Calgary has set a housing record once again, with the cost to buy a house in the city rising by 15% over the past year.
A report from CalgaryHomes.ca shows house prices in Calgary have soared $76,506 over what they used to be in February of 2023. The average house price in Calgary was $506,655 that year and rose to $583,160 in February 2024.
That sharp escalation has pushed Calgary to the top of the list of house price increases across the province.
It is also markedly higher than other cities around Canada. Calgary’s home price increase is 17 times the national average, which sits far below at $4,400.
Other cities that made the list include Medicine Hat at #2 and Edmonton, following closely behind at #3.
“There are a number of factors that could account for the significant increase in house prices in Alberta. One reason is the issue of the supply and demand imbalance: there’s a limited supply of housing, especially in desirable urban areas like Calgary, and factors like population growth, immigration, and investment drive the high demand. This has led to increased competition for available properties, driving prices up, says a spokesperson for CalgaryHomes.ca.
“Another reason is the low interest rates. The low interest rates set by the Bank of Canada have made borrowing more affordable, fueling demand for mortgages and encouraging buyers to enter the market, thereby driving up prices.”
The list was created by real estate advisors using data from the Alberta Real Estate Association (AREA) and the Canadian Real Estate Association (CREA).
If you’re one of the many people looking to buy into Calgary’s hot real estate market, you can check our list of tips for movers here.