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

March insights

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

March witnessed an extraordinary surge in Calgary’s real estate market, marked by robust seller’s market conditions and significant price escalations across various property segments. Notably, in March, the unadjusted total residential benchmark price rose to $597,600, reflecting a notable two percent gain over the previous month and nearly an 11 percent increase compared to last year. 

This upward trajectory in prices spanned all property types, with the most substantial year-over-year gains observed in the relatively more affordable row and apartment-style homes. Let’s delve into the numbers to understand the dynamics driving this trend.

Sales and New Listings 

March saw a remarkable uptick in sales, totaling 2,664 units, marking a 10% year-over-year increase. This surge defies long-term trends and underscores the heightened demand in the market. Despite a slight increase in new listings compared to the previous month, the 3,172 units fell short of meeting the burgeoning demand. The sales-to-new listings ratio skyrocketed to 84%, driving inventory levels below one month’s supply. 

With demand outstripping supply, prices soared across all property types. The unadjusted total residential benchmark price surged to $597,600, reflecting a two per cent monthly gain and an impressive 11% increase compared to last year.

  • Detached Homes: March saw heightened sales activity for detached homes, but the limited influx of new listings restricted growth. Inventories, though stable compared to the previous month, remained significantly lower than last year’s levels, particularly in the lower price range. This supply-demand imbalance pushed the months of supply below one month, fueling further price increases. The benchmark price for detached homes surged to $739,700, marking a monthly uptick of nearly three percent and an impressive 14 percent year-over-year gain.
  • Semi-Detached Homes: The semi-detached housing sector continued to face supply constraints in March, with sales outpacing new listings. Despite robust demand, inventories failed to improve, especially for properties priced below $600,000. Despite these challenges, limited supply and growing demand contributed to further price gains. The benchmark price for semi-detached homes reached $658,000, reflecting a monthly increase of nearly three percent and a substantial 14 percent gain compared to last March.
  • Row Properties: March witnessed an increase in both sales and new listings for row properties. However, the surge in new listings failed to match the rise in sales, leading to a high sales-to-new listings ratio and preventing significant changes in inventory levels. Inventory levels declined, particularly for properties priced below $400,000, while rising for units priced above $400,000. Despite these fluctuations, the unadjusted benchmark price trended upward, reaching $448,700, with significant gains compared to the previous year.
  • Apartment Condominiums: Sales of apartment condominiums soared in March, contributing to record-high sales for the first quarter. Despite improving new listings, the sales-to-new listings ratio remained high, indicating favorable conditions for sellers. Tight market conditions, driven by demand for lower-priced homes, led to further price gains. The benchmark price for apartment condominiums rose to $337,700, reflecting a monthly increase of over two percent and a substantial 17 percent gain compared to last March.

District-wise Residential Benchmark Prices for March 2024:

  • North: North Calgary saw its benchmark price rise to $570,700, reflecting a notable 12.0% year-over-year increase.
  • Northwest: Properties in the Northwest witnessed a strong appreciation, with the benchmark price reaching $649,800, marking an 11.2% year-over-year increase.
  • Northeast: The Northeast district recorded a benchmark price of $516,500, showcasing a substantial 17.3% year-over-year growth.
  • City Centre (West): In the City Centre West, the benchmark price surged to $719,300, reflecting an 11.7% year-over-year increase.
  • City Centre: Within the City Centre itself, properties maintained a strong benchmark price of $612,300.
  • City Centre (East): The East district experienced significant growth, with the benchmark price reaching $436,200, reflecting both a 24.9% year-over-year increase and a 5.4% increase from the previous month.
  • South: South Calgary saw its benchmark price climb to $585,900, marking an 11.7% year-over-year increase.
  • Southeast: The Southeast district witnessed a benchmark price of $584,000, showcasing an 11.0% year-over-year increase.

Rental Market Highlights:

March’s rental market trends in Calgary are as follows, offering valuable insights for both renters and landlords, shedding light on the fluctuations and trends in rental prices across various property types:

  • Townhouses: Rental prices for townhouses in Calgary showcased varied trends during the month. One-bedroom units experienced a substantial increase of 19.1% since the previous month, suggesting heightened demand or limited availability in this segment. Meanwhile, two-bedroom units saw a modest rise of 1.9%, indicating relatively stable demand for this unit size. On the other hand, three-bedroom units experienced a slight decrease of 0.3%, although remaining relatively stable overall.
  • Condos: In the condo rental market, March saw fluctuations in prices. Studio condos witnessed a decrease of 2.3% in rental prices, while one-bedroom units decreased by 0.5%. Conversely, three-bedroom units experienced a notable 6% increase in rental prices, reflecting potential shifts in demand across different unit sizes.
  • Houses: Rental prices for houses in Calgary exhibited variability in March. One-bedroom units saw a decrease of 6.3% since the previous month, possibly due to seasonal factors or shifts in demand. However, two-bedroom units saw a significant increase of 4.1%, indicating strong demand or limited availability in this segment. Similarly, three-bedroom units rose by 2.4% in rental prices, suggesting continued demand for larger rental properties.

Regional Market Insights:

  • Airdrie: In March, Airdrie reported 203 sales and 218 new listings, indicating an improvement in both metrics. However, despite this positive trend, inventory levels remained concerning, being 22 percent below last year’s levels and a striking 56 percent below typical March levels. With such limited supply, the market continued to experience upward pressure on home prices. The benchmark price for March reached $540,400, marking a notable monthly gain of two percent and an impressive year-over-year increase of over nine percent. This surge in prices was evident across all property types, with particularly strong gains observed in the relatively lower-priced row and apartment-style products.
  • Chestermere: In Chestermere, strong sales activity, marked by a notable 34.2% year-over-year increase, paired with limited inventory, drove significant growth in benchmark prices. With 51 sales recorded and only 73 new listings, the market remained highly competitive. Despite an 8.8% increase in new listings, inventory levels saw a modest rise of 7.6%, with 97 properties available. The benchmark price surged to $690,800, reflecting a substantial 7.7% year-over-year increase. This surge underscores the competitive nature of the market, posing challenges for buyers in securing properties amidst limited supply, as reflected in the 1.90 months of supply reported.

Don’t miss out on the opportunities in this bustling seller’s market! Whether you’re aiming to sell your property for maximum returns or seeking to make a strategic purchase, Team Singh YYC is here to guide you every step of the way. 

With our expertise and personalized approach, we’ll help you navigate the market effectively and achieve your real estate goals. Reach out to us today to seize the opportunities available and make informed decisions for your future!

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