Calgary Real Estate Market Update- September 2024

MARKET UPDATE FOR CALGARY REAL ESTATE IN September 2024

This month, sales continued to outpace the 5- and 10-year averages but were still down 18% from last year’s surge. New listings also increased, up 17% compared to September of last year.

Although Calgary's market data largely points to a seller's market (as shown by the prevalence of purple in the table), we've opted to describe the overall market as "balanced" based on what we’re seeing on the ground. It seems that market sentiment, rather than pure statistics, is driving current trends. Whether buyers and sellers are accurately anticipating a more balanced future remains to be seen.

Market experiences are highly variable, not only by price point but also by location. For instance, two homes in similar neighborhoods may be priced similarly, yet one is in a balanced/seller’s market while the other faces more competition and slowly declining values.

New trends are emerging: We’ve had calls from investors in Calgary and Vancouver looking to sell contracts for high-rise units, while at the same time, my buyer business has picked up—many are first-time investors entering the market.

There’s growing speculation that larger interest rate cuts from the US and Canadian central banks could be on the horizon. We also saw the cap for insured mortgages (5% down) increase from $1 million to $1.5 million this month, which will likely have an expansionary effect on the market, particularly more expensive homes.

In summary, the Calgary and surrounding area real estate market is in an unusual phase. While rapid price appreciation seems behind us for now, inventory levels have stabilized, easing pressure on the market. We expect a “flight to quality” as buyers become more selective. As expansionary monetary policies take hold, their impact will be something to watch closely. I think it is likely that we will look back on this period as a good time to "move up".

If you have any questions about your own real estate goals, we'd love you to reach out - personalized advice is crucial in navigating these complex conditions.