May 2024

Property Pulse

Ilona Drost
May 01, 2024

Calgary Real Estate Market Update

Price growth persists in Calgary as seller’s market prevails

Sales in April rose by seven per cent compared to last year, to 2,881 units. While the pace of growth did ease compared to earlier in the year, sales remain 37 per cent higher than long-term trends for the month. Much of the growth in sales has occurred for relatively more affordable, higher-density products.

At the same time, there were 3,491 new listings in April, an 11 per cent gain over last year but only three per cent higher than long-term trends. The rise in new listings compared to sales prevented any further deterioration of the inventory situation. However, with 2,711 units in inventory, levels are 16 per cent below last year and half of what is traditionally seen in April.

“While supply levels are still declining, much of the decline has been driven by lower-priced homes," said Ann-Marie Lurie, Chief Economist at CREB®. “Homes priced below $500,000 have reported a 29 per cent decline. Meanwhile, we are seeing supply growth in homes priced above $700,000. Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.”

With a sales-to-new-listings ratio of 83 per cent and a months of supply of less than one month, conditions continue to favour the seller, driving further price gains in the market. In April, the unadjusted total residential benchmark price reached $603,700, a one per cent gain over last month and nearly 10 per cent higher than last year's levels. Price gains occurred across all property types and districts of the city. The strongest price growth occurred in the more affordable districts of the city./

For more detailed reports regarding your specific neighbourhood or community in Calgary or surrounding areas, please contact me.

Upcoming Holidays

Upcoming Events in Calgary

Day out with Thomas: Heritage Park - May 4-12
Cinco De Derby Chichuaua Races: Century Downs Racetrack - May 4
Thunderin’ Thursdays Free Line Dancing: Ranchmans - Until June 27
Jazz on Lincoln Park: Mount Royal University - Until May 17
Men’s Expo: BMO Centre - May 10 & 11
Goat Yoga: Granary Road - May 12
Calgary Career Fair and Training Expo: BMO Centre - May 30
Calgary International Beer Fest: BMO Centre - May 3 & 4
Foreigner Farewell to Canada Tour: Grey Eagle Casino - May 8
Stars on Ice: Saddledome - May 10
Witchcraft and Wizardy Murder by Magic: Beddington Theatre - May 18
YYCeasarfest: Big Four - may 18 & 19
Highfield Food & Beverage Market Fest: 38A Ave by City and Country Winery - May 18 & 19
Festival of Quilts: Heritage Park - May 25 & 26
Royal Canadian International Circus: Cross Iron Mills - May 24 - June 2
Servus Calgary Marathon: Stampede Trail - May 26

Small Business Interviews

Take a look at my YouTube channel where I feature interviews with local businesses, share home maintenance advice, and explore various topics related to real estate.

Article of the Month

Spring Spruce-Up: Preparing Your Home for the Season

Say goodbye to the icy grip of winter and get ready to high-five the sun because spring is busting into your home! Your home has survived the frozen tundra of winter, but now it’s time to give it a little TLC and let it soak up all that springtime goodness. Whether you're prepping your place for a potential sale or just want to make it the ultimate chill zone for yourself, here are some tips to help you spruce up your abode for the sunny days ahead.

Exterior Maintenance:

Start by inspecting the exterior of your home. Check for any damage caused by winter weather, such as cracks in the foundation, loose shingles, or damaged siding. Repairing these issues early can prevent further damage.
Clean out gutters and downspouts to remove any debris that has accumulated over the winter. This will ensure proper drainage during spring showers.
Trim back any overgrown bushes or trees that may be encroaching on your home or obstructing pathways.

Lawn Care:

Give your lawn a fresh start by raking up any dead leaves, branches, or debris that have accumulated over the winter months.
Aerate your lawn to promote healthy root growth and better water absorption. This can be particularly beneficial in Calgary's clay-rich soil.
Apply a slow-release fertilizer to nourish your lawn and encourage lush green growth.

Garden Preparation:

If you have a garden, now is the time to start preparing it for planting. Clear out any remaining dead plants from last season and amend the soil with compost or fertilizer.
Consider planting cold-hardy vegetables like lettuce, spinach, and peas, which can tolerate Calgary's unpredictable spring weather.
Add some color to your garden with early-blooming flowers like tulips, daffodils, and crocuses.

Indoor Refresh:

Spring is the perfect time to declutter and deep clean your home. Start by tackling one room at a time, clearing out any clutter and giving everything a thorough cleaning.
Open up the windows to let in fresh air and sunlight. Consider giving your curtains and blinds a good wash while you're at it.
Swap out heavy winter bedding and decor for lighter, brighter options to create a more airy and inviting atmosphere.

HVAC Maintenance:

Schedule a professional inspection and tune-up for your HVAC system to ensure it's operating efficiently as you transition from heating to cooling.
Replace the air filters in your furnace and air conditioner to improve indoor air quality and prevent dust buildup.

Outdoor Spaces:

Dust off your patio furniture and give it a good cleaning. Consider adding some fresh cushions or pillows to liven up your outdoor seating areas.
If you have a deck or patio, inspect it for any signs of wear and tear, such as loose boards or rusted hardware. Make any necessary repairs to ensure it's safe and ready for use.

Pest Control:

As temperatures rise, pests like ants, spiders, and mosquitoes start to become more active. Take proactive measures to prevent infestations by sealing cracks and crevices, eliminating standing water, and keeping food stored in airtight containers.

By following these tips, you can ensure that your home is ready to embrace the beauty and energy of spring. Whether you're enjoying a leisurely afternoon in your backyard or preparing to put your home on the market, a little spring spruce-up can go a long way in enhancing your living space and welcoming the season ahead.