Calgary’s Housing Market Fueled by Rapid Population Growth and New Inventory
Supply is on the rise in one of Canada’s largest cities, but not across all price ranges, according to the Calgary Real Estate Board (CREB).
According to CREB market statistics inventory was noted as the main factor in rising home sales trends across Calgary, Alberta. Specifically, an increase in new home construction has improved supply across rental, new home, and resale markets, though gains vary by location, price range, and property type.
Overall CREB recorded a 45% year-over-year increase in Calgary from 3,000 listings in November 2023 to 4,352, with 2,326 new listings, in November 2024. These inventory levels are still below long-term trends due to rapid population growth throughout the city.
Home sales also increased by 20% year-over-year for detached, semi-detached, and row homes in November 2024 to 1,797 unit purchases. However, apartment and condominium sales throughout the city declined.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”
Read the full CREB report here.
View more Luxury Real Estate Reports here.
This Market Report has been provided by Renata Reid, Sotheby’s International Realty Canada, LuxuryHomes.com Affiliate.
Sources:
CREB.com