1. Zoning, Zoning, Zoning!
On May 14, 2024, Calgary City Council voted 9-6 in favour of a contentious rezoning bylaw, sparking heated discussions in established communities. The citywide initiative rezoned base residential areas to R-CG, allowing for more housing types like rowhouses and condos on properties previously limited to single-family homes. This move attempted to address Calgary’s housing crisis by increasing diversity and streamlining development processes. However, the decision faced significant opposition, with concerns about neighbourhood character, infrastructure capacity, and whether it would meaningfully improve affordability.
2. A Slower Market Yet Still a Seller’s Market
Calgary’s housing market showed signs of slowing in 2024, with total sales down approximately 1% from 2023 and 7% from 2022. Despite the dip in sales volume, the market remained competitive due to low inventory and sustained demand. Both median and average home prices recorded double-digit gains, showcasing the persistent upward pressure across all property types.
3. Price Gains by Property Type
Calgary’s real estate market saw substantial price growth in 2024, driven by strong demand and affordability challenges. Here’s how different property types performed:Townhouses: +14.84%
Apartments/Condos: +13.75%
Semi-Detached Homes: +13.38%
Detached Homes: +11.55%
The most substantial gains were in the multi-family segment, as affordability pushed more buyers toward townhouses and condos, further driving up prices in these categories.
4. Net Migration Continues
Alberta continued to attract interprovincial migrants in 2024, reinforcing Calgary’s position as a growing urban hub. The province remained a top destination for Canadians relocating from Ontario and British Columbia, drawn by its strong job market, affordable housing, and appealing lifestyle. This steady influx of “New Albertans” contributed to sustained housing demand and supported Calgary’s dynamic real estate market.
5. Calgary: A Great Place to Live
Calgary maintained its reputation as one of Canada’s most desirable cities in 2024. The city offered a thriving economy, a relatively affordable cost of living compared to other major urban centers, and an exceptional quality of life. Clean and safe neighbourhoods, vibrant cultural opportunities, and access to outdoor recreation—such as the nearby Rocky Mountains—continued to make Calgary an ideal destination for individuals and families seeking a balanced lifestyle.
