{"id":307749,"date":"2025-02-25T20:04:25","date_gmt":"2025-02-25T20:04:25","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?page_id=307749"},"modified":"2025-02-25T20:04:27","modified_gmt":"2025-02-25T20:04:27","slug":"underbidding-in-calgarys-housing-market-reached-highest-level-in-q4-of-2024","status":"publish","type":"page","link":"https:\/\/wahi.com\/ca\/en\/press-releases\/february-25-calgary-market-pulse","title":{"rendered":"Underbidding in Calgary’s Housing Market Reached Highest Level in Q4 of 2024"},"content":{"rendered":"

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News Release<\/h1>\n

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Underbidding in Calgary’s Housing Market Reached Highest Level in Q4 of 2024<\/h2>\n

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CALGARY<\/a>, ALTA. \u2014February 25, 2025 \u2014 Calgary\u2019s housing market appears to have cooled in the final months of 2024 following a wave of frenzied bidding activity that peaked in the spring, new analysis from digital real estate platform Wahi suggests.
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Just four (2%) of the 176 Calgary neighbourhoods where at least five homes changed hands landed in overbidding territory in the fourth quarter of 2024. In an additional six neighbourhoods (3%), homes were generally selling for the asking price, while the remaining 166 (94%) were in underbidding territory.<\/p>\n

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\u201cHomebuying competition in Calgary eased beyond the usual seasonal slowdown that\u2019s expected towards the end of the year,\u201d says Wahi CEO Benjy Katchen.<\/p>\n

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However, Katchen adds that when a home sells for less than the asking price, it doesn\u2019t necessarily mean the homebuyers got a bargain. \u201cThe home could have been listed above what it was reasonably valued at,\u201d he explains. \u201cIn some cases, when underbidding activity increases, sellers need to adjust their expectations in terms of pricing.\u201d<\/p>\n

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From October to December, the median price of a Calgary home declined from $575,000 to $555,000, a drop of about 3%.<\/p>\n

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Homebuying competition began to wane in Calgary in the third quarter, when the share of neighbourhoods in overbidding territory plunged to 10%, down from the 2024 peak of 54% in Q2.<\/span><\/p>\n

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Despite the sudden surge in underbidding the third quarter, sale prices remained roughly in line with list prices. More than two-thirds of neighbourhoods (69%) at the time were overbid or underbid by no more than $5,000, whereas in the fourth quarter, 17% of neighbourhoods had a median overbid or underbid amount of $5,000 or less.<\/p>\n

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\u201cWith so many unknowns, including the upcoming Canadian election as well as the threat of U.S. tariffs, we\u2019ll continue to monitor the Calgary market to see how homebuyers respond,\u201d Katchen adds.<\/p>\n

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Following the Q4 slowdown, the median price of a Calgary home has begun climbing again. It was $573,000 in January, up about 9% from $525,000 at the same time last year. The median price also increased by approximately 3% compared to December, when it was $555,000.<\/p>\n