Calgary home prices are a whopping $50K higher than this time last year

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It’s definitely not all in your head. Calgary home prices are skyrocketing, and that’s not the only thing making the city a tough market to buy into.

According to a new report from the real estate site Zoocasa, Calgary home prices have climbed significantly in the past year and are outpacing other major cities. Similar reports have found that the annual income needed to afford a home in the city is also rapidly increasing in order to keep up.

The average benchmark price for a home in Calgary is $587,300, which is over $50,000 more than what it was in April of 2023. Those numbers are even more shocking, though, when broken down by property types.

Zoocasa

If you’re in the market for a single-family home, you’ll need deep pockets.

The benchmark price for a single-family home in Calgary is $679,500, which is a 12% increase year over year.

While condos are significantly cheaper, you might want to buy fast because demand is rising even higher than for single-family homes. The average cost for a condo in the city is $350,700, which is a 15% increase year over year.

The report also says Calgary is “deep in a seller’s market,” with the Calgary Real Estate Board finding sales-to-new listings ratios in April 2024 were 83%. That’s not enough supply to meet buyers’ demand.

Zoocasa

Zoocasa

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Calgarians might be able to take some comfort in the fact that while our home prices are high, we’re not the only city in Canada to see steep increases.

After a decline in prices in the second half of 2023, prices nationwide began to climb again in January and are now 4% higher than they were at the start of the year. The site says the benchmark price in Canada now sits at $735,900 — a number far out of reach for many Canadians.