Calgary losing affordable housing reputation as home price increases skyrocket

Calgary has become a go-to destination for movers looking for more affordable housing, but that impression could also be contributing to the city’s exploding property costs.

According to a recent report from real estate platform Zoocasa, home prices in the city have increased higher than most major Canadian cities since 2022.

The average home price in Calgary in 2022 was $508,800 — $78,500 lower than the current average home price in the city, which was at $587,300 as of April of this year. That’s a 15.43% increase in two years, demonstrating the second-highest property increase on the list, behind only Saint John in New Brunswick.

Saint John saw property increases almost double the percentage increase of Calgary’s at 27.5%.

Zoocasa

Zoocasa

The price increases in Alberta differ from what the rest of the country is seeing, which is lower or stagnant prices since 2022.

“High mortgage rates have put downward pressure on home prices. In many major Canadian markets, home prices are either lower today or similar to what they were in 2022; before the rate increases began. This has led to opportunities for savvy buyers, that have had the luxury of time to negotiate on their side, as the market activity slowed,” said Carrie Lysenko, CEO of Zoocasa.

Edmonton’s housing market has also been exploding, with one report finding it a top destination for Vancouverites seeking more affordable housing. According to this Zoocasa housing report, Edmonton has a long way to go before catching up with Calgary prices but it is still one of the few cities in the country experiencing price increases since 2022.

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