How Much is Real Estate in Calgary, AB in 2024?

People like to know what to expect when it comes to the housing market. Now that everyone knows that buying and selling real estate is still possible with COVID-19, investors can make time to deal with other questions. 

Whether you’re stressing over the latest housing news report, market swing, or new banking regulations, our real estate agents keep a close eye on the current Calgary real estate market to answer those burning questions for you.  

From selling a vacation property to downsizing to buying your first home, our years of experience will serve you well. Calgary House Finder the listings that match your desired property type, all while offering exceptional customer service.

Canadian Real Estate Association Housing Market Updates

Aside from 2020, the Canadian Real Estate Association (CREA) found that the housing demand in Canada had increased due to low-interest rates, international immigration, and an expanding middle-aged millennial group. 

Before the pandemic, the market experienced a 14-year low in the number of listings available across Canada, making it a sellers’ market. The pandemic has further increased this trend,  especially since location in proximity to the workplace is less of a concern, as more people plan to work remotely after the pandemic subsides. 

Is Real Estate a Good Investment in Calgary, AB?

Compared to cities in Western Canada, and especially to cities like Toronto, Calgary prices are eminently reasonable. It’s the fourth-largest city in Canada, offering diverse investment options and listings, with plenty of rentals. 

Alberta does not have rent control, so rents can increase in large increments when there’s a supply shortage. Generally, Calgary homes for sale exist along a wide price range, meaning buyers are sure to find something within their budget that also suits their needs. 

It’s essential to keep up to date on the housing market because prices will fluctuate based on many variables, from location to size of the home to amenities.

Home Prices

Whether you’re buying your first home or selling it, one thing you should make sure you’re on top of is the industry’s terminology. For example, the “benchmark price” refers to the predicted sale price of a typical home in a certain area. In contrast, the average price of a property is calculated using the total dollar sales volume and dividing it by the total number of sales. 

As of March 2021, here are some prices to give you an idea of what to expect from your desired living space:

  • The benchmark price increased by 7% and is set at $441,900.
  • The average price of detached single-family homes is $594,807.
  • The average price of semi-detached houses is $488,629.
  • The average price of townhouses is $327,688.
  • The average price of condos is $260,965.

Looking to become a property owner? There are all kinds of investment properties to choose from and, based on your situation and preferences, Calgary House Finder can determine from which venture you’d most profit from. 

Owning a property other than your principal residence can be quite profitable, but it also comes with many fees and maintenance costs. Speaking with the right people will make a world of difference. And guess what? The right people work at Calgary House Finder!

To learn more about suitable investments in Calgary real estate and across Canada, check out this blog post or contact our real estate professionals.

Is it a Good Time to Buy Real Estate in Calgary, AB?

April 2021 has seen a 147% year-over-year (YOY) increase in real estate transactions. However, it’s good to keep in mind that comparing this year to 2020 is not entirely reliable since COVID-19 did strongly affect the market, at least early on. 

This year, buyer confidence has soared, and the Calgary real estate market has improved significantly. Here is a breakdown:

  • Home prices experienced a 13% YOY increase mainly due to larger homes increasing their prices.
  • Detached houses experienced an 11% YOY increase compared to other property types.
  • Townhouse properties had a YOY increase of 8%.
  • Semi-detached houses had a YOY increase of 5%.
  • Condo apartment prices have seen only a 1% YOY increase.

Mortgage Rates: A Change in the Stress Test

Regardless of reliability, the Calgary real estate market is in recovery. The mortgage stress test is set to increase starting June 1st. Uninsured borrowers will face a 50 basis point increase to 5.25% for a five-year mortgage or a 2% increase over the borrowers’ contracted mortgage rate; the higher value will be used.

This increase is expected to cool the now sizzling housing market. While the Office of the Superintendent of Financial Institutions plans on increasing the quantifying threshold for uninsured buyers, they are currently awaiting public feedback about the change, so it’s unclear right now if anything will change regarding insured mortgages.   

If the change is applied to insured mortgages as well, it will hurt the demand, but to what extent is unknown. Buyers may have to curb their expectations when looking for a new home, such as looking at a different property type than a single-family home. Since the pandemic, real estate professionals have seen an increased demand for more floor space.

Want more information about real estate prices? Calgary buyers and home sellers are welcome to get in touch with us.

Learn More about the Calgary Real Estate Market

The Calgary House Finder real estate agents can help you find the ideal property. We have listings in many neighbourhoods, such as:

Now is a good time for buying or selling your home, so contact your go-to real estate professionals today!

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