Detached Home Prices Plummet in Key Calgary Areas

The Calgary housing market is experiencing a significant shift as inventory increases, leading to notable declines in detached home prices across the city. According to the latest report from the Calgary Real Estate Board (CREB) released in November, potential buyers may find favorable conditions as benchmark prices have fallen in many areas.

North East Calgary reported the most pronounced decrease, with benchmark prices dropping to $571,900, reflecting a 4.88 percent decline compared to the previous year. Close behind, East Calgary experienced a 4.66 percent reduction, bringing its benchmark price down to $507,000. Other areas also saw declines, with North Calgary down 4.23 percent to $650,400, and South East Calgary falling nearly 3 percent to $694,500.

Overall Market Trends and Sales Data

The overall benchmark price for Calgary has experienced a 2.15 percent drop, with the median benchmark price now standing at $733,000. Among the various districts, the City Centre maintains the highest benchmark price at $944,500, marking a 1.71 percent decline from November 2024.

In terms of sales activity, South Calgary led the market with 170 detached home sales last month, while East Calgary recorded the fewest with only 33 sales. The North West Calgary area exhibited the best sales-to-new-listings ratio at 103 percent, with 103 sales matching 100 new listings. Conversely, North East Calgary had the lowest ratio, with 105 sales against 176 new listings, indicating a more challenging market for sellers.

The North East area also showed the highest months of supply at 4.21, suggesting that it would take over four months to sell all homes currently listed in that region.

As the housing market evolves, the increasing inventory may provide opportunities for buyers. For those interested in the housing landscape of Calgary, the full CREB report reveals detailed insights on pricing and inventory trends, highlighting the most and least expensive neighborhoods in the city. The report is accessible for viewing online, offering a comprehensive overview of the current market conditions.