A new report from Royal LePage paints a bleak picture of the housing situation in Calgary as house prices have dramatically increased over the last year and are expected to continue rising.
In their quarterly report, the real estate company examined recent trends and price data to provide an update and forecast on the state of Canada’s housing.
The aggregate price of a home in Calgary is expected to reach $716,580 for the last quarter of 2024, an 8% increase from aggregate house prices last year, or more than $53,000.
Royal LePage
Q3 in 2024 saw a 6.9% increase from last year, with the aggregate home price reaching $698,700. This was a 0.7% increase from Q2.
Both single-family detached homes and condominiums are expected to see the price hikes. Over the last year, the median price of a single-family detached home increased 6.7% to $799,200, and the median price of a condominium increased 8.2% to $274,100.
According to Corinne Lyall, broker and owner at Royal LePage Benchmark, the increases can be partially attributed to Calgary home sellers capitalizing on the fall market momentum.
“Calgary’s real estate market saw a slight uptick in activity following the most recent interest rate cut by the Bank of Canada, just as the fall market got underway. We’re seeing more inventory come onto the market, especially in the $700,000-and-up segment – many sellers who pulled their properties off the market in August re-listed in September to capitalize on the fall market momentum,” said Lyall.
“While this hasn’t fully converted to sales just yet, agents are certainly staying busy, which suggests more transactions will occur in the months ahead.”