Calgary house prices 'steady' despite being fastest growing city in Canada

The population in Calgary has more than doubled in size since 1994, but unlike other major Canadian cities, its house prices have remained relatively steady.

A new report from Re/Max Canada examined housing and population trends across nine major Canadian cities over the past 30 years and found that population growth and changes in the market have played a big role in shaping housing prices, including both big jumps and slowdowns.

On the population side of things, Calgary saw the largest increase of the nine cities, with its population soaring by a massive 120.8 per cent from 805,810 in 1994 to 1,778,881 in 2024. Edmonton saw the second-largest growth on the list, at 86.8 per cent.

While Calgary saw the most dramatic population growth, the housing market has grown steadily but at a more moderate pace than some of Canada’s hottest markets.

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Calgary’s housing market saw some moderate changes. Average housing prices rose by 334 per cent, from around $136,000 in 1994 to $607,000 in 2024. According to the report, several factors contributed to the city’s population boom and housing price growth.

“While in-migration, immigration and employment opportunities have accelerated overall population growth in the city between 1994 and 2024, a 16-per-cent upswing in new residents during the pandemic propelled home sales and values to new heights.” 

Re/Max Canada

“Entry-level and move-up buyers remain active in the $400,000 to $600,000 price range, stimulating sales of lower-end townhomes, two-storey starter homes and duplexes.”

In comparison, other major cities saw much milder population growth, but more dramatic increases in housing prices.

“Housing market conditions in the city [Calgary] have since moderated, in large part due to a slowdown in out-of-province buyers, higher average prices, stagnant interest rates and a lack of substantial government incentives for first-time homebuyers,” the report added. 

For example, Toronto’s population grew by 68.1 per cent, from 4,226,582 to 7,106,379, over the same period, while its average home price surged by 436.2 per cent, climbing from $208,921 in 1994 to $1,120,250 in 2024.