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

As we dive into the details of Calgary’s real estate market for February 2024, the trends continue to reflect a dynamic landscape, marked by rising new listings and robust sales growth. 

Sales and New Listings

In a month that saw 2,711 new listings, sales surged by nearly 23%, totaling 2,135 units. The resulting sales-to-new listings ratio remained exceptionally high at 79%, maintaining inventories at historic lows and pushing months of supply to just over one month.

The demand for homes under $500,000 remains strong, leading to a 31% decrease in inventories in this price range compared to last February. Conversely, higher-priced homes are witnessing rising supply, contributing to more balanced conditions in the upper end of the market.

• Detached Homes: Detached homes experienced a boost in new listings, with 75% priced over $600,000. Despite improved listings, sales rose by 20%, driving inventory levels to near-record lows for February. The unadjusted detached benchmark price reached $721,300, a nearly 13% increase from last February, with the most significant gains seen in the North East and East districts.
• Semi-Detached Homes: The semi-detached market, after a brief increase in listings, saw a rise in sales, maintaining low inventory levels. The unadjusted benchmark price hit $639,100, marking a 13% increase from last year, with varying gains across districts.
• Row Properties: The row property market experienced a 22% increase in new listings, supporting sales growth and maintaining tight inventory conditions. Prices rose to $436,500, nearly 19% higher than last February, with the most affordable districts seeing the highest growth.
• Apartment Condominiums: February saw a 39% increase in sales for apartment-style homes, driven by relative affordability and sustained new listings growth. Prices reached $329,600, a 17% gain over last February, with all districts showing year-over-year gains exceeding 19%, except for the City Centre.

District-wise Residential Benchmark Prices

Let’s find out the home prices in Calgary for February 2024. We’ll analyze the costs in different areas to get a clear picture of what’s happening in the housing market.

• North District: The North District of Calgary exhibits a robust real estate market, with a benchmark price of $562,900. The year-over-year growth of 11.7% indicates sustained demand and potential appreciation. 
• North West District: Calgary’s North West District showcases a thriving real estate scene, with a benchmark price of $641,500 and a commendable year-over-year growth rate of 12.1%. The strong growth underscores its attractiveness to both homebuyers and investors, positioning it as a noteworthy area within the Calgary real estate landscape.
• North East District: The North East District stands out with an impressive benchmark price of $503,800 and a remarkable year-over-year growth rate of 16.8%. 
• West District: Calgary’s West District reveals a benchmark price of $702,900, with a steady year-over-year growth of 10.9%. This district’s allure may be attributed to a blend of upscale living, amenities, and accessibility. 
• City Centre: The City Centre, a hub of activity and urban living, maintains a benchmark price of $598,600, accompanied by a year-over-year growth of 4.8%. While showing a more moderate growth rate compared to other districts, the City Centre remains an essential part of Calgary’s real estate narrative.
• East District: The East District emerges as a dynamic real estate hotspot with a benchmark price of $423,800 and an outstanding year-over-year growth of 24.4%. 
• South District: Calgary’s South District features a benchmark price of $566,800, accompanied by a respectable year-over-year growth of 9.2%. 
• South East District: The South East District presents a benchmark price of $574,800, displaying a strong year-over-year growth of 11.2%. 

Rental Market Highlights

Here’s a detailed look at rental trends in February 2024, explaining the factors behind the observed price variations in different types of properties.

• Townhouses: In the townhouse rental market, one-bedroom units have experienced a moderate increase of 1.1%, now renting at $1,786. Meanwhile, two-bedroom rentals have seen a 1% uptick, reaching $2,346, and three-bedroom units have increased by 0.3%, leasing at $2,642. These subtle fluctuations suggest a relatively stable yet evolving landscape for townhouse rentals.
• Condos: The condominium rental market presents diverse changes in pricing. Studios have seen a substantial 10.2% increase since the previous month, commanding a monthly rent of $1,740. One-bedroom units have experienced a 0.7% rise to $2,041, while two-bedroom rentals have seen a 1.3% increase, now averaging at $2,489. In contrast, three-bedroom condos have observed a 2.9% decrease, settling at $2,926. 
• Houses: The house rental market showcases mixed trends across different unit sizes. Studios have experienced a significant 59.8% decrease since the previous month, now renting at $1,100. One-bedroom rentals have seen a 1.3% increase to $1,720, while two-bedroom units have risen by 4.8%, currently renting at $2,407. Three-bedroom houses have observed a 1.8% increase, with monthly rents reaching $2,886. These fluctuations highlight the diverse factors at play in the house rental market, including demand for various unit sizes and changing preferences among renters.

Regional Market Insights

Airdrie:

Airdrie experienced an improvement in new listings in February, bringing the total to 182. Despite this positive trend, the sales-to-new listings ratio remained high, leading to a drop in months of supply to just over one month. The tight inventory situation has been a consistent challenge for Airdrie, with February’s levels half of the typical inventory seen in the same month, dating back to 2006. This scarcity of supply has been a driving force behind the continuous rise in home prices. In February, the unadjusted benchmark price reached $529,700, showcasing an increase of over one percent from the previous month and a substantial 10% jump from the price reported last February.

Chestermere:

In Chestermere, the real estate landscape has seen notable changes. With 52 sales in February, representing a 48.6% increase year-over-year, and 67 new listings, the market remains active. The total residential benchmark price stands at $684,000, reflecting a 7.4% year-over-year increase. Despite the increase in new listings, the inventory in Chestermere decreased by 3.5% compared to the previous year, resulting in a 30.3% drop in months of supply. This signifies a market that continues to favor sellers, with limited supply contributing to upward pressure on home prices. Chestermere’s real estate dynamics point to a competitive and dynamic market, making it crucial for both buyers and sellers to navigate strategically.

If you are ready to embark on your real estate journey in Calgary, look no further. Team Singh YYC is your trusted partner for buying, selling, or investing in this dynamic market. With our expertise, personalized service, and deep understanding of local nuances, we’re here to ensure your experience is not just successful but tailored to your unique needs. Explore the diverse opportunities in Calgary’s districts with confidence. 

Contact Team Singh YYC today at 403-402-0399, and let’s begin turning your real estate aspirations into reality. Your dream property is waiting, and we’re ready to make it yours!