24 | Fall Market Update 2024 Summary

A summary from CREB's Chief Economist, Ann-Marie from October 15, 2024 about the shift in this Fall Market. Buyers Waiting for Rate Drops: Many buyers are holding off, waiting for interest rates to decrease—similar to how people wait for Black Friday sales. Interprovincial Migration Boosting Market: There's a strong influx of people moving to Calgary from other parts of Alberta, supporting housing demand. Impact of International Migration on Rentals: International migration is affecting the rental market first. Average rent in August 2024 was $2,049, a 2% decrease from August 2023. Price Trends: Prices have risen since late 2020 and generally stayed elevated. Spring 2024 saw strong growth, likely a seasonal trend. Market conditions are not balanced yet but are shifting away from extreme seller-favorable conditions. Spring Market Highlights: In Spring 2024, 70% of homes sold over list price, compared to a normal rate of 10%. Conditions are gradually normalizing, but balance will take several months (aiming for 3.5-4 months on market). Overall Market: Despite some price drops, they don’t erase prior gains. There is still strong demand, especially in the lower price range, which remains a seller’s market. The market is transitioning towards more stability but is not fully balanced yet.