As of September 2024, Calgary’s real estate market is showing clear signs of transition from the intense seller’s market experienced earlier in the year to a more balanced state. This shift, while gradual, is providing both buyers and sellers with new opportunities and challenges.

From Seller’s Market to Balanced Conditions

Earlier in 2024, Calgary’s real estate market was heavily tilted in favor of sellers. Limited housing inventory coupled with strong demand led to a competitive environment where buyers often found themselves in bidding wars, driving prices higher. Homes were selling quickly, and sellers had the upper hand in negotiations.

However, recent reports from the Calgary Real Estate Board (CREB) indicate that the market is starting to cool. Inventory levels have increased significantly, with a 37% rise in available homes compared to the same period last year. This increase in supply is beginning to alleviate some of the pressure on buyers, although inventory remains below long-term averages, particularly for homes priced under $600,000.

Easing Sales and Stabilizing Prices

The rise in inventory has been accompanied by a slowdown in sales. August 2024 saw a 20% decline in home sales compared to last year, although sales levels remain 17% higher than the long-term average for the month. This decrease in sales activity, coupled with growing supply, has led to a stabilization of prices. The unadjusted residential benchmark price in Calgary was $601,800 in August, reflecting a 6% increase from the previous year but a slight decline from the previous month.

This trend suggests that while the market is no longer as frenzied as it was earlier in the year, it remains active. Buyers now have more options to choose from and may find themselves in a better position to negotiate, particularly as more homes become available.

Looking Ahead

The ongoing increase in new home construction and rising listings suggest that Calgary’s real estate market will continue moving toward more balanced conditions. However, it’s important to note that the market is not yet fully balanced, as supply levels are still catching up, especially in the lower-priced segments.

For both buyers and sellers, the current market presents unique opportunities. Buyers can take advantage of the increasing inventory and more stable prices, while sellers still benefit from a market that hasn’t entirely shifted away from their favor.

As the year progresses, keeping a close eye on market trends will be crucial for anyone looking to make a move in Calgary’s evolving real estate landscape.

A Great Time to Buy

With the Calgary real estate market shifting towards more balanced conditions, now is an opportune time for buyers to enter the market. The increased inventory and stabilizing prices mean that buyers have more options and greater negotiating power than they did earlier in the year. If you’re considering purchasing a home, this evolving market presents a unique chance to find the right property at a competitive price.

If you’re ready to explore your options, feel free to reach out to me today. I’m here to help you navigate this changing market and find the perfect home for you.