Calgary and Airdrie Real Estate Market Update: October 2024
As we settle into the final quarter of 2024, Calgary and Airdrie’s real estate markets are showing signs of resilience, with both unique opportunities and ongoing challenges. October brought improvements in inventory for higher-priced properties, providing more balance for buyers in the upper market. However, demand in the lower- and mid-price ranges remains high, keeping those segments competitive.
In Calgary, the housing market showed strong activity in October, with 2,174 homes sold, especially in the segment priced over $600,000. This marked a 24% increase from the typical trend for October, signalling robust buyer demand despite high borrowing costs. Overall inventory rose to 4,966 units, a notable recovery from last year’s near-record lows, largely due to an increase in higher-priced listings.
Airdrie also experienced a rise in sales and new listings compared to last October, although a recent decrease in new listings has slightly limited inventory growth. The market is shifting away from a strictly seller’s environment, easing some price pressures.
Property values in Calgary and Airdrie remain stable despite a minor seasonal slowdown. Calgary's benchmark price for detached homes reached $753,900, up 8% from last year. Airdrie's unadjusted benchmark price rose by 5% year-over-year. However, condo sales face challenges due to a lack of lower-priced units, while row homes see steady demand, particularly those above $400,000.
As the year ends, both markets continue to evolve. Increasing inventory, especially in the higher ranges, may offer buyers more choices, while sellers can utilize strategic pricing to their advantage. Keeping an eye on these trends will be essential for buyers, sellers, and investors as the Calgary and Airdrie markets move toward stability.