real estate inventory. Nonetheless, with inventory standing at 2,771 homes in the market, levels are 16% less than a year ago. 

According to Ann-Marie Lurie, the Chief Economist at CREB®, homes under $500,000 have seen a 29 percent drop in supply, while homes over $700,000 are seeing more listings. This shift is partly due to high-interest rates, pushing buyers towards more affordable options.

For Calgary home sellers, the market conditions are excellent, with a sales-to-new-listings ratio of 83% and less than a month's supply of homes. This has led to further price increases, with the residential benchmark price hitting $603,700 in April, up 1% from the previous month and nearly 10% from last year. These price gains are happening across all types of properties and neighbourhoods, with the most significant growth in the more affordable areas of the city.