A year that peaked in June and spent the rest of itself unwinding the tightest market Calgary has ever recorded.
Calgary closed 2024 with a benchmark home price of $582,100 — down 0.7% in December and 3.8% below the June peak of $605,300, but up 3% over the year. December sales were 1,318, down 3.2% year-over-year, while inventory of 2,994 homes finished 38% above December 2023. Supply was 2.3 months and a typical home took 44 days to sell, eleven days longer than a year earlier. Detached homes ended at $746,500, up 7.1%; apartment condos at $327,700, up 5.3%.
December 2024 at a glance
Calgary finished 2024 at $582,100, up 3% on the year — a figure that hides one of the more eventful twelve months in the city’s housing record. The market set an all-time supply low of 0.9 months in April, an all-time speed record of 19 days in May, an all-time price high of $605,300 in June, and then spent the second half of the year unwinding all three. By December, inventory was 38% above the prior year and homes were taking 44 days to sell.
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 | $582,100 | ▲ +3% |
Sales, listings and inventory
| Month | Sales | New listings | Inventory | Days on market | Benchmark |
|---|---|---|---|---|---|
| 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 |
| December 2024 | 1,318 | 1,238 | 2,994 | 44 | $582,100 |
The headline numbers
| Metric | December 2024 | vs prev month | vs last year |
|---|---|---|---|
| Benchmark price | $582,100 | ▼ -0.7% | ▲ +3% |
| Sales | 1,318 | ▼ -26.5% | ▼ -3.2% |
| New listings | 1,238 | ▼ -46.8% | ▼ -0.8% |
| Inventory | 2,994 | ▼ -31.2% | ▲ +38% |
| Days on market | 44 | ▲ +7 days | ▲ +11 days |
A look by property type
| Property type | Benchmark | vs last year | Sales | Days on mkt | Months of supply |
|---|---|---|---|---|---|
| Detached | $746,500 | ▲ +7.1% | 609 | 43 | 2.0 |
| Semi-detached | $677,400 | ▲ +8.4% | 124 | 41 | 2.0 |
| Row / townhouse | $446,500 | ▲ +5.7% | 228 | 40 | 2.1 |
| Apartment condo | $327,700 | ▲ +5.3% | 357 | 48 | 2.9 |
The year in two halves
January to June: prices rose 7.1% in six months, supply fell to 0.9 months, and homes sold in as little as 19 days. Row homes were up 19.5% year-over-year in January, condos 17.2%.
July to December: prices fell every month, a cumulative 3.8% from the peak. Inventory rose from 3,784 to a September high of 5,064. Days on market went from 20 to 44. The shortage that had defined Calgary since mid-2022 was comprehensively over.
What actually changed
Supply, on both sides. Owners who had been locked in by cheap pandemic-era mortgages started listing, partly because prices had risen enough to make it worthwhile and partly because two and a half years of delayed moves had accumulated.
At the same time, the affordability ceiling bit. With the benchmark up 17.2% from the January 2023 low and rates still elevated for most of the year, the marginal buyer ran out of room. Sales fell 19.7% and 17.7% year-over-year in August and September before stabilising.
Condos went from best to worst
Apartment condos finished 2024 at $327,700, up 5.3% on the year but down from the August peak of $341,400. In January they had been up 17.2% year-over-year; by December, 5.3%.
December condo supply was 2.9 months with 48 days on market — the softest segment in the city. The three-year run in which affordability pressure made Calgary’s cheapest homes its fastest-appreciating had ended.
What this meant going into the new year
Calgary entered 2025 with 2,994 homes for sale against 2,170 a year earlier, and supply at 2.3 months against 1.6. That is a materially better starting position for buyers than any of the previous three years.
With rates having come down through the second half of 2024 and prices easing, the arithmetic for buyers had improved on both sides at once — a combination that hadn’t been available since 2020. The constraint was no longer finding a home; it was qualifying for one.
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Source: CREB, December 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.
