Calgary home prices stayed high while other big cities in Canada saw a dip

The price to buy a house dropped in several major cities across Canada but not in Calgary, where home prices remain near all-time peak levels.

According to a new report from the Canadian Real Estate Association Calgary is one of the only cities in Canada where home prices are still close to their peaks.

Calgary joins Regina, Saskatoon, and St. John’s as the only cities in this category.

The surprising part is places like Ontario and BC, which are traditionally extremely expensive, have seen dips that have brought the national average down 15%.

Calgary saw the average home price go up in January to $520,900 — a slight increase from the $516,625 we closed in 2022 with.

Canadian Real Estate Association

Overall, home sales in Canada dipped back down 3% between December 2022 and January 2023, giving back all of December’s small gains and restarting the mild downward trend observed since last summer.

Calgary was part of that drop along with Vancouver, Edmonton, and Montreal. There were gains in Hamilton and Quebec City.

You might also like:

The number of transactions in January 2023 came in 37.1% below 2022 which was the second-best January ever. The January 2023 sales figure was the lowest for January month since 2009.