June 2024 housing and rental statistics in Calgary, Airdrie, and Chestermere
As we step into the second half of the year, the Calgary real estate market continues to show dynamic changes. June brought both challenges and opportunities, with significant insights into sales trends, pricing, and inventory levels. Let’s dive into the details and understand what these mean for buyers and sellers alike.
Sales and New Listings
In June, Calgary’s sales reached 2,738, marking a 13 percent decline from last year’s record high. Despite a downturn in sales for lower-priced homes, there was notable improvement in the sale of homes priced above $700,000. New listings also eased relative to sales, causing the sales-to-new-listings ratio to remain elevated at 72 percent. While inventory levels have improved over last year, they remain significantly lower than long-term trends, with 3,789 units available.
Total Residential Benchmark Price
The unadjusted benchmark price for total residential properties in June rose to $608,000, reflecting a nearly nine percent increase from last year. Prices surged across all districts, with the most significant gains observed in the North.
- Detached Homes: Higher-priced detached home sales couldn’t offset the decline in sales for homes priced below $700,000, resulting in a 16 percent year-over-year drop. However, detached home sales for the first half of the year are in line with last year’s levels. Inventory levels for detached homes saw some improvement, but they remain 45 percent below long-term trends. The benchmark price for detached homes reached $767,600, nearly one percent higher than last month and 12 percent higher than last year.
- Semi-Detached Homes: June saw a pullback in new listings for semi-detached homes, causing the sales-to-new-listings ratio to rise to 76 percent. Despite this, inventory levels remained significantly low. The benchmark price for semi-detached homes increased to $686,100, a one percent gain from last month and over 12 percent higher than last year. Prices rose in all districts, with the most affordable areas witnessing the steepest gains.
- Row Homes: Sales of row homes slowed in June, with the sales-to-new-listings ratio falling to 75 percent. However, the market remains tight with just one month of supply, especially for properties priced below $600,000. The benchmark price for row homes rose to $464,600, nearly 17 percent higher than last year. The highest price growth continues to occur in the most affordable districts.
- Apartment Condominiums: June saw 791 sales of apartment condominiums, an eight percent decline from last year, primarily due to fewer sales of units priced below $300,000. Despite the monthly pullback, year-to-date sales are up by 13 percent and at record-high levels. The benchmark price for apartment condos increased to $344,700, over 17 percent higher than last year.
District-Specific Benchmark Prices
The Calgary real estate market continues to show diverse trends across its various districts. Here’s a detailed look at the benchmark prices and year-over-year changes for each district:
- North: The benchmark price for the North district reached $580,800. This area continues to be popular among buyers looking for a balance of urban amenities and suburban tranquility.
- North East: With a benchmark price of $529,600, the North East district saw a remarkable year-over-year increase of 14.2%. This significant growth highlights the increasing demand and rising property values in this region.
- North West: The North West district reported a benchmark price of $664,300, marking a 9.9% year-over-year increase. This area remains attractive for its scenic views and strong community atmosphere.
- West: The benchmark price in the West district was $739,600, an 8.8% increase from last year. Known for its luxury homes and proximity to the mountains, the West district continues to draw high-end buyers.
- East: The East district experienced the highest year-over-year price growth, with a benchmark price of $445,100, up 17.7%. This surge indicates a strong market for more affordable housing options in Calgary.
- South: The South district’s benchmark price reached $596,100, showing a 9.3% year-over-year increase. This area is favored for its family-friendly neighborhoods and excellent schools.
- South East: With a benchmark price of $597,200, the South East district saw a 9.5% increase from last year. This district is known for its newer developments and vibrant community spaces.
- City Centre: The City Centre’s benchmark price was $614,400, a 3.8% increase year-over-year. The slower growth rate reflects the diverse range of properties in the urban core, from luxury condos to historic homes.
Rental Market Highlights
The rental market in Calgary is experiencing notable fluctuations. Let’s take a closer look at the current rental rates for townhouses, condos, and houses, and how they’ve changed over the past year
- Townhouses: One-bed rentals are down 3.1% to $1,770, two-bed rentals are down 1.1% to $2,406, and three-bed rentals are down 0.8% to $2,653.
- Condos: Studio rentals are down 6.9% to $1,563, one-bed rentals are up 2.6% to $1,987, two-bed rentals are down 0.3% to $2,467, and three-bed rentals are down 3% to $2,818.
- Houses: Studio rentals are at $1,800, one-bed rentals are up 2.2% to $1,762, two-bed rentals are up 6.6% to $2,378, and three-bed rentals are up 3% to $3,065.
Regional Market Insights
Beyond Calgary, nearby regions like Airdrie and Chestermere are also seeing significant market activity. Here are the key insights from these regional markets:
- Airdrie: June sales in Airdrie remained stable compared to last year, maintaining levels well above long-term averages. There was a boost in new listings, resulting in a sales-to-new-listings ratio of 78 percent. Despite the increase in listings, inventories remained relatively low. The benchmark price rose to $554,500, nearly one percent higher than last month and nine percent higher than last year. The highest growth was seen in apartment-style properties, highlighting a strong demand for affordable housing options.
- Chestermere: In Chestermere, there were 54 sales and 88 new listings, leading to a sales-to-new-listings ratio of 61 percent. Inventory levels stood at 124 units with 2.3 months of supply. The benchmark price was $694,700, with an average price of $707,069 and a median price of $690,000. These figures indicate a balanced market with steady demand and supply.
As we move forward, understanding these market dynamics is crucial for making informed decisions. Whether you’re buying, selling, or investing, Team Singh YYC is here to guide you through every step of your real estate journey. Contact us today to learn more about how we can help you achieve your real estate goals!
