April 2024 housing and rental statistics in Calgary, Airdrie, and Chestermere
In April 2024, Calgary’s real estate market continued to favor sellers, with conditions driving further price gains across all property types and districts. The persistent seller’s market, coupled with low inventory levels and high demand, has led to substantial year-over-year price increases, particularly in the more affordable districts of the city.
Sales and New Listings:
Calgary’s real estate market continued to demonstrate resilience, with sales rising by seven percent compared to the previous year, reaching a total of 2,881 units. Despite a slight moderation in growth compared to earlier in the year, sales remained an impressive 37 percent higher than long-term trends for the month. Fueled by affordable, higher-density products, the market favors sellers, driving further price gains.
In April, the total residential benchmark price reached $603,700, up one percent from the previous month and nearly 10 percent higher than last year, with robust growth seen across all property types and districts. Notably, much of this growth in sales has been driven by relatively more affordable, higher-density products.
- Detached Homes: Sales of detached homes saw a modest one percent increase in April compared to the previous year. However, this growth was offset by a steep decline in homes priced below $600,000 due to a lack of listings in this price range. Despite a ten percent year-over-year increase in new listings for detached homes, those priced below $600,000 experienced a significant decline of 34 percent in new listings.
- Semi-Detached Homes: Sales activity for semi-detached homes continued to rise in April, contributing to an impressive 18 percent year-to-date growth in sales. Despite gains in new listings, the persistently low inventory situation led to minimal changes in the months of supply, which remained below one month for the second consecutive month.
- Row Homes: Row home sales showed improvement in April, contributing to a 19 percent year-to-date gain. Although new listings also increased by 16 percent compared to the previous year, the low inventory situation persisted due to high sales activity. This led to the sales-to-new-listings ratio remaining high at 93 percent and inventory levels remaining below one month for the fourth consecutive month.
- Apartment Condominiums: Sales of apartment condominiums reached 822 units in April, contributing to a year-to-date sales gain of 24 percent. This property type now represents nearly 30 percent of all resale activity in Calgary. Despite a rise in new listings, inventory levels remain lower than last year’s levels, driving further price growth.
District Total Residential Benchmark Price:
The following statistics illustrate the diverse trends in price appreciation across different districts of Calgary, with some areas experiencing substantial growth compared to the previous year.
- City Centre: In April 2024, the benchmark price for residential properties in the City Centre of Calgary stood at $618,400, marking a 4.0% increase compared to the previous year. This district experienced significant year-over-year growth, with prices rising by 11.3%.
- North: The North district reported a benchmark price of $573,500, reflecting a substantial year-over-year increase of 16.2%.
- North East: Residential properties in the North East district had a benchmark price of $657,700, representing an 11.2% increase compared to the previous year.
- North West: In April 2024, the benchmark price for residential properties in the North West district was $522,100, showing a year-over-year growth of 9.7%.
- West: The West district saw robust price appreciation, with the benchmark price reaching $721,000, marking a significant year-over-year increase of 22.8%.
- East: Residential properties in the East district had a benchmark price of $441,800, showing notable growth of 11.6% compared to the previous year.
- South: In the South district, the benchmark price for residential properties stood at $594,900, reflecting a solid year-over-year increase of 10.2%.
Rental Market Highlights:
These rental market insights offer a concise overview of the changing rental landscape across various property types and bedroom configurations in Calgary.
- Townhouse: Townhouse rental market saw significant increases this month. One-bedroom units rose by 11.1% to $2,096, while two-bedroom units increased by 1.8% to $2,425. Three-bedroom townhouses also saw a slight uptick, reaching $2,671, marking a 2% increase compared to the previous month.
- Condos: Studio units remained steady at $1,681, while one-bedroom units dipped by 0.5% to $1,997. Two-bedroom condos experienced a slight uptick of 1% to $2,496. Conversely, three-bedroom condos saw a slight decrease, falling to $3,312.
- Houses: Calgary’s house rental prices showed mixed trends. Studio houses surged by 59.1% to $1,750, while one-bedroom units decreased by -5.8% to $1,474. Two-bedroom houses saw a slight decline of 0.6% to $2,424. Similarly, three-bedroom houses witnessed a slight decrease of 1.2% to $2,868.
- Airdrie: Airdrie’s real estate market continues to grapple with supply challenges, evident in April’s report of 219 new listings and 202 sales. The sustained high sales-to-new listings ratio of 92 percent underscores the persistent demand outweighing available inventory, consequently keeping the months of supply below one month. Such tight market conditions have propelled further price gains, with April witnessing a nearly two percent increase in the unadjusted total residential benchmark price compared to the previous month and a remarkable 10 percent surge from the previous year, reaching $549,100. Detached homes, driving the majority of sales, have notably seen prices soar to $649,900 in April, marking a substantial year-over-year increase of nearly 12 percent.
- Chestermere: April recorded 60 sales, marking a substantial 20.0% increase year-over-year, indicating heightened activity in the market. New listings surged to 93, reflecting a robust 34.8% increase from the previous year, suggesting an influx of properties entering the market. Despite this surge in listings, inventory levels saw a slight uptick to 110, with a marginal 0.9% increase year-over-year. Impressively, the months of supply declined significantly by 15.9% year-over-year, standing at 1.83, underscoring the sustained demand outpacing available inventory. Amidst these market dynamics, Chestermere experienced notable price appreciation, with the total residential benchmark price reaching $696,500, marking a commendable 6.3% increase year-over-year. These trends indicate a robust real estate market in Chestermere, characterized by increased sales activity, growing inventory, and sustained price growth, reflecting the evolving preferences and demand of homebuyers in the region.
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