Calgary home prices expected to skyrocket by 8% this year

Calgary’s house prices continue to climb and are showing no signs of slowing down.

After the city recorded the highest house price increases across the province this year, a new report from Royal LePage forecasts that the aggregate price of a home in Calgary will increase by 8% by the end of the year.

It’s a slight improvement from the start of 2024, when Calgary saw a 9.7% increase in the aggregate price of a home, the highest year-over-year growth among all major regions. 

Based on the prediction from Royal LePage, Calgary is still at the top of the list of cities that face exponential price increases but is not expected to top the list.

Royal LePage

The median price of a detached home increased by 9.8% to $774,000 year-over-year at the start of this year, while the median price of a condominium increased by 8.8% to $264,800.

“Sales activity in Calgary’s real estate market is still fervent, though we would have even more transactions if there were more properties to buy,” said Corinne Lyall, broker and owner of Royal LePage Benchmark.

“We continue to see strong migration to the city, both internationally and interprovincially. Though there have been more housing starts this year, there are not enough homes being built to keep pace with the growing rate of demand.”

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The Greater Montreal area as well as the Greater Toronto Area are still expected to show higher price growth rates than Calgary at 8.5% and 10%, respectively. 

If you’re one of the many interprovincial buyers looking to enter the housing market, you can check out our list of things to know before moving to Calgary here.