May 2024 housing and rental statistics in Calgary, Airdrie, and Chestermere
In May, Calgary’s real estate market witnessed a total of 3,092 resale home sales, showcasing a nearly one percent decrease compared to the previous year’s record high. However, this figure remained 34 percent higher than long-term trends for the month, highlighting the market’s underlying strength. The decline in sales was primarily attributed to lower-priced detached and semi-detached homes, where limited supply choices impacted buyer activity.
Sales and New Listings:
New listings in May surged to 4,333 units, marking an almost 19 percent increase compared to the previous year. Despite this uptick, much of the growth was observed in higher price ranges for each property type. Consequently, the sales-to-new listings ratio dropped to 71 percent, supporting a modest year-over-year inventory gain. However, inventory levels remained nearly half of typical May levels, with most gains concentrated in homes priced above $700,000.
Total Residential Benchmark Price:
The unadjusted total residential benchmark price in May soared to $605,300, representing a nearly one percent increase from the previous month and a substantial 10 percent surge compared to May of the previous year. Price growth was evident across all property types and districts, with the most significant gains occurring in the more affordable districts of the city.
- Detached Homes: In May, sales of detached homes experienced a seven percent year-over-year decline, primarily impacted by lower-priced segments due to limited supply. Despite a 10 percent increase in new listings, inventory levels for homes below $600,000 continued to shrink. The tight market conditions favored sellers, leading to further price appreciation. The unadjusted benchmark price for detached homes reached $761,800 in May, marking a one percent increase from the previous month and a notable 13 percent surge from the previous year.
- Semi-Detached Homes: Sales activity for semi-detached homes saw a modest one percent increase in May compared to the previous year. Despite gains in new listings, low inventory levels persisted, with the months of supply remaining below one month for the second consecutive month. The market continued to favor sellers, resulting in minimal changes in inventory levels and further price gains. The benchmark price for semi-detached homes rose to $678,000 in May, representing a one percent increase from the previous month and a substantial 13 percent surge from the previous year.
- Row Homes: May saw 540 sales of row homes, contributing to a 16 percent year-to-date gain. Despite an increase in new listings, 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. Conditions continued to favor sellers, driving further price growth. In May, the benchmark price for row homes reached $462,500, marking a nearly two percent increase from the previous month and over 19 percent higher than last year’s levels.
- Apartment Condominiums: Demand for affordable homes continued to drive growth for apartment condominium-style homes. May sales continued to rise, contributing to the year-to-date record high with a 19 percent gain. This was partly possible thanks to gains in new listings preventing a further drop in inventory levels. With a months of supply of just over one month, conditions still favor the seller, and prices continued to increase compared to last month’s and last year’s levels. Year-over-year price gains exceeded 30 percent in the North East and East districts, with the lowest price growth occurring in the City Centre at 13 percent.
May 2024 District Total Residential Benchmark Price:
Below are the diverse trends in price appreciation across different districts of Calgary, reflecting significant variations in growth compared to the previous year.
- City Centre: The benchmark price in the City Centre has increased to $616,000, showing a 4.8% rise from last year, maintaining its status as a vibrant and desirable location.
- North: The benchmark price in the North district has reached $572,500, reflecting the ongoing strength of this market segment.
- North East: With a benchmark price of $527,000, the North East district has seen a robust 15.9% year-over-year increase, highlighting its growing appeal.
- North West: The North West district continues to perform well, with the benchmark price rising to $664,900, marking a healthy 10.7% year-over-year growth.
- West: The West district remains one of Calgary’s more expensive areas, with a benchmark price of $727,100, up 7.9% year-over-year.
- East: The East district has experienced significant growth, with the benchmark price now at $441,700, an impressive 20.8% increase from last year.
- South: The South district shows steady appreciation, with a benchmark price of $596,400, reflecting a solid 10.9% year-over-year rise.
- South East: In the South East district, the benchmark price has climbed to $594,100, continuing its upward trend.
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: Calgary’s townhouse rental market shows varying trends across different bedroom configurations. One-bedroom units have experienced a notable 11.1% increase, now priced at $2,096, offering affordable living options for individuals or couples. Meanwhile, two-bedroom units have seen a modest 1.8% uptick to $2,425, catering to small families or roommates. For those seeking more space, three-bedroom townhouses saw a slight uptick, reaching $2,671, marking a 2% increase compared to the previous month, providing ample room for larger households.
- Condos: In Calgary’s condo rental market, prices have shown some fluctuations across different unit types. Studio units remain steady at $1,681, providing compact living spaces for individuals or couples. However, one-bedroom units dipped slightly by 0.5% to $1,997, while two-bedroom condos experienced a slight uptick of 1% to $2,496, catering to small families or roommates. Conversely, three-bedroom condos saw a slight decrease, falling to $3,312, offering spacious accommodations for larger households.
- Houses: Calgary’s house rental market presents diverse options for tenants across various bedroom configurations. Studio houses have surged by a significant 59.1% to $1,750, providing compact living spaces for individuals seeking affordability and convenience. However, one-bedroom units have decreased by -5.8% to $1,474, while two-bedroom houses saw a slight decline of 0.6% to $2,424, catering to small families or roommates. Similarly, three-bedroom houses witnessed a slight decrease of 1.2% to $2,868, offering spacious accommodations for larger households.
Regional Market Insights:
Airdrie: A boost in new listings compared to sales helped support a gain in inventory this month. However, with only 208 units available, levels are still half what we traditionally see in the market in May. Detached homes accounted for nearly 70 percent of all the inventory in Airdrie, with half of the detached supply priced below $700,000. Benchmark prices ranged from $289,000 for apartment-style homes to $651,000 for detached properties.
Chestermere: May recorded 69 sales, marking a substantial 5.5% decrease year-over-year, indicating slightly decreased activity in the market compared to the previous year. New listings surged to 97, reflecting a robust 31.1% 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 114, with a 32.6% increase year-over-year. Impressively, the months of supply rose significantly by 40.2% year-over-year, standing at 1.65, underscoring the sustained demand outpacing available inventory. Amidst these market dynamics, Chestermere experienced notable price appreciation, with the total residential benchmark price reaching $702,300, marking a commendable 7.7% increase year-over-year.
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