Calgary Real Estate Market Update

2024 marks another strong year for sales and price growth The year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”

As of December, there were 2,989 units available in inventory, still below long-term trends for the month but a significant improvement over the lower levels reported last December and levels reported early this year. Improved rental choice and significant gains in new home activity helped boost new listings in the resale market, driving higher inventories in the year's second half.

While conditions vary depending on price range and property type, more housing options have helped to take some of the pressure off home prices, which stabilized in the second half of the year following steep gains in the spring. Overall, on an annual basis, total residential benchmark prices improved by over seven per cent.

As we move into 2025, supply will continue to be a dominant theme. However, how they impact prices will ultimately depend on the type of supply being added and how demand holds up in the face of a changing economic climate. On January 21, CREB® will release its forecast report, highlighting the expectations and risks facing the market in the coming year.

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Special Holidays - January

Upcoming Events in Calgary

• Broadway Across Canada presents Beetlejuice: Jan 7-12

• Bugs Bunny at the Symphony: Jan 4

• Calgary Motorcycle and Powersport Show: Jan 31

• 2025 ISU World Speed Skating: Jan 24-26

• Sum 41 in Concert: Jan 16

• 90s Dance Mix Tour: Jan 17

• Calgary Career Fair and Training Expo: Jan 30

• Calgary Flames Home Games: Jan 2, 4, 11, 23, 28, 30

• Amos Gill: Jan 29

• Chinese Lunar New Year Festival: Jan 25-26

• Alberta Ballet Winter Gala: Jan 17

• Unveiled - Bridal Fashion Show: Jan 11

• Footloose the Musical: Jan 17

• Adam Tiller at the Comedy Cave: Jan 6-11

• Harlem Globetrotters at Winsport: Jan 10, 11

• DJD Call and Response: Jan 16-26

Youtube Videos

Every month I have conversations with a variety of local business owners, industry experts or general real estate educational topics. Below are the latest and greatest of the previous month.

Article of the Month

Goal Setting for 2025: A Guide for Home Buyers and Sellers

I am huge on goal setting and setting intention. The beginning of the new year is the perfect time to set clear and actionable goals—especially if buying or selling a home is on your agenda. Whether you're planning to find your dream home, sell your current property, or both, goal setting is a powerful way to turn intentions into achievements. Here’s how to plan strategically for success in the real estate market in the coming year.

1. Start with a Vision

For buyers:

Visualize your ideal home. Think about location, size, style, and features that matter most to you. Consider not only your current needs but also your future plans, such as starting a family, downsizing, or investing in a property with potential growth.

For sellers:

Reflect on your reasons for selling. Are you aiming for more space, a better location, or a financial return? Understanding your “why” will help guide your decisions and set realistic expectations.

2. Set SMART Goals

SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals ensure clarity and focus:

For Buyers:

Specific: "Save $15,000 for a down payment by June 2025.

Measurable: Track savings progress monthly.

Achievable: Align with your income and expenses.

Relevant: Ensures financial readiness for home buying.

Time-bound: Establish deadlines for pre-approval and property searches.

For Sellers:

Specific: "Prepare the home for listing by March 2025."

Measurable: Complete one major improvement per month.

Achievable: Work within your budget and schedule.

Relevant: Enhances marketability and sale price.

Time-bound: Target a listing date based on market trends.

3. Understand Your Financial Position

For Buyers:

Review your credit score and address any discrepancies.

Work with a financial advisor or mortgage specialist to determine your budget.

Factor in all costs, including closing costs, property taxes, and maintenance.

For Sellers: 

Evaluate your home’s current value through a professional market analysis.

Plan for potential costs like repairs, staging, and moving expenses.

Discuss with your agent the pricing strategy and expected net proceeds.

4. Create a Step-by-Step Plan

For Buyers:

Research neighborhoods and market conditions.

Get pre-approved for a mortgage.

Prioritize must-haves versus nice-to-haves in your search.

Partner with a knowledgeable real estate agent.

For Sellers:

Declutter and depersonalize your space.

Address any necessary repairs or upgrades.

Stage your home to maximize appeal.

Collaborate with an experienced realtor to develop a marketing plan.

5. Stay Flexible but Focused

The real estate market can shift due to factors like interest rates or economic conditions. While having goals is essential, adaptability will keep you on track even if circumstances change. Revisit your goals quarterly and adjust them as needed to stay aligned with the market.

6. Celebrate Milestones

Buying or selling a home is a journey, and it’s important to recognize your progress. Celebrate small victories, whether it’s reaching your savings target, getting pre-approved, or closing a successful sale. Acknowledging achievements will keep you motivated for the next step.

7. Partner with Professionals

Real estate agents, mortgage brokers, home inspectors, and financial advisors are invaluable resources. Their expertise can help you avoid common pitfalls, streamline the process, and achieve your goals efficiently.

Looking Ahead to 2025

Goal setting is the foundation of a successful home buying or selling experience. By being intentional, proactive, and realistic, you can make 2025 the year you achieve your real estate dreams. Start planning now, and when the time comes to make your move, you’ll be ready to step confidently into the next chapter of your life.

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