The housing market in Calgary continues to be in high demand, and it seems that some neighbourhoods are even more sought after than others right now.
According to the digital real estate platform Wahi, a number of neighbourhoods in the city have seen serious overbidding, indicating a lot of interest in those areas.
The site’s inaugural Calgary Market Pulse report found that 49% of Calgary neighbourhoods saw homes sell above the listing price in the first four months of 2024, while 14% sold at the asking price and 37% sold below.
It looks like the northwest is taking the market by storm. Three of the five neighbourhoods that saw the most overbidding are in that quadrant of the city.
Hawkwood, North Haven, Deer Ridge, Scenic Acres, and Deer Run all saw the most demand this year with overbidding reaching as high as $40,000 over the asking price.
It might be surprising for locals to see some of the city’s most luxurious neighbourhoods selling far below the asking price, all in the southwest.
Upper Mount Royal, Elboya, Meadowlark Park, Kelvin Grove and North Glenmore Park all saw the most underbidding so far this year, with Upper Mount Royal receiving median underbids of as low as $73,4000 below the asking price.
Regardless, Calgary still seems to be a hot spot for many looking to buy into the housing market.
“Whether it’s buyers from other provinces attracted by Calgary’s relative affordability or locals benefitting from Alberta’s resilient economy, demand remains strong for Calgary real estate,” says Wahi CEO Benjy Katchen.
The amount of overbidding is significant compared to other cities, with 39% of Greater Toronto Area neighbourhoods receiving overbids and only 2% of Ottawa homes selling above the market price.