Calgary Housing Market Update: July 2024
Inventory up nearly a fifth on the year and supply back to 1.8 months — buyers had real choice for the first time since 2022.
In July 2024, Calgary’s benchmark home price was $604,400 — down 0.1% from June but 7.3% above July 2023. Sales fell 10.2% year-over-year to 2,374 while inventory rose 9.9% on the month to 4,159 homes, 18.9% above last July. Supply climbed to 1.8 months, the highest since late 2022, and a typical home took 24 days to sell. Apartment condos reached $341,300, up 15.3% year-over-year, at 2.1 months of supply.
July 2024 at a glance
Calgary’s shortage ended in the summer of 2024. Inventory reached 4,159 homes in July, up 18.9% from last July and the third consecutive year-over-year increase. Supply climbed to 1.8 months — the loosest since November 2022 — and a typical home took 24 days to sell, four days longer than June. The benchmark eased 0.1% to $604,400. After two and a half years in which the binding constraint was that there was nothing to buy, that constraint had lifted.
Calgary prices over time
| Year | Benchmark price | Change on the year |
|---|---|---|
| 2014 | $459,500 | — |
| 2015 | $448,800 | ▼ -2.3% |
| 2016 | $434,100 | ▼ -3.3% |
| 2017 | $433,200 | ▼ -0.2% |
| 2018 | $424,600 | ▼ -2% |
| 2019 | $415,900 | ▼ -2% |
| 2020 | $421,300 | ▲ +1.3% |
| 2021 | $463,900 | ▲ +10.1% |
| 2022 | $518,800 | ▲ +11.8% |
| 2023 | $565,200 | ▲ +8.9% |
| 2024 (to July) | $604,400 | ▲ +6.9% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| August 2023 | 2,716 | 3,129 | 3,267 | 25 | $566,000 |
| September 2023 | 2,430 | 3,191 | 3,383 | 25 | $565,600 |
| October 2023 | 2,169 | 2,685 | 3,205 | 27 | $566,800 |
| November 2023 | 1,783 | 2,227 | 3,001 | 29 | $567,900 |
| December 2023 | 1,362 | 1,248 | 2,170 | 33 | $565,200 |
| January 2024 | 1,649 | 2,137 | 2,155 | 34 | $565,300 |
| February 2024 | 2,132 | 2,711 | 2,357 | 24 | $579,800 |
| March 2024 | 2,658 | 3,173 | 2,542 | 20 | $589,500 |
| April 2024 | 2,875 | 3,489 | 2,716 | 20 | $596,800 |
| May 2024 | 3,090 | 4,333 | 3,404 | 19 | $602,800 |
| June 2024 | 2,737 | 3,796 | 3,784 | 20 | $605,300 |
| July 2024 | 2,374 | 3,603 | 4,159 | 24 | $604,400 |
The headline numbers
| Metric | July 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $604,400 | ▼ -0.1% | ▲ +7.3% |
| Sales | 2,374 | ▼ -13.3% | ▼ -10.2% |
| New listings | 3,603 | ▼ -5.1% | ▲ +11% |
| Inventory | 4,159 | ▲ +9.9% | ▲ +18.9% |
| Days on market | 24 | ▲ +4 days | ▲ +1 day |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $765,500 | ▲ +10.8% | 1,093 | 24 | 1.8 |
| Semi-detached | $687,800 | ▲ +11.9% | 199 | 22 | 1.5 |
| Row / townhouse | $462,100 | ▲ +14.1% | 423 | 20 | 1.3 |
| Apartment condo | $341,300 | ▲ +15.3% | 659 | 27 | 2.1 |
From 0.9 months to 1.8 in three months
April: 0.9 months. May: 1.1. June: 1.4. July: 1.8. Calgary’s supply doubled in a quarter, which is one of the faster rebalancings the market has produced.
Two things drove it from opposite directions. New listings were up 11% year-over-year while sales fell 10.2%. When both sides of the ratio move against each other, the change compounds quickly.
What buyers actually gained
At 4,159 homes, Calgary had roughly 1,400 more properties on the market than in July 2023. For a buyer that is the difference between choosing among three suitable homes and choosing among eight.
Days on market told the same story: 24 days against 20 in March. Still quick, but enough time to view a property twice, arrange an inspection, and write an offer that kept a financing condition — none of which had been realistic in the spring.
Condos still hadn’t slowed
Apartment condos reached $341,300, up 15.3% year-over-year — the strongest growth of any segment, and barely down from the 16% pace earlier in the year. Detached homes had slowed to 10.8%.
But condo supply had risen to 2.1 months, the loosest of any Calgary property type. That is usually the leading indicator, and it suggested condos would be where the coming adjustment landed hardest — which is exactly what happened over the following two years.
What this meant if you were buying
July 2024 was the first genuinely reasonable month to buy in Calgary since 2022. Not because prices had fallen — they were 7.3% above last July — but because the process had become sane again.
The shift worth making was from speed to diligence. In a 0.9-month market you buy what you can get. At 1.8 months you can compare, inspect, and negotiate on price and possession. Buyers who carried spring habits into the autumn market often moved faster than they needed to.
Frequently asked questions
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Source: CREB, July 2024 (City of Calgary geography). Prices shown are benchmark (HPI) values. Month-over-month compares to the prior month; year-over-year to the same month last year. The board may revise past months as late sales are recorded. Prepared by Mortgages for Less.
