The biggest monthly gain in two years, homes selling ten days faster, and barely a month of inventory to choose from.
In February 2024, Calgary’s benchmark home price was $579,800 — up 2.6% from January, the largest monthly gain since February 2022, and 10.1% above February 2023. Sales rose 29.3% on the month to 2,132 while inventory reached 2,357 homes, 14.2% below last February. Supply was 1.1 months and a typical home sold in 24 days, ten days faster than January. Row homes were tightest at 0.9 months of supply, up 18.6% year-over-year.
February 2024 at a glance
Calgary’s spring market arrived in February. The benchmark jumped 2.6% to $579,800 — the biggest monthly move since the peak of the 2022 frenzy — as sales rose 29.3% to 2,132 and selling times fell from 34 days to 24. Inventory of 2,357 homes was 14.2% below last February and supply sat at 1.1 months. New listings did increase 26.9% on the month, but against that level of demand it barely registered.
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 February) | $579,800 | ▲ +2.6% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| March 2023 | 2,424 | 3,314 | 3,235 | 27 | $535,100 |
| April 2023 | 2,686 | 3,132 | 3,234 | 24 | $545,100 |
| May 2023 | 3,117 | 3,650 | 3,214 | 24 | $552,700 |
| June 2023 | 3,140 | 3,939 | 3,469 | 22 | $560,300 |
| July 2023 | 2,644 | 3,247 | 3,498 | 23 | $563,100 |
| 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 |
The headline numbers
| Metric | February 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $579,800 | ▲ +2.6% | ▲ +10.1% |
| Sales | 2,132 | ▲ +29.3% | ▲ +22.7% |
| New listings | 2,711 | ▲ +26.9% | ▲ +13.6% |
| Inventory | 2,357 | ▲ +9.4% | ▼ -14.2% |
| Days on market | 24 | ▼ -10 days | ▼ -9 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $721,300 | ▲ +13.2% | 952 | 25 | 1.1 |
| Semi-detached | $639,800 | ▲ +13.2% | 191 | 26 | 1.2 |
| Row / townhouse | $432,500 | ▲ +18.6% | 351 | 20 | 0.9 |
| Apartment condo | $316,300 | ▲ +16.4% | 638 | 26 | 1.2 |
Ten days faster in four weeks
Days on market fell from 34 to 24 between January and February. That kind of move signals buyers moving decisively, and it typically precedes price gains rather than following them — which is exactly what the 2.6% jump reflected.
Row homes were fastest at 20 days, with detached at 25 and condos at 26. In a 1.1-month market the practical experience for buyers was that anything reasonably priced attracted attention within the first weekend.
Why prices moved so sharply
Two things came together. Alberta’s population growth had been running at an unusually high rate, adding households faster than Calgary was adding homes. And expectations about interest rates had shifted — after two years of increases, the market had begun to anticipate cuts later in the year, which brought buyers off the sidelines.
Buyers acting ahead of an expected change is a recurring pattern in this data. It happened before the first hike in March 2022, and it happened again in early 2024 in anticipation of the first cut.
Every segment was under 1.2 months
Detached 1.1 months, semi-detached 1.2, row 0.9, apartment 1.2. There was no slack anywhere in Calgary’s market in February 2024.
Price growth reflected it. Detached homes up 13.2% year-over-year, semi-detached 13.2%, row homes 18.6%, apartment condos 16.4%. The whole market was rising quickly, with the affordable segments still leading.
What this meant if you were buying
February required the same discipline as any fast market: full approval first, a clear maximum, and a decision made in advance about which compromises you’d accept. At 24 days, deliberating for a week generally meant losing the home.
It’s also the point to be careful about the difference between what you qualify for and what’s comfortable. When prices rise 2.6% in a month, the pressure to stretch is intense. A payment that looks manageable at the edge of your approval can become uncomfortable quickly if anything changes — and the discipline of leaving margin is easiest to apply before you’re emotionally attached to a property.
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Source: CREB, February 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.
