The cost to buy a detached home in Calgary has skyrocketed past all other cities in Alberta this year, according to a new real estate report.
The report, which was released by the Canadian real estate website Zoocasa, found the average price for a detached home in Calgary was $749,000. That means interested home buyers would need a $49,900 average down payment, which comes out to a monthly mortgage average of $4,142.
That number is up 13.1% since April of last year and shows a dramatic increase when compared to other cities around the province.
Zoocasa
Edmonton has the second-highest detached home prices in Alberta but it’s still a whopping $222,422 less than the average price in Calgary. Aspiring homeowners can slice their mortgage payments down by 40% for an average of $2,956 a month.
Statistics for the report were collected using data from the Alberta Real Estate Association. It considers the current prices of single-family detached homes, yearly price changes, minimum down payments, and average mortgage payments in major cities around Alberta. The average mortgages were calculated with a five-year fixed rate of 4.79% and amortized over 25 years.
The report says Alberta has become a hot spot for interprovincial migration population growth, outpacing every other Canadian province.
Zoocasa
“Alberta has also become a popular destination for interprovincial migration in Canada, attracting 9,913 new residents in the past quarter with a majority coming from British Columbia and Ontario.”
The price disparity is hard to ignore when comparing Calgary to seven other cities in Alberta, with 87% of the mortgage payments for single detached homes averaging below $3,000 per month. Calgary stood out among the rest, with the average mortgage payment for a single detached home peaking at $4,142.