A new report might make you put a little more money aside for a down payment on a house, with just one spot around Calgary offering detached home prices below the $550,000 threshold.
The Calgary Real Estate Board (CREB®) outlined in its Q2 2024 housing market report that benchmark prices have surged in the six outlying cities it profiles, along with a jump in prices for Calgary.
Out of the six locations around Calgary, just one spot has detached home prices below $550,000, and that spot is the Town of Strathmore.
The report detailed that the benchmark price for a detached house in Strathmore was $549,933, a more than 14% increase year over year and a nearly 6% increase quarter over quarter.
The next most affordable spot for a detached home around Calgary was High River, with a benchmark price of $559,900, an 8.7% increase year over year and a nearly 3.5% increase quarter over quarter.
Airdrie came in third place with the benchmark price for a detached house at $650,467, a more than 11% increase year over year and a nearly 5% increase quarter over quarter.
The benchmark price for a detached home in Cochrane was $666,467, Okotoks was a tad under the $700,000 mark at $694,800, and Chestermere landed at $797,800.
The most expensive market profiled by CREB was Canmore, with the benchmark price of a detached home in that mountain community coming in at a whopping $1,603,900.
As for Calgary itself, the benchmark price for a detached house in YYC landed at $760,200, a nearly 13% increase year over year and a 5.3% increase quarter over quarter.
Housing market detached (CREB)
“The unexpected surge in migration over the past two years has contributed to the demand growth and supply challenges experienced in the Calgary market,” said Ann-Marie Lurie, Chief Economist at CREB®. “While we still have to work through the pent-up demand, slowing migration levels and supply gains in the resale and new home markets should start to support more balanced conditions, taking some of the pressure off home prices.”
You can check out the full report here.