Calgary Housing Market Analysis (2019-2024) Key Findings:
Average Home Prices:
Steady increase from 2019 to early 2022. Dip in mid-2022 due to rising interest rates; stabilized by early 2023. As of May 2024, average home price is $699,117【9†source】. Sales Activity:
Fluctuated significantly due to economic conditions. Downturn in 2020 (pandemic), recovery in 2021, dip in 2022, gradual increase since 2023【8†source】【10†source】. New Listings:
Increase over the past five years, notable rise in early 2024. More options for buyers, indicating a balanced market【10†source】. Months of Inventory:
Reached 4.4 months by mid-2024, highest since fall 2019, indicating a slightly buyer-favorable market【9†source】. Economic Factors:
Interest rate cuts in June 2024 boosted buyer activity. Calgary’s diverse economy (energy, tech, finance) contributes to market strength【11†source】. Insights:
Buyer’s Market: Increased inventory and balanced sales-to-listing ratios suggest favorable conditions for buyers. Investment Opportunities: Stable prices and expected interest rate drops enhance real estate investment returns. Market Stability: Despite fluctuations, Calgary shows long-term investment potential. Interest Rates: Future market activity will hinge on Bank of Canada’s rate decisions. For detailed statistics, visit CREA’s housing market stats【9†source】【10†source】【11†source】.