Calgary real estate market - February update

The Calgary real estate market update for February 2024 exhibited a robust performance, marked by a significant uptick in sales and a boost in new listings, signalling a vibrant start to the year. Sales in January soared to 1,650 units, showcasing remarkable growth over the previous year's levels and surpassing long-term trends. This increase was underpinned by a considerable rise in new listings, which totalled 2,137 units for the month. New listings experienced the most substantial gains for homes priced above $700,000, although improvements were seen across all price segments above $300,000. Despite this influx of new listings, the inventory levels remained critically low, with 2,150 units in inventory, hovering near the record lows set back in January 2006 and almost 49% below the long-term average for the month.

The persistent challenge of low supply, which has been a notable trend since the previous year, continued to shape the market dynamics in January 2024. The slight increase in new listings provided potential buyers with more options, supporting the growth in sales. However, this did not significantly impact the supply constraints, keeping market conditions tight. The months of supply dropped to 1.3 months, indicating a continued tightness in the market and exerting further upward pressure on home prices.

As a result, the benchmark price climbed to $572,300, marking a 10% increase from the levels reported in January of the previous year and highlighting the ongoing demand in Calgary's real estate market despite the supply challenges.