What Is The Average House Price In Calgary: Real Estate Trends
Calgary is a metropolitan city in Alberta, with a myriad of skyscrapers. Known as the “cowboy city” because of its strong Western cultural heritage, Calgary serves as the administrative and financial hub for the country’s oil sector, as well as the capital of Canadian cattle breeding.
Thus, Calgary is the epitome of Canadian capitalism, a city full of dynamic and enterprising individuals who can work and make money while still enjoying an active social life and access to mountain sports. Many people are relocating here, and if you want to live here permanently, you should know how much a house in Calgary costs. We’ve analyzed this issue and are ready to share our answer to question of how much does an average house cost.
Why Purchase Real Estate In Calgary?
Calgary is one of the most attractive cities in Canada for purchasing real estate for a number of reasons. Here are a few key factors that make it attractive to potential buyers:
- Economic opportunities
Calgary is recognized for its robust economy centered on the oil and gas industries. In addition, the city is actively growing in other areas like technology, finance, and healthcare. The availability of a wide range of occupations and excellent earnings make it appealing to those looking for solid economic opportunities.
- Quality of life
Calgary regularly appears on lists of cities with a high quality of life. The city offers excellent educational institutions, high-quality medical services and a variety of recreational and entertainment opportunities. Clean air, many parks and green areas make it a great place for families.
- Natural beauty and active lifestyle
Calgary is located at the foot of the Rocky Mountains, making it an ideal destination for outdoor enthusiasts. The town is just an hour’s drive from famous ski resorts such as Banff and Lake Louise. In summer you can enjoy hiking, cycling trails and other outdoor activities.
- Developed infrastructure
Calgary has a developed transport infrastructure, including a modern public transport system, an international airport and convenient road junctions. This provides easy access to both other parts of the city and other regions of Canada and the world.
- Security
Calgary is considered one of the safest cities in Canada. The low crime rate and favorable social atmosphere make it an ideal place to live and raise children.
These factors make Calgary an attractive real estate destination, providing a high quality of life and stable economic prospects for its residents.
- Diversity of real estate
Calgary offers a wide range of properties to suit every taste and budget, from modern condominiums in the city center to spacious family homes in the suburbs. This allows buyers to choose exactly the option that suits their needs and financial capabilities.
- Investment potential
The real estate market here offers good investment potential due to steady Calgary home prices growth and stable demand. The city attracts both local and foreign investors seeking to profit from rental or resale properties.
Average House Price In Calgary
The average home price in Calgary, one of Canada’s largest cities, is an important indicator of the region’s economic situation and housing affordability.
As of May 2024, the average home price in Calgary is approximately $587,300. This figure includes all types of residential properties, including detached homes, townhomes and condominiums. However, prices can vary significantly depending on the area and type of property. For example, detached homes in prime areas such as Calgary South or Calgary Northwest can cost significantly more, often exceeding $700,000. At the same time, condos and townhomes in more central or less prestigious areas can be significantly cheaper, sometimes $300,000 as the median house price Calgary. You may find even cheaper options at https://www.calgaryhousefinder.ca/ – the start price for condos here is $150,000!
The real estate market in Calgary is also influenced by various economic factors, including oil prices, which play an important role in Alberta’s economy. Fluctuations in the global oil market can have a significant impact on employment and income in the region, which in turn affects supply and demand in the real estate market.
Calgary House Price History Chart
The Calgary real estate market has seen moderate price growth in recent years due to economic recovery from the oil and gas crisis and population growth. Demand for housing in the city is also driven by both domestic and international migration, making Calgary an attractive place to live and invest.
However, comparing real estate prices over a 5-7 year period, it is clear that the price has changed significantly.
There are several variables that might account for the huge increase in Calgary property prices. One cause is a supply-demand imbalance: housing availability is restricted, particularly in desirable metropolitan locations, while factors such as population growth, immigration, and investment drive high demand. This has resulted in more competition for available houses, forcing prices to climb.
Ann-Marie Lurie, CREB’s chief economist, predicts that Calgary’s market will have high price rise this spring (2024), but she feels the housing market is still evolving toward more balanced circumstances.
Calgary House Price Trend For 2024-2025
Calgary’s real estate market is predicted to rise somewhat in 2024, as the city remains one of Canada’s most desirable locations to reside. The average cost of a house in Calgary for a family is predicted to rise by 12.5%, from $640,000 to $720,000.
With Calgary average house prices projected to rise in the next few years, homebuyers and sellers may expect the Calgary housing market estimate for 2025 to mirror this year’s growth projections. The average price of house in Calgary is predicted to rise to $810,000 by 2025.
If the forecasts hold true for the foreseeable future, Calgary’s housing market in 2030 will most certainly see the average single-family house sell for more than $1.1 million.
Wrap Up!
Calgary’s population is expanding at its fastest rate in history, and many people have relocated here. If you’re considering relocating to Calgary, you might have some urgent questions. We hope our post helps to resolve the issue of the expense of housing in this location at least. If you need help finding a babysitters in Calgary, contact us. SOSgarde offers a wide range of professional caregiving services.