The first year-over-year inventory increase since 2022, a surge of new listings, and the first real sign the shortage was ending.
In May 2024, Calgary’s benchmark home price was $602,800 — up 1% from April and 9.1% above May 2023, crossing $600,000 for the first time. Sales were 3,090, down 0.9% year-over-year. New listings surged 24.2% on the month to 4,333, lifting inventory to 3,404 homes — 5.9% above last May, the first year-over-year increase in two years. Supply rose to 1.1 months. A typical home sold in 19 days, the fastest in the record.
May 2024 at a glance
Two things happened in May 2024 that pointed in opposite directions. Calgary’s benchmark crossed $600,000 for the first time, reaching $602,800, and homes sold in 19 days — the fastest pace ever recorded. At the same time, new listings surged 24.2% to 4,333 and inventory rose to 3,404 homes, 5.9% above last May. That was the first year-over-year inventory increase since early 2022, and it marked the beginning of the end of Calgary’s shortage.
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 May) | $602,800 | ▲ +6.7% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| 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 |
The headline numbers
| Metric | May 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $602,800 | ▲ +1% | ▲ +9.1% |
| Sales | 3,090 | ▲ +7.5% | ▼ -0.9% |
| New listings | 4,333 | ▲ +24.2% | ▲ +18.7% |
| Inventory | 3,404 | ▲ +25.3% | ▲ +5.9% |
| Days on market | 19 | ▼ -1 day | ▼ -5 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $759,600 | ▲ +12.7% | 1,383 | 18 | 1.2 |
| Semi-detached | $678,200 | ▲ +13.3% | 259 | 17 | 1.1 |
| Row / townhouse | $459,300 | ▲ +18.4% | 541 | 18 | 0.8 |
| Apartment condo | $335,100 | ▲ +16% | 907 | 22 | 1.2 |
The turning point in supply
Inventory had been below the prior year in every month since April 2022 — twenty-five consecutive months. May 2024 broke that streak.
The trigger was price. Calgary had risen roughly 17% from the January 2023 low, and at $602,800 the numbers finally worked for owners who had been sitting out. Enough of them listed at once to tip the balance, and once inventory starts rebuilding it tends to keep going.
Peak speed
At 19 days, May 2024 was the fastest market in Calgary’s record — quicker even than February 2022. Detached homes sold in 18 days, row homes in 18, semi-detached in 17.
Fastest-ever selling times alongside the first inventory increase in two years is a classic turning-point signature. Demand was at its most intense exactly as supply began to respond, which is usually how cycles peak.
Sales stopped growing
May sales of 3,090 were down 0.9% from May 2023 — the first year-over-year decline of 2024. After a year in which sales had risen 37.6%, 22.7%, 9.7% and 7% year-over-year in the preceding months, the deceleration was clear.
Demand hadn’t collapsed; it had simply stopped accelerating, at the same moment supply started to. Both sides of the ratio were now moving toward balance.
What this meant if you were buying
May was still a very hard market to buy in — 19 days and 1.1 months of supply — but it was the first month in two years when the trend was moving in buyers’ favour.
For buyers who had been losing out repeatedly, the reasonable position was to stay prepared and keep looking, without panic. 4,333 new listings in a single month was more choice than Calgary had seen in years, and the pipeline was building. Rushing into a compromise purchase in May, with that much supply arriving, would have been the wrong call.
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Source: CREB, May 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.
