Real Estate
NEWSLETTER

Peter Kusch

Tel.: 403-990-7990 

 April 2024

STRONG SELLER'S MARKET AND PRICE INCREASES

We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month. Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.

 Detached

Inventory remained relatively stable compared to last month but was 24 per cent lower than last year’s levels and nearly 60 per cent lower than long-term trends for March. Low inventory compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year-over-year gain of 14 per cent.

 Semi-Detached

Supply availability continues to weigh on the semidetached sector of the market. In March, 260 new listings were met with 250 sales, causing the sale-to-new listings ratio to rise to 96 per cent. Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March.

 Row

Both sales and new listings rose in March. However, with 536 new listings and 449 sales, the sales-to-new listings ratio rose to 84 per cent. With 355 units available, inventory levels were 12 per cent below last year’s and 53 per cent below long-term trends for March. The benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year.

 Apartment

Sales in March reached 814 units, contributing to the first quarter’s record-high sales of 1,940 units, nearly 31 per cent higher than last year. New listings also improved throughout the first three months of the year, but with a March sales-to-new-listings ratio of 82 per cent and a months-of-supply of one month, conditions favoured apartment condominium sellers. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

 


 The average number of days on the market (Calgary Metro)



Average days on the market in 

March 2024

Average days on the market in 

March 2023


Detached  


2026


Apartment


2332


Semi-detached


21
29


Row



17



21



Median price (Calgary Metro)



Median price in  

March 2024

Median price in

March 2023

Percentage change


Detached


$718,400

$635,000

13%


Apartment


$317,500

$268,000

18%


Semi-detached


$620,000

$550,000

13%


Row



$465,000



$380,000



22%


The median price is where half sell for more and half for less.



Months of supply (Calgary Metro)

January 20205.87
February 20204.59
March 20204.91
April 20209.71
May 20205.38
June 20203.66
July 20203.62
August 20204.11
September 20203.66
October 20203.31
November 20203.50
December 20203.06
January 20213.35
February 20212.46
March 20211.87
April 20211.89
May 20212.27
June 20212.37
July 20212.88
August 20212.81
September 20212.59
October 20212.23
November 20211.86
December 20211.50
January 20221.30
February 20221.09
March 20221.06
April 20221.69
May 20221.69
June 20221.90
July 20222.89
August 20222.24
September 20222.34
October 20222.09
November 20221.89
December 20221.84
January 20232.04
February 20231.58
March 20231.33
April 20231.20
May 20231.03
June 20231.10
July 20231.32
August 20231.19
September 20231.38
October 20231.47
November 20231.67
December 20231.34
January 20241.30
February 20241.10
March 20240.95


Source: Calgary Real Estate Board
Calgary Metro-within Calgary City Limits

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.