As the holiday season gets thoroughly underway, the real estate market is looking up in terms of affordability for 2025!
The Calgary Real Estate Board has reported a drop in condo and apartment sales rates, which continues the recent trend we have seen of a rise in availability for higher priced homes, and a lowered availability for more affordable units. However, prices are still falling at a similar rate to before. The average residential price in Calgary has dropped $4 000, from $592 000 to $588 000. Detached homes have an average price of about $750 000, and semi-detached homes are at about $675 000. Meanwhile, the average for a townhouse is at $454 300, and apartments cost about $338 000 at the moment.
Regional prices around Calgary average about $10 000 lower than Calgary’s average, at $578 600. Okotoks is definitely the most expensive of the regions at around $623 000, while Airdrie and Cochrane are at $543 000 and $569 000, respectively. Airdrie and Cochrane have only dropped another $3 000, but this is an important development to observe, because it means that housing costs are continuing to decline.
Now, let’s look at inventory. Calgary’s is a bit lower than last month, at 4 352, but there are almost 1 500 units more for sale in Calgary right now than there were at this time last year. There are also more units compared to last year in Airdrie and Cochrane, but not in Okotoks. This could be a major factor behind the higher prices in Okotoks compared to the other cities around Calgary. Airdrie’s housing supply levels are finally inching back up towards normal, while Cochrane’s have actually increased quite a bit over the course of November.
Thank you so much for staying up to date with the real estate market through the Dione Irwin Team. We all wish you a warm and wonderful holiday season.