Calgary Real Estate Market Report - March 2024
Lesley Birkkjaer • April 4, 2024
Spring has officially arrived, and with it we hope to see some new listings hit the market. Inventory remains low which continues to contribute to a seller's market and increasing prices.
We did see a few more listings hit the market in March but not enough to offset the number of buyers. With 22% lower inventory than last year and half the level we traditionally see in March, this has contributed to our tightest March since 2006. We are now in our third consecutive year with a seller's market with prices increasing by over 10% since last year.
March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.
“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," said Ann-Marie Lurie, Chief Economist at CREB®. “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.”
As the year winds down and the holiday season settles in, I wanted to take a moment to reflect on what an incredible year it’s been. It truly flew by, and I’m grateful for every bit of it. To all my clients, thank you for trusting me with your buying and selling needs. Your support means more than you know. To my friends and family, your encouragement and referrals have also been a huge part of this year, and I’m so thankful. 2025 has been full of meaningful conversations, exciting moves, and so many milestones. I’m already looking forward to what 2026 will bring and to helping even more people find the place that feels right for them. Wishing you a Merry Christmas, Happy Holidays, and a warm, joyful start to the new year. See you in 2026!
I hope you had a great October and enjoyed a mild Halloween! In October, inventory levels eased slightly after several months of steady growth. Detached and semi-detached homes saw the biggest change, with a bit less supply and sales holding steady, even as we head into the quieter months. Row homes and apartments still have more availability, which gives buyers a few extra options. On a lighter note, the RE/MAX Bowlarama was a fantastic event this month. It is always great to connect with colleagues and support a good cause outside the office. As we approach the holidays, expect the pace to slow before picking up again in the new year. If you’re curious about what this means for your buying or selling plans, reach out to me . I’d love to chat.
October’s here, and while we’ve had some beautiful fall weather, it looks like snow might be sneaking into the forecast just in time for Halloween! As we head into the final stretch of the year, Calgary’s real estate market continues to shift toward a more balanced pace. Inventory is up about 36% compared to this time last year, with most of that growth coming from apartments and row homes. Detached homes have seen smaller increases, and prices are adjusting accordingly. It’s been a busy season of change, and as always, I’m happy to talk through what this means for your buying or selling plans. Feel free to reach out anytime.
Welcome to September! Summer may be winding down, but the great weather has been a bonus. Looking back at August, the market feels very similar to July. We’re seeing more inventory on the market, which has created a buyer’s market. Prices have dipped about 4% overall, with row houses and apartments seeing the biggest declines, while detached homes in popular areas are holding up a little better. For buyers, this means more choice and opportunity. For sellers, it means homes are taking longer to move, closer to 60 to 90 days or more, and pricing them correctly has never been more important. If you’d like to talk about how this market affects your plans, I’d be happy to chat .
As summer winds down, Calgary’s real estate market continues to shift. Inventory is climbing as a wave of new builds reach completion across the city. The apartment sector has felt the biggest impact, with new complexes rising in nearly every quadrant. At the same time, a number of communities are seeing increased supply of detached homes. With this added inventory, Calgary’s benchmark price has started to ease. Market conditions are returning to more typical, pre-pandemic levels, and properties are taking longer to sell. If you’d like to talk about what these changes mean for your plans, I’d be happy to connect .
Hope your July’s off to a great start, and that you get to enjoy a little Stampede fun along the way! We’re keeping things pretty low-key, but definitely plan to catch a few events. Market-wise, June brought another bump in inventory across all property types, with a few shifts worth noting, especially in the apartment and row house sectors. I’ve pulled together a quick update with what’s going on and what it might mean if you’re thinking about a move. Give it a watch, and reach out if anything sparks a question. I’d love to hear from you.
Can you believe it’s already mid-June? The pace of the market has cooled, May brought a big shift, a 97.5% increase in listings. That means more inventory, more choices for buyers, and a more balanced market overall. That said, the right property can still go fast. I recently listed a beautifully maintained home in Evanston and it sold within a week. When homes show well and are priced right, they continue to draw strong interest. If you’re thinking of selling, I’m happy to offer tips on how to prepare your home and make the process as smooth as possible. Questions about buying or selling? I’m always just a call or message away . Enjoy the rest of your June, and I’ll check in again next month!
Spring is finally here—and so is a balanced market. Inventory is up, days on market are longer, and buyers have more to choose from. It’s a very different vibe than last year’s sprint! If you’re curious about what that means for you, or want the scoop on my listings in Dalhousie and Citadel, I’m just a call away.
Spring is here—well, sort of! While the weather is still sorting itself out, the real estate market is also going through some changes. March saw a 19% drop in sales across all property types, shifting us further toward a balanced market. After four years of a strong seller’s market, we’re finally seeing things level out, which is good news for buyers looking for more options. With economic uncertainty and other factors at play, we’ll be keeping a close eye on how things unfold in the coming months. In the meantime, I’ve got new listings coming up in Dalhousie and Citadel, so if you’re thinking about buying or selling, let’s chat !
Stepping into March, it’s exciting to see the weather starting to warm up. Hopefully, you are getting out and enjoying it! Looking back at February, we saw more properties hitting the market, especially those under $500K. Things are slowing down, but it seems good properties priced right are still moving! We were already heading for a balanced market but now with the shifting situation in the U.S. there’s a bit of nervous energy around. People still need a place to live, which is great but we will definitely be watching the Real Estate market closely and seeing how it trends. If you’re wondering what these changes might mean for you or have any questions, feel free to reach out .
