End-of-Year Real Estate Market Review

As 2024 comes to a close, it's the perfect time to take a look at how Alberta’s real estate market has evolved over the past year. Whether you're thinking of selling, buying, or simply keeping an eye on the market, understanding the trends that shaped the year can help you make more informed decisions. Here are some key insights from Alberta’s 2024 real estate landscape.

1. Home Prices Remained Stable

Throughout 2024, Alberta’s home prices have shown remarkable stability, despite economic fluctuations in other parts of Canada. Urban centres like Calgary and Edmonton saw modest price increases, while rural and smaller towns stayed relatively steady. This stability has made Alberta an attractive market for both local buyers and those relocating from more expensive provinces.

2. Inventory Levels Tightened

One of the notable trends this year was a tighter inventory across Alberta. While there were plenty of homes for sale early in the year, by mid-2024, inventory had begun to shrink. This tightening resulted in increased competition for well-priced properties, particularly in desirable neighbourhoods. Sellers benefited from this trend, often receiving multiple offers and shorter time on the market.

3. Increased Demand for Energy-Efficient Homes

2024 saw a growing interest in homes with energy-efficient features. From upgraded insulation to smart thermostats, buyers are increasingly prioritizing homes that can help them save on utilities and reduce their environmental impact. If you’re planning to sell in 2025, it may be worth considering upgrades that boost your home’s energy efficiency to attract these buyers.

4. Suburban and Rural Properties in High Demand

With remote work still popular in many industries, more buyers sought out suburban and rural properties this year. Communities just outside of major cities and scenic rural locations saw a surge in interest, as homebuyers looked for more space, quiet surroundings, and homes that offered outdoor amenities like large yards or proximity to nature.

5. Mortgage Rates and Affordability

Interest rates remained a talking point throughout 2024. With rates fluctuating, affordability became a challenge for some buyers, but Alberta’s relatively affordable real estate market compared to other provinces helped maintain buyer interest. Many homeowners took advantage of the lower rates earlier in the year to refinance, while some buyers paused their searches when rates ticked upwards.

As we move into 2025, Alberta's real estate market remains a strong option for both buyers and sellers. Whether you’re considering entering the market or planning to stay put, staying informed about these trends can help you make the right decision. For more personalized advice or to explore your options, reach out to a realtor today and start planning your next real estate move.