In a startling turn of events, Calgary’s population surged by over 200,000 in the past year, catapulting the city’s real estate market into unprecedented territory. This remarkable growth has set the stage for a dynamic and challenging Calgary housing market in 2024.
As the President and Principal Broker of Clover Mortgage, I’ve witnessed firsthand the seismic shifts in Calgary’s real estate market. The rapid population influx has created a perfect storm of high demand, rising prices, and tight inventory. Understanding these trends is crucial for anyone looking to navigate this complex market successfully.
Calgary’s real estate market in 2024 is firmly in the seller’s court. With a sales-to-new listings ratio hovering around 72%, we’re seeing intense competition among buyers for limited available properties, reflecting a significant shift in home sales patterns.
“The current market dynamics strongly favour sellers, with many properties receiving multiple offers within days of listing,” notes our senior mortgage broker, Linda Mac .
The average price for various property types has seen significant year-over-year increases:
Property Type | Benchmark Price | Year-over-Year Increase |
---|---|---|
Detached Homes | $767,600 | 12% |
Semi-Detached Homes | $686,100 | 12% |
These figures underscore the robust growth in Calgary’s real estate values, with projections suggesting an 8% climb in average house prices by the end of 2024, potentially reaching $717,000.
The current inventory situation is creating significant challenges for buyers. With just 1.4 months of sales inventory for detached homes, Calgary home prices are experiencing a severe supply shortage.
Calgary’s remarkable population surge has been a defining factor in shaping the city’s real estate landscape. The influx of over 200,000 new residents in the past year represents one of the most significant demographic shifts in the city’s recent history.
This population growth is also reflective of broader trends in the Canadian housing market, where changes in the Bank of Canada's interest rates have driven fluctuations in housing activity, impacting affordability and market trends across different regions of Canada.
The population growth in Calgary can be attributed to two main sources:
While exact breakdowns are not provided in the given facts, historical trends and current economic conditions suggest that both these sources have contributed significantly to Calgary's population boom.
"We're seeing a diverse mix of newcomers, from international professionals to Canadians relocating from other provinces, all drawn by Calgary's economic opportunities and quality of life, " notes our mortgage specialist, Victoria Ishai .
Calgary has long been an attractive destination for international migrants, drawn by:
The interprovincial migration trend has been particularly noteworthy. Factors driving this include:
The population surge has had a profound impact on the housing market and housing demand in Calgary:
Looking ahead to the rest of 2024, experts anticipate:
It's important to note that while growth is expected to continue, the rate may moderate slightly. Factors that could influence this include:
The sustained population growth in Calgary has far-reaching implications for the real estate market:
Rising mortgage rates are impacting affordability, yet demand remains strong due to the economic opportunities in the region. As a mortgage broker, I’ve seen firsthand how these rates are affecting buyers’ purchasing power. Mortgage brokers play a crucial role in navigating these changes, ensuring compliance and consumer protection while acting as intermediaries between borrowers and lenders.
“ Despite higher rates, we’re seeing continued interest from buyers drawn to Calgary’s robust job market and quality of life ,” observes our mortgage specialist, Rushi Parikh .
Alberta's strong economic environment continues to attract new residents seeking job opportunities, sustaining the demand for housing despite affordability challenges.
While specific details about new zoning bylaws in Calgary aren’t provided in the given facts, we can discuss the general trends and implications based on common urban development strategies.
These changes can significantly impact market prices, as they often lead to fluctuations due to seasonal factors and development initiatives.
Many growing cities like Calgary are implementing zoning changes to address housing shortages. These often include:
" We're seeing a shift towards more flexible zoning that allows for a mix of housing types within neighborhoods, " observes our senior mortgage advisor, Steven Crowe .
City strategies often focus on promoting multifamily housing development to efficiently use available land and increase housing supply. This could involve:
These initiatives are likely to result in:
While these changes aim to address the housing shortage, their full impact may not be immediately felt in the 2024 market due to the time required for development and construction.
Buyers in Calgary's 2024 market are facing significant challenges:
The tight inventory situation is having several effects:
Sellers in Calgary's 2024 market are in a strong position:
The Calgary Real Estate Board anticipates a 6.5% increase across all property types in 2024, with specific increases for condos and row houses expected to be even higher.
Property Type | Projected Price Increase |
---|---|
Overall Market | 6.5% |
Condos and Row Houses | >6.5% |
The average house price in Calgary is projected to climb by 8% in 2024, reaching around $717,000 by year-end.
These projections suggest continued strong price growth, albeit at a slightly slower pace than the 12% year-over-year increases seen for detached and semi-detached homes. The average prices reflect broader market trends and can be influenced by changes in consumer purchasing behaviors and the impact of luxury home sales.
While specific future migration projections aren't provided, we can infer:
Looking ahead:
“While we expect some easing of the supply crunch as new developments come to market, demand is likely to remain strong, keeping the market competitive,” says our mortgage expert, Tyler Salmon . Condo owners should also consider personal condo insurance to protect their individual units and belongings.
Calgary’s real estate market in 2024 presents a complex landscape of opportunities and challenges. For buyers, the key lies in being well-prepared, financially ready, and quick to act. Sellers, while in a advantageous position, must navigate carefully to maximize their returns while planning their next move.
As we look ahead, the interplay of population growth, economic factors, and housing supply will continue to shape Calgary’s real estate future. Whether you’re looking to buy your first home , invest in property, or refinance your current mortgage, understanding these trends is crucial.
At Clover Mortgage, we’re committed to helping our clients navigate these waters with expert guidance and tailored mortgage solutions. Whether you’re considering a home purchase , looking into refinancing options , or exploring investment properties , our team is here to help you make informed decisions in this dynamic market.
Remember, in a market as hot as Calgary’s, having a trusted mortgage broker by your side can make all the difference. We’re here to help you unlock the door to your real estate goals, no matter how challenging the market may seem. The Canadian Real Estate Association (CREA) provides authoritative data and insights, supporting real estate professionals and consumers across Canada.