Condominium sales in Calgary saw a modest increase of nearly 3% in the first eight months of 2024, says a Remax report.

Between January and September, 5,722 units sold compared to 5,577 during the same period in 2023. The sales increase comes as demand continues to grow in Alberta’s affordable real estate market, driven by net migration to the province, said Remax.

The downtown district remains a hot spot for condo sales, especially in walkable areas that appeal to younger buyers. Downtown East Village led with 129 units sold year-to-date, up from 110 in the first eight months of 2023. Areas like Eau Claire, Killarney/Glengary, and Garrison Woods also saw significant growth in sales, with increases ranging from 23.5% to 64.7%.

Meanwhile, Calgary condo prices have surged, with the year-to-date average price climbing 15% to just over $347,000, up from $301,868 in 2023, according to the Calgary Real Estate Board. Price growth has been noted across the city, with some areas seeing significant increases. Saddle Ridge, for example, experienced a 36% percent jump in values to $317,997, while Hillhurst saw a 21.4% rise to $423,873.

Luxury condo sales are also on the rise, with 49 apartments selling for more than $1 million between January and September 2024. That marks a 19.5% increase from the same period in 2023.

High-end units, particularly those offering views of the Bow River and mountains, are in demand among empty nesters, retirees, and oil executives.

First-time buyers, meanwhile, are flocking to suburban areas like McKenzie Town, Panorama Hills, and Saddle Ridge, where condo prices average around $300,000, offering an affordable entry point into homeownership.

The report noted that Calgary remains a seller’s market, with inventory levels improving significantly compared to 2023. Close to 1,500 condos are now available for sale, with a sales-to-new listings ratio at 60%.

The Calgary results were part of a national Remax report that shows sellers are returning to Canada’s condo markets in large number, driven by hopes of future interest-rate cuts enticing cautious buyers back.

Remax Canada President Christopher Alexander views the current lull in sales nationally as “the calm before the storm” expected as deals pick up in 2025 due to lower interest rates.

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