Calgary Housing Market Update: June 2024
An all-time high on the price line, sales down nearly 13% on the year, and inventory building for the second month running.
In June 2024, Calgary’s benchmark home price reached $605,300 — up 0.4% from May and 8% above June 2023, the highest level in the record. Sales fell 11.4% on the month and 12.8% year-over-year to 2,737, while inventory rose to 3,784 homes, 9.1% above last June. Supply climbed to 1.4 months and a typical home sold in 20 days. Row homes reached $461,500, up 16.2% year-over-year; apartment condos $339,600, up 15.7%.
June 2024 at a glance
June 2024 marked the top of Calgary’s cycle, though as usual it only looked that way afterwards. The benchmark reached $605,300, the highest ever recorded. But underneath, the market was already turning: sales fell 12.8% year-over-year to 2,737, inventory rose 9.1% to 3,784 homes, and supply climbed from 1.1 months to 1.4. Prices would not exceed this level again for the rest of the period covered here.
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 June) | $605,300 | ▲ +7.1% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| June 2024 | 2,737 | 3,796 | 3,784 | 20 | $605,300 |
The headline numbers
| Metric | June 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $605,300 | ▲ +0.4% | ▲ +8% |
| Sales | 2,737 | ▼ -11.4% | ▼ -12.8% |
| New listings | 3,796 | ▼ -12.4% | ▼ -3.6% |
| Inventory | 3,784 | ▲ +11.2% | ▲ +9.1% |
| Days on market | 20 | ▲ +1 day | ▼ -2 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $765,100 | ▲ +11.7% | 1,277 | 19 | 1.4 |
| Semi-detached | $685,900 | ▲ +12.2% | 233 | 18 | 1.3 |
| Row / townhouse | $461,500 | ▲ +16.2% | 436 | 18 | 1.1 |
| Apartment condo | $339,600 | ▲ +15.7% | 791 | 23 | 1.5 |
The peak, in hindsight
The signature is the same one Calgary produced in May 2022. Price at a record, monthly growth decelerating — 2.6%, 1.7%, 1.2%, 1.0%, 0.4% across the first half of the year — and both sales and supply moving against the trend.
What made June different from previous turning points is that this time the supply side was doing the work. Inventory had risen year-over-year for two consecutive months after twenty-five months of decline. Sellers had returned in numbers, and the market was rebalancing from the supply side rather than from a collapse in demand.
The affordability ceiling
At $605,300, Calgary’s benchmark was up 17.2% from the January 2023 low of $516,300. Over the same period, borrowing costs had stayed near their highest level in over a decade.
Price increases eventually run into what buyers can finance, and that’s what happened. Sales down 12.8% year-over-year at a record price is the market telling you the marginal buyer can no longer make the numbers work.
The affordable segments finally slowed too
Row homes were up 16.2% year-over-year and apartment condos 15.7% — still strong, but down from 19.5% and 17.2% at the start of the year. Row home supply had eased from 0.7 months in April to 1.1 in June.
When the segment that has led for two years starts to decelerate, it usually means the affordability pressure that created the run has finally exhausted itself. Buyers pushed down the ladder had, by mid-2024, run out of rungs.
What this meant if you were buying
June was the first month in over two years where a patient buyer had a reasonable case for waiting. Inventory was rising, sales were falling, and price growth had slowed to 0.4%.
That said, 1.4 months of supply is still firmly a seller’s market, and 20 days on market is fast. The shift was real but early. The sensible approach was to keep your approval current and shop actively, expecting conditions to keep improving rather than assuming they already had.
Frequently asked questions
Watching the market turn?
Conditions are improving for buyers, but readiness still wins deals. Let’s keep your numbers current.
Try our mortgage calculator →Ready to start? Apply online in minutes
Source: CREB, June 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.
