Looking back into 2024, we saw the beginning of the year represent an intense seller’s market. In the second part of the year, despite the government reducing mortgage rates, prices began to lower. While prices still favour sellers as we move into the new year, they are more affordable than last year’s heights.
Six months ago, the benchmark price in Calgary was at $608 000. By the end of 2024 it had dropped to about $583 000. Going into January of 2025, the benchmark is only about $13 000 higher than January of last year. Statistics show that the year ended with sales at around 1 300 for the month, and listing numbers just below 3 000, which is very similar to the numbers we saw at this time last year. They also show that listings are only on the market for an average of 44 days, which is lower than the normal 60 days on the market. Let’s break that benchmark price down. Detached homes had an average price of $747 500 by the end of December, while semi-detached homes were at about $678 000. Meanwhile, townhomes were selling for $447 400, and apartments were averaging a price of $332 400.
Although we are definitely still in a strong seller’s market, prices continue to drop month-to-month, and it seems that they will continue to do so for the foreseeable future.
Besides Calgary’s benchmark prices, regional prices going into the New Year are also starting out favouring sellers. Airdrie’s benchmark price is $542 400, Cochrane’s is $571 600, and Okotoks is at $612 400. Reports show that listing numbers also increased throughout all of these areas as well by the end of 2024.
So, while homeownership has become a bit more affordable, current prices mean it is still a great time to sell, and the New Year can be a great time to make a little change in your life!