If you’re here, it means you’re curious about what’s been going on in Calgary’s real estate market this past September—and believe me, there’s a lot to cover! While things have shifted compared to last year, we're still seeing some unique trends emerge that you’ll want to know about, whether you’re a buyer, seller, or just keeping tabs on the market.
In today’s report, I’m going to break down the latest stats and trends in Calgary real estate: what’s driving the market, where prices are heading, and what you should be looking out for as we head into the final quarter of 2024.
So, let’s dig a little deeper into what went down in September. Calgary clocked in just over 2,000 sales for the month, which is a 17% drop from where we were last year. Now, before you think the market’s gone quiet, here’s the twist—despite the dip, sales are still 16% higher than what you’d expect in a typical September. So, what gives?
It comes down to a bit of a tug-of-war between demand and supply. On one side, you’ve got buyers still out there looking for homes. On the other side, lower-priced homes are practically a unicorn—super rare and hard to come by. This shortage in the affordable price range is putting the brakes on sales for those homes.
But if you’re looking at the higher-end market, it’s a different story. Homes priced at the upper end are still moving, and new listings in these ranges are actually helping to balance things out a bit. We’ve even seen inventory levels creep back up to 5,000 units, which is a major improvement from the lean months we saw earlier this year. Still, we’re not back to the normal 6,000 units you’d typically see in September, so it’s not exactly smooth sailing just yet.
Sector-Specific Analysis
Now, let’s break it down by property type because, as always, each sector tells a different story.
First up, Detached Homes: This segment saw nearly 950 sales—down 17% from last year, and most of that decline is thanks to the homes priced under $600,000 being in super short supply. But here’s where things get interesting: homes priced above $700,000? Their sales actually went up by 9%! It seems like there’s a shift in activity toward the higher end of the market, where we’re seeing more new listings. Oh, and if you’re wondering about prices—detached homes are sitting at a benchmark price of $757,100. That’s a solid 9% higher than last year. Not bad, right?
Next, Semi-Detached Homes: They had a quieter month, with just 182 sales, down 4% from last year. But don’t let that fool you—this segment still has some heat. We saw 299 new listings, bringing the sales-to-new-listings ratio to 61%, meaning inventory is slowly getting better. The benchmark price here? $678,400, which is also 9% higher than last year.
Moving on to Row Houses: 377 sales, just slightly down from last year, but the real story is in the listings. Over 70% of the new listings were priced above $400,000, especially in the North and South districts, where new construction is picking up. Inventory here is starting to rebound, which has helped slow down the pace of price growth a bit. The benchmark price for row houses sits at $459,200, up 10% from last year.
And finally, Apartment Condos: This segment has been buzzing with new listings—993 in September alone—but sales are down a bit, with just 502 units sold. Still, inventory is up to 1,623 units, and we’re seeing over 72% of those listings priced above $300,000. What does this mean for prices? Well, with more supply on the market, price pressure has eased slightly. The benchmark price is sitting at $345,000, which is a hefty 14% higher than last year.
Now that we’ve unpacked what’s happening by property type, it’s time to zoom in on a few key regions outside of Calgary. Because let’s face it, the story of the market can change pretty fast depending on where you’re looking.
Regional Market Insights
Let’s start with Airdrie, where things have loosened up a bit. Inventory finally ticked up to 349 units, giving buyers more options for the first time in what feels like forever. This bump in supply brought the months of supply to 2.3, which is a big improvement from the under-two-month squeeze we’ve been seeing since 2021. Even with more choices, prices in Airdrie are still climbing, with a benchmark price of $551,000—a 7% increase from last year.
In Cochrane, sales activity slowed down a bit in September - year-to-date sales are still up nearly 6% compared to last year. Inventory levels are rising, too, with 174 units available. This pushed the months of supply up to three months, the highest since late 2020. Prices here have held steady, sitting at $578,300, which is 9% higher than last year.
Lastly, let’s talk about Okotoks. September saw a boost in new listings, which helped push inventory levels up to 106 units. That’s a significant improvement, but inventory is still historically low. With 53 sales recorded, the months of supply increased to two months, which has eased some of the crazy tight conditions from earlier this year. The benchmark price? $630,300—up nearly 9% compared to last year.
Alright, so now that we’ve taken a look at how the market’s performing across different regions, let’s talk about where things are headed. Because as much as we love numbers, it’s the trends and predictions that help us understand what to expect in the months ahead.
Forecast
As we head into the final stretch of 2024, the outlook for Calgary’s real estate market remains strong, especially with more inventory finally making its way onto the market. That said, we’re expecting demand to stay high, particularly with lending rates stabilizing, which is giving buyers a bit more breathing room.
The lower-priced segments, though? Yeah, those are still going to feel the pinch as inventory remains tight. But on the flip side, the higher price ranges are starting to offer more options, and this could mean we’ll see a more balanced market emerge as we close out the year.
Now, when it comes to prices, we don’t expect any wild swings. For the most part, prices should hold steady or see modest growth. Detached homes, which have seen some of the strongest price increases, may start to see a slowdown as more listings hit the market. But if you’re shopping in the lower price ranges, expect continued pressure due to limited supply.
Apartment condos are another segment to keep an eye on. With new listings pouring in, we should see prices stabilize a bit more. They’ve had a stellar year so far, with prices up 17%, but that rapid growth might start to cool as we head into the colder months.
So, what does all this mean for you? Whether you’re in the market as a buyer, seller, or investor, there are some key takeaways from everything we’ve covered. Let’s break it down.
September 2024 has been a bit of a turning point for the Calgary real estate market. Inventory is finally starting to catch up with demand, especially in the higher price ranges, which means we’re gradually moving toward a more balanced market.
If you’re a buyer, this could be the moment you’ve been waiting for—more listings mean less competition, particularly in the higher-end market. Sellers, on the other hand, can still take advantage of elevated prices, but the rapid growth we saw earlier in the year is starting to level off, so now might be a good time to make your move before the market fully balances out.
For investors, the increased supply—especially in the apartment condo market—opens up new opportunities as prices begin to stabilize. Timing is key, and with the right strategy, there’s still a lot of potential to capitalize on the shifts happening in the market.
Now that we’ve unpacked all the major trends and numbers from the Calgary market, let’s switch gears a bit. Whether you’re thinking about selling soon or just curious about how to make a splash when the time comes, it’s always smart to stay ahead of the game. And speaking of staying ahead, there’s one clever strategy that’s turning heads—and it’s easier to pull off than you might think.
Run a “Secret Listing” Campaign
What’s the best way to get buyers buzzing before your property is even on the market?
Simple: don’t tell them everything—yet! Instead, tease them with a “Coming Soon” secret listing on your social media channels. Think of it like movie trailers—just enough to stir curiosity but not enough to give the whole plot away. You could post sneak peeks of your home’s best features, like that cozy fireplace or the sleek kitchen countertops, without giving the full tour. Keep the big reveal under wraps until a set date, and watch the anticipation build. By the time the full listing drops, you’ll have a line of eager buyers already dying to see more. It’s all about creating that buzz before your house even hits the market!
Now that you know how to generate curiosity and anticipation with a "Secret Listing" campaign, let’s talk about how this strategy has been used to great effect elsewhere. You see, building a sense of intrigue isn’t just limited to real estate—it’s something that works across all kinds of industries. From tech launches to product reveals, creating a buzz before unveiling the full picture can get people talking and lining up to see more. And who better to exemplify this than the master of suspenseful reveals himself, Elon Musk.
You know how everyone loves a good mystery, right? Well, Elon Musk, the mastermind behind Tesla, took that concept to a whole new level with the reveal of the Tesla Cybertruck. For months, Musk had been hinting that Tesla was working on something wild, but no one really knew what was coming. People speculated—would it look like a traditional truck? Would it fly? Could it transform into a robot? The internet was on fire with theories, but in true Tesla fashion, they kept everything tightly under wraps.
When the big day finally came in 2019, the anticipation was off the charts. Fans, critics, and reporters packed the room, eyes glued to the stage, waiting for that first glimpse of Tesla's newest creation. And then... out it rolled. Cue jaws dropping.
The Cybertruck wasn’t just different—it was straight out of a sci-fi movie. With its sharp, angular design, it looked like a vehicle from a futuristic dystopia, not something you'd expect to see on the freeway. It was as if Elon had merged a DeLorean with an armored tank. And here’s the kicker—everyone was shocked. Some loved it, some hated it, but no one could stop talking about it. That’s the beauty of keeping secrets: when you finally unveil what you've been hiding, people can’t help but lean in.
But the reveal didn’t stop there. Elon, being Elon, wanted to show off the truck’s “unbreakable” windows. So, naturally, they threw a steel ball at the glass. Crack. The window shattered. Yep, you read that right. A moment designed to showcase strength became a meme-worthy spectacle. And yet, it didn’t hurt the buzz at all—if anything, it made the reveal even more unforgettable.
The Cybertruck sold out pre-orders in days, proving that when you master the art of intrigue (even with a glass-shattering twist), people can't help but flock to see what’s next.
The reveal of Tesla’s Cybertruck is a perfect example of how mystery and anticipation can generate immense buzz—just like a well-executed "Secret Listing" campaign for your property. By teasing your audience with sneak peeks and cryptic posts, much like Tesla did by keeping the truck's design a secret, you build excitement and curiosity. Potential buyers can’t help but lean in and wonder what’s coming next, creating a sense of urgency and desire to see the full reveal. And just like Tesla sold out pre-orders in days, your secret listing campaign could bring a flurry of interest, ensuring a faster sale at the best possible price.
Now, after seeing how a well-crafted strategy can make all the difference—whether in tech or real estate—you might be wondering how you can apply that same approach to your own home sale or purchase. It’s not just about listing a property; it’s about knowing the market, timing things right, and having a game plan that’s tailor-made for your unique situation. With the right guidance, the process becomes a lot smoother and, frankly, a lot more successful.
So, how do you get started on this path with confidence?
Well, whether you’re thinking of buying, selling, or investing, now’s a great time to strategize and make the most of what’s happening in the market. My team and I are here to help you navigate it all and figure out the best move for your specific situation.
If you want personalized advice or just want to chat about what’s going on, don’t hesitate to reach out. You can text or call me directly at (403) 809-9386, or visit PlanWithMike.ca to schedule a consultation. Let’s make sure you’re ready to take advantage of the opportunities that are out there in Calgary’s ever-evolving real estate market.
Until the big reveal!
One more thing to keep in mind about the “Secret Listing” campaign—timing is everything. You want to create just enough suspense to build intrigue, but not so much that buyers lose interest. A good rule of thumb is to space out your teaser posts over a short period, ramping up the excitement as you get closer to the big reveal. And don’t forget, your “secret” should feel exclusive—like only a select few know about it. That sense of being in the know can create a real buzz among potential buyers, making them feel like they’re getting a sneak peek at something special. Done right, it’s like rolling out the red carpet before the grand premiere.
COPYRIGHT © 2020. CREATED
BY MIKE ABOU DAHER.