Calgary Real Estate Market Report – January 2025
The new year has arrived, and with it comes fresh insights into Calgary’s real estate market. January 2025 has set the tone for what buyers, sellers, and investors can expect in the months ahead. Let’s take a closer look at the key trends shaping the market.
Market Overview
Sales Activity: December 2024 concluded with 1,322 sales, a 3% decrease from the previous year but nearly 20% above long-term averages. Throughout 2024, total sales were slightly below the prior year's figures, with higher-priced home sales compensating for declines in lower-priced segments due to limited supply.
Inventory Levels: December's inventory stood at 2,989 units, below long-term averages but a significant improvement from the previous December and earlier in 2024. Enhanced rental options and increased new home activity contributed to this rise in new listings, bolstering inventory in the latter half of the year.
Price Trends: Tight market conditions throughout 2024 led to an approximate 11% increase in detached home prices, with significant growth during the spring when supply was particularly constrained. Price appreciation was observed across all districts, with the most substantial gains in the North East and East areas.
Surrounding Areas
Airdrie
Sales activity reached 1,951 units in 2024, marking a 4% increase from the previous year.
An uptick in new listings helped alleviate some supply shortages.
Inventory gains were more pronounced in the latter part of the year, pushing the months of supply above two months by September and continuing to improve in the final quarter.
The annual benchmark price rose by nearly 8%, with more rapid growth in affordable, higher-density homes.
Cochrane
Seller-favorable conditions prevailed for most of the year, as strong sales relative to new listings kept inventory levels in check.
However, the last quarter saw an increase in new listings relative to sales, leading to more balanced conditions and slight inventory gains, though still below long-term trends.
The annual benchmark price increased by nearly 9%, averaging $565,808 in 2024.
Okotoks
A 16% rise in new listings in 2024 supported an 8% growth in sales.
Despite these gains, inventory levels remained about half of traditional market levels, maintaining seller market conditions since 2021.
The tight market drove an almost 8% increase in benchmark prices, averaging $615,708 in 2024.
Semi-detached and row-style units saw price growth exceeding 11% annually due to heightened activity.
Chestermere
Sales activity remained strong in 2024, with a steady demand for single-family homes and waterfront properties.
New listings increased slightly, offering more options for buyers while maintaining a competitive market.
Inventory levels remained relatively low compared to long-term trends, keeping upward pressure on prices.
The annual benchmark price saw a notable increase of approximately 7%, reflecting the sustained demand for homes in this lakeside community.
Market Outlook for 2025
CREB®'s 2025 Forecast anticipates that easing lending rates, improved supply, and continued population and employment growth will sustain strong housing demand, with sales projected to exceed 26,000 units—over 20% higher than long-term trends. The market is expected to transition toward balanced conditions, with price growth moderating to an anticipated annual gain of 3%. Variations in price growth are likely across market segments due to increased competition from new home construction. Potential economic risks, such as tariffs, could influence market activity and warrant close monitoring throughout the year.
These insights provide a comprehensive overview of the current state and future expectations for Calgary and its surrounding real estate markets as of January 2025. For personalized insights or assistance in buying or selling, don’t hesitate to reach out. Let’s make 2025 a successful year for your real estate goals!
