The market's relative affordability is proving especially attractive to out-of-province buyers, report suggests
Calgary’s condo and detached home segments have seen continuous price growth over the past year due to sustained demand spurred by record-high levels of inter-provincial migration, according to a new analysis by Zoocasa.
“In a high-interest rate environment, where average monthly mortgage payments in Toronto and Vancouver are above $4,000, Calgary’s affordable home prices are attractive to out-of-province buyers and are keeping housing demand strong,” Zoocasa said.
Data from the Calgary Real Estate Board showed that in just a span of a year, condo prices spiked from $172,000 in October 2022 to $227,000 in October 2023.
This represented a staggering 33.14% annual increase, which Zoocasa noted was the highest among both detached and condo prices across Calgary.
In particular, the market’s eastern region continues to be the most affordable area, with both condo and detached home prices nearly $100,000 lower than the city average.
Across all regions of Calgary, condo and detached home prices posted a 9.5% annual gain.
“This shows how Calgary’s housing market is continuing to grow with no real signs of slowing down yet,” Zoocasa said.
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Even the areas with the lowest gains like the west of Calgary (up by 9.56% annually) still posted substantial appreciation. In this particular region, the price difference between condos and detached homes stood at around $553,700.
“Condo prices in all of Calgary from October 2022 to October 2023 appreciated an average of 16.1% while detached homes averaged a 12.08% increase in the same time frame,” Zoocasa said.
“One explanation for condos appreciating at a faster rate is because of supply challenges. In October 2023, the sales-to-new-listings ratio for condos was a remarkable 88%, meaning demand far outweighs supply in the city.”
