Thirty-seven days to sell, eight more than last November, and condo sellers waiting a month and a half.
In November 2024, Calgary’s benchmark home price was $586,400 — down 0.8% from October and 3.3% above November 2023. Sales were 1,793, essentially flat year-over-year, while inventory of 4,354 homes stood 45.1% above last November. Supply was 2.4 months and a typical home took 37 days to sell, eight days longer than a year earlier. Apartment condos took 45 days at 3.4 months of supply — the softest corner of the market.
November 2024 at a glance
Days on market is the number that tells a buyer what they’ll actually experience, and in November 2024 it reached 37 — eight days longer than last November and eighteen longer than May’s record low of 19. Inventory of 4,354 homes was 45.1% above the prior year, supply sat at 2.4 months, and the benchmark eased another 0.8% to $586,400. Apartment condos were taking 45 days to sell. The market had comprehensively changed hands.
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 November) | $586,400 | ▲ +3.8% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| November 2024 | 1,793 | 2,327 | 4,354 | 37 | $586,400 |
The headline numbers
| Metric | November 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $586,400 | ▼ -0.8% | ▲ +3.3% |
| Sales | 1,793 | ▼ -17.3% | ▲ +0.6% |
| New listings | 2,327 | ▼ -28.7% | ▲ +4.5% |
| Inventory | 4,354 | ▼ -12.3% | ▲ +45.1% |
| Days on market | 37 | ▲ +5 days | ▲ +8 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $748,600 | ▲ +7% | 862 | 34 | 2.2 |
| Semi-detached | $675,200 | ▲ +7.7% | 172 | 31 | 2.1 |
| Row / townhouse | $453,300 | ▲ +6.3% | 330 | 35 | 2.0 |
| Apartment condo | $333,000 | ▲ +7.4% | 429 | 45 | 3.4 |
Nineteen days to thirty-seven in six months
May 2024: 19 days. November 2024: 37. The time it took to sell a Calgary home had roughly doubled in half a year.
For sellers that meant pricing carefully and expecting to wait. For buyers it meant a genuinely different transaction — time to view twice, to get an inspection, to have a conversation about price rather than simply meeting the asking figure.
Condos at 45 days and 3.4 months
The apartment condo segment had 3.4 months of supply and took 45 days to sell, with prices at $333,000, down from the $341,400 August peak. Growth had slowed to 7.4% year-over-year from 17.2% in January.
The reversal was fast. Condos had been Calgary’s strongest segment for two and a half years; within six months they had become the weakest. That is what happens when a segment’s strength came from buyers who were pushed into it rather than drawn to it.
Prices easing at a steady, modest pace
Five consecutive monthly declines of -0.1%, -0.7%, -0.8%, -0.8% and -0.8%. From the June peak the benchmark was down 3.1%.
The consistency is the point. There was no acceleration, no panic, no forced selling. With supply at 2.4 months — still below balanced — sellers who didn’t like their offers could wait, and most did. Calgary corrects slowly because it never builds up enough inventory to correct quickly.
What this meant if you were buying
Winter with 4,354 homes on the market was the best combination Calgary buyers had seen in years: real choice, minimal competition, and sellers who had been sitting since the autumn.
One thing worth planning: if you were buying a condo, budget time for the lender to review the building’s documents. With condo supply at 3.4 months you had room to make that a condition of your offer rather than rushing it — and reserve fund studies and special assessments are exactly what you want to know about before you commit, not after.
Frequently asked questions
Buying a condo this winter?
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Source: CREB, November 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.
