Inventory up 55% on the year, homes taking a month to sell, and buyers with more leverage than at any time since 2020.
In October 2024, Calgary’s benchmark home price was $590,900 — down 0.8% from September but 4.3% above October 2023. Sales held at 2,167, essentially level year-over-year, while inventory of 4,967 homes sat 55% above last October. Supply was 2.3 months and a typical home took 32 days to sell, five days longer than a year earlier. Apartment condos, at 2.8 months of supply and $336,800, remained the softest segment.
October 2024 at a glance
Calgary in October 2024 had 4,967 homes for sale — 55% more than a year earlier, and roughly 2,250 more than in April. Sales were steady at 2,167, almost exactly level with last October. The benchmark eased 0.8% to $590,900, a fourth consecutive monthly decline, and a typical property took 32 days to sell. Supply at 2.3 months was still below balanced, but the practical experience of buying had changed completely from the spring.
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 October) | $590,900 | ▲ +4.5% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| August 2024 | 2,182 | 3,536 | 4,490 | 27 | $600,100 |
| September 2024 | 2,000 | 3,687 | 5,064 | 28 | $595,400 |
| October 2024 | 2,167 | 3,263 | 4,967 | 32 | $590,900 |
The headline numbers
| Metric | October 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $590,900 | ▼ -0.8% | ▲ +4.3% |
| Sales | 2,167 | ▲ +8.4% | ▼ -0.1% |
| New listings | 3,263 | ▼ -11.5% | ▲ +21.5% |
| Inventory | 4,967 | ▼ -1.9% | ▲ +55% |
| Days on market | 32 | ▲ +4 days | ▲ +5 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $752,400 | ▲ +7.9% | 1,067 | 32 | 2.1 |
| Semi-detached | $677,000 | ▲ +8% | 188 | 28 | 2.1 |
| Row / townhouse | $455,900 | ▲ +7.9% | 353 | 31 | 2.2 |
| Apartment condo | $336,800 | ▲ +9.8% | 559 | 35 | 2.8 |
Steady demand, much more supply
The interesting feature of October was that sales didn’t fall. At 2,167 they were down just 0.1% year-over-year, after declines of 19.7% and 17.7% in the preceding two months.
Demand had found its floor. What kept shifting was supply, up 55% year-over-year. A market where buying activity is stable and choice is expanding is about as good as conditions get for someone trying to buy a home.
Prices had given back 2.4% from the peak
From $605,300 in June to $590,900 in October — a decline of $14,400, or 2.4%, over four months. Monthly declines had been remarkably consistent at -0.1%, -0.7%, -0.8% and -0.8%.
That steadiness reflects a market adjusting rather than one under stress. There were no forced sellers, and at 2.3 months of supply nobody had to accept a bad offer. Prices drifted down at the pace buyers’ budgets dictated.
Thirty-two days changes the negotiation
Homes taking a month to sell, with 2.3 months of supply, meant buyers could do the things that had been impossible in the spring: make a conditional offer, negotiate after an inspection, ask for a price adjustment on a property that had been sitting.
The segments differed. Apartment condos took 35 days at 2.8 months of supply, detached 32 days at 2.1 months. Condo buyers had the most room; detached buyers still faced some competition on well-priced homes.
What this meant if you were buying
For anyone who had been trying and failing to buy in Calgary since 2022, October 2024 was the month it became possible again. The improvement was in terms and choice rather than price.
With more inventory, the quality of what you buy matters more. In a 0.9-month market you take what’s available; at 2.3 months you can be selective about condition, layout and location — and an inspection condition is both affordable and worth having.
Frequently asked questions
Finally able to be selective?
With this much choice, buying the right home matters more than buying fast. Let’s get your approval in place so you can take your time.
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Source: CREB, October 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.
