Varsity Real Estate Market Summary – November 2024

In November 2024, the Varsity real estate market experienced strong sales growth, with 22 total residential sales, a 57% increase year-over-year. However, new listings declined by 60%, reducing available inventory. This led to a months of supply increase to 1.73, indicating a more balanced market than previous months.

The benchmark price for total residential properties stood at $561,600, reflecting a 1.0% annual increase.

Market Trends

• Detached Homes: The benchmark price for detached homes was $913,000, with seven sales recorded, a 17% year-over-year increase. Inventory remained stable at eight listings, while months of supply remained tight.

• Semi-Detached Homes: One semi-detached home sold in November, with no active inventory reported.

• Row/Townhouses: The benchmark price for row homes reached $515,500, reflecting a 6.5% annual increase. Five sales were recorded, a 150% increase from the previous year, highlighting strong demand for this property type.

• Apartments: Apartment sales grew by 50% year-over-year, with nine transactions recorded. The benchmark price for apartments reached $282,400, a 1.0% increase.

Community Features & Transportation

Varsity remains one of the most sought-after communities in Calgary due to its proximity to key amenities:

• Schools: Varsity is home to top-ranked schools, including Marion Carson School, F.E. Osborne School, and Sir Winston Churchill High School, making it a preferred choice for families.

• LRT Access & Transportation: The community is well-served by Brentwood LRT Station, providing convenient access to downtown Calgary and the University of Calgary. Public transit is widely available, and major roads such as Crowchild Trail and Shaganappi Trail offer easy commuting options.

• Shopping & Recreation: Varsity is close to Market Mall, Northland Shopping Centre, and the University District, offering diverse shopping, dining, and entertainment options. Outdoor enthusiasts enjoy Bowmont Park and the Silver Springs Golf Course.

• Health & Wellness: The Alberta Children's Hospital and Foothills Medical Centre are nearby, making Varsity a prime location for healthcare professionals and families.