August 2024 housing and rental statistics in Calgary, Airdrie, and Chestermere

August 2024 Housing and Rental Statistics in Calgary, Airdrie, and Chestermere

Calgary’s housing market is experiencing notable changes as it transitions from the extreme sellers’ conditions of the spring. August brought a rise in inventory levels to 4,487 units—an increase of 37% from the previous year, yet still 25% below long-term averages. The combination of increased new home construction and new listings has helped improve supply, though the market continues to face challenges, particularly for lower-priced properties. 

Sales decreased by 20% compared to last year’s peak but remain higher than long-term averages, indicating a gradual shift towards a more balanced market. The residential benchmark price in August was $601,800, reflecting a 6% increase from the previous year but a slight decline from the previous month. This slower pace of price growth suggests some relief for both buyers and renters.

August 2024 Housing Statistics

Housing stats for different property types are as follows:

• Detached Homes: The market for detached homes saw a 14% drop in sales compared to last year. While higher-priced homes above $600,000 saw an increase in inventory, lower-priced segments continued to face supply issues. The benchmark price for detached homes was $762,600, slightly down from last month but up 9% from the previous year. This shift indicates that although the market is adjusting, prices for detached homes remain elevated due to persistent supply constraints.
• Semi-Detached Homes: The semi-detached market experienced a shift with 297 new listings and 172 sales. This led to a sales-to-new-listings ratio of 58%, pushing the months of supply to nearly two months and easing some pressure on prices. The benchmark price for semi-detached homes was $681,200, showing a 10% increase from last year but a decrease from the previous month. The easing of price pressures reflects a shift towards a more balanced market.
• Row Homes: Row homes saw a significant rise in new listings, contributing to a 16% year-to-date growth. Despite a 75% increase in inventory compared to last year, the benchmark price for row homes was $461,700, reflecting a 12% increase from August 2023. Monthly price adjustments varied across districts, with declines in certain areas. The increase in inventory is helping to moderate price increases for row homes.
• Apartment Condominiums: August set a record with 1,001 new condominium listings. A pullback in sales resulted in a sales-to-new-listings ratio of 60%, causing inventories to rise to 1,476 units. The benchmark price for condominiums was $346,500, nearly 16% higher than the previous year. This suggests that despite rising inventory levels, demand for condominiums remains strong, keeping prices high.

District-Specific Benchmark Prices

The breakdown of district-specific benchmark prices is as follows:

• City Centre: The City Centre’s benchmark price reached $604,500, reflecting a 7.3% increase year-over-year. This area has seen consistent demand and price growth, driven by its central location and amenities.
• North: In the North district, the benchmark price was $578,500, up 8.4% from last year. This area has experienced steady growth as it continues to attract buyers seeking more affordable options compared to central locations.
• North East: The North East district saw a benchmark price of $530,700, marking a 10.8% increase year-over-year. This district’s growth reflects ongoing interest and development in the region.
• North West: With a benchmark price of $651,900, the North West district experienced a 7.2% increase from last year. The area’s higher price point is attributed to its desirable neighborhoods and amenities.
• West: The West district had a benchmark price of $724,500, showing a 4.7% increase year-over-year. Despite a slower growth rate compared to other areas, the West remains a sought-after location.
• East: The East district saw a substantial rise in benchmark price to $443,100, up 14.4% from the previous year. This significant increase highlights the growing appeal and development in the eastern parts of Calgary.
• South: The South district’s benchmark price was $594,500, reflecting a 6.7% increase from last year. This area remains attractive for its balance of affordability and access to amenities.

Rental Market Stats

The rental market has seen varied trends, with the details for August 2024 mentioned below:

• Townhouses: The rental market for townhouses has seen varied trends. One-bedroom townhouse units increased to $2,096, marking an 11.8% rise from the previous year. In contrast, two-bedroom units saw a slight decline to $2,697, down 1.3%. This indicates a tightening in the market for smaller townhouse rentals while the larger units remain relatively stable.
• Condos: The condo rental market also displayed mixed trends. Studio units decreased slightly to $1,530, a drop of 1.2%, while one-bedroom units fell to $1,960, down 2.1%. Two-bedroom condo rentals saw a decrease to $2,421, down 2.7%. However, three-bedroom units experienced a notable increase to $3,123, up 10.3%, reflecting stronger demand for larger rental spaces.
• Houses: The rental market for houses showed diverse changes. One-bedroom units decreased significantly to $1,668, down 12.4%, suggesting a reduction in demand or an increase in available units. Two-bedroom house rentals increased to $2,201, up 2.5%, while three-bedroom units saw a modest rise to $2,875, up 0.8%, indicating a relatively stable demand for larger houses.

Regional Market Insights

Below are regional market insights:

• Airdrie: In Airdrie, new listings continued to rise, reaching 242 this month. With 172 sales, the sales-to-new-listings ratio remained high at 71%, limiting the growth of inventory levels and keeping the months of supply below two months. This market condition, while still favoring sellers, has eased somewhat compared to the spring. The benchmark price in Airdrie stood at $553,300, maintaining a similar level to last month but reflecting an 8% increase from the previous year. The market remains competitive, particularly in lower price ranges.
• Chestermere: Chestermere has seen notable changes with 176 new listings and 71 sales in August. The months of supply increased to 2.48, indicating a shift towards a more balanced market. The benchmark price in Chestermere rose to $703,200, reflecting a 32.5% increase year-over-year. The rise in inventory and the slower sales pace are contributing to a gradual easing of the previously tight market conditions.

Whether you’re looking to buy, sell, or rent in Calgary’s evolving housing market, Team Singh YYC is here to help. Reach out to us for expert guidance and personalized advice tailored to your needs. Let us assist you in navigating these market shifts and finding the best opportunities for your real estate goals.