Calgary Housing Market Predictions for 2024: What to Expect?

December 15, 2023
By Cody Battershill

Calgary Real Estate Predictions for 2024: What to Expect?

A new year comes a new start with fresh new predictions for just about everything in life – including real estate! If you find yourself potentially buying or selling a property in Calgary this coming year, you will want to learn what to expect as part of the due diligence required to make any transaction successful.

While it's unfortunate that we can’t predict the future, what we can do is make a best guess on current trends and where the market is going by year’s end. So, here are several Calgary real estate predictions for 2024 in point form.

Please don’t hesitate to contact our team of professional REALTORS® anytime to discuss your goals, and we will be happy to assist you!

Calgary’s Real Estate Market in 2024

• The Calgary Real Estate Board (CREB) saw the city benchmark price increase by 10.7% in November 2023 on a year-over-year basis, providing momentum for many segments of the market heading into 2024. As of November 2023, the benchmark price was $572,700, according to CREB.

• Calgary’s overall price increases in November 2023 y/y were higher than in many other major cities including Toronto and Vancouver, making it Canada’s top-performing real estate market for the year

• REMAX Canada’s 2024 Housing Outlook showed sales activity in Calgary dropped 12% between January 1st and October 31st, 2023, a trend likely the result of high inflation and interest rates

• A report by Royal LePage predicts the aggregate price of a home in Calgary to jump 8% year-over-year by the end of 2024 – keep in mind that different segments of the market (condo, townhouse, single-family, etc.) will each react differently to market dynamics throughout next year.

• More affordable products, such as multi-family properties, are expected to see the highest price growth in 2024 as people look for more affordable living with the current high cost of living.

• Potential interest rate drops by the Bank of Canada and downward inflation in 2024 will likely see many new home buyers jump into the market sometime in the second and third quarters; however, if the BoC acts, it is another thing to be seen.

• Record high immigration levels are contributing to rapidly increasing housing demand, putting upward pressure on home prices across the board --- migrants from higher priced markets such as Toronto or Vancouver are often less concerned about prices when compared to local buyers.

Get Prepared for Your Next Home Purchase in 2024

Our professional REALTORS® believe that Calgary’s residential market will continue to see a solid finish this year and even higher benchmark prices for most market segments throughout 2024.

Stay tuned for more information from REMAX Canada on real estate predictions for Calgary in the new year, and be sure to check out our following guides: