A Calgary real estate report showed that Strathmore's housing prices continued to rise throughout 2024.
According to the Calgary Real Estate Board (CREB), home prices averaged at $538,441 last year which was a 56 per cent increase from 2020.
"Declining new listings drove annual inventory levels to near-record lows, and lower levels of new home construction further constrained supply," mentioned CREB.
This is the second consecutive year that Strathmore experienced a slowdown in sales activity, causing the annual inventory levels to reach near-record lows.
"Prices rose across all property types, with row homes seeing the highest growth at 15 per cent," added CREB.
Detached and semi-detached homes reported price gains of nearly 12 per cent.
"Despite the gain, detached homes remain relatively affordable compared to other larger markets," mentioned the organization.
According to the report, Chestermere has also seen record-high home sales driven by increased housing demand.
"Rising new listings, supported by new home construction, helped inventory levels climb, particularly in the semi-detached and row home sectors," mentioned CREB.
Detached homes averaged $796,067, which is six per cent higher than Calgary's detached home prices.
"Detached homes in Chestermere tend to be newer and larger in size and a lot more area compared to Calgary," added CREB.
The group predicts that as supply grows, the housing market will move toward more balanced conditions.
For more information on the 2024 housing report, visit here.