Calgary’s housing market posted a strong start to 2024, with 1,650 homes sold in January – a 37.7 per cent increase compared with the same month last year, according to the Calgary Real Estate Board (CREB).

The unadjusted residential benchmark price rose to $572,300, up 10 per cent year-over-year. Apartments led the growth, with sales up 54 per cent from January 2023.

Despite more homes hitting the market – new listings climbed 15.4 per cent – supply remains tight. With just 2,150 active listings, Calgary recorded its lowest January inventory since 2006.

CREB analysts say much of the demand is focused on higher-value homes. Properties priced above $700,000 saw the largest increase in new listings and sales, while gains were more modest in mid-range categories.

Economists warn the imbalance could further challenge affordability. Realtor Kush Sidhu told Connect Newsroom that continued population growth and interprovincial migration are pushing demand faster than supply. “Without a significant increase in construction, we’ll keep seeing upward price pressure,” she said.

Local buyers are already feeling the squeeze. Ramneek Sangha, a first-time buyer searching in northeast Calgary, said rising prices have forced him to delay. “Every month the numbers go up. Even condos that were affordable last year are getting out of reach.”