If you thought home prices had surged in Calgary over the past year, four nearby spots have seen an even larger spike in their detached benchmark price.
The Calgary Real Estate Board (CREB) outlined in its December statistics package that when you compare detached benchmark prices in towns and cities around Calgary, the price bump in four spots eclipses what YYC has seen over the past year.
Calgary has seen a 7.2% year-over-year increase in the benchmark price of detached homes, settling at $747,500.
That rise is trumped by four surrounding communities: High River, which has seen a 7.5% year-over-year rise to $552,100; Strathmore, with an 8.6% year-over-year rise to $541,300; and Chestermere, with a 10.1% spike to $790,500.
The spot with the highest year-over-year increase is Okotoks, with a 10.3% swell and a detached home costing $690,100.
Airdrie has seen the smallest year-over-year increase in the benchmark price for a detached home in the surrounding area, going up 5.7% to land at $641,700.
CREB
The CREB says when it comes to overall sales in Calgary in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.
“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, chief economist at CREB.
“That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”
Looking ahead to this year, the CREB says supply will continue to be a dominant theme; however, how they impact prices will ultimately depend on the type of supply being added and how demand holds up in the face of a changing economic climate.
You can check out the full report here.