A new report might make you put a little more money aside for a down payment on a house in Calgary, as it shows that only one area in the city has a benchmark price for a detached home below the $550,000 threshold.
The Calgary Real Estate Board (CREB®) outlined in its Q2 2024 housing market report that 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.
Just one area in the city has a benchmark price for a detached home under $550,000, with East Calgary coming in at $529,567.
CREB
The report added that new listings picked up in the second quarter thanks to gains for homes priced above $600,000.
Sales also rose for these higher-priced homes, but not enough to offset declines for lower-priced homes with limited supply.
Although the market has shifted away from the tighter conditions seen in the first quarter of 2024, it continues to favour the seller, driving quarterly and year-over-year price gains.
“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.