Calgary Westside – Market Data for March 2024

March saw a robust increase in sales, reaching 2,664 units, marking a 10% rise compared to last year and surpassing long-term trends. Although new listings improved from the previous month, totaling 3,172 units, they remained below typical March levels, failing to balance the sales-to-listings ratio. This led to a tight market, with the ratio hitting 84%, and the months of supply dropping below one month.

Ann-Marie Lurie, CREB®’s Chief Economist, noted that March experienced unprecedented tight conditions not seen since 2006, attributed to high interprovincial migration and dwindling supply. The market has consistently favored sellers for the past three years due to increased demand from migration, resulting in dwindling resale and rental properties. Consequently, home prices continue to rise due to supply shortages.

Inventory levels notably decreased, especially for properties priced below $1,000,000, with the most substantial declines observed in homes priced under $500,000. March witnessed a significant drop in inventory, with 2,532 units available, marking a 22% decrease from the previous year and half of the usual March levels.

The unadjusted total residential benchmark price rose to $597,600 in March, reflecting a 2% increase from the previous month and an impressive 11% surge from last year. Prices escalated across all property types, particularly for more affordable row and apartment-style homes.