Calgary house prices dip for the first time since 2020

For the first time in a couple of years, Calgary housing prices have gone down. According to Royal LePage the average house price went down for the first time since 2020.

According to the Royal LePage House Price survey, the aggregate price dropped 1.1% from the second quarter to the third quarter this year. That is the first time since the fourth quarter of 2022 that the price went down quarter-to-quarter.

The aggregate Calgary house price now sits at $609,500.

The downside for Calgarians is, that price is still up year-over-year by 6.5%. Single-family detached homes are at $699,100 which is up 8.6% from this time last year. Condo prices are up 3.8% from last year, now sitting at $234,400.

Corinne Lyall, broker and owner at Royal LePage Benchmark, says things are starting to calm down in the city.

“Calgary is trending towards a more balanced market, with less competition and fewer multiple-offer scenarios,” said Lyall. “Buyers are not feeling as much pressure to make a quick purchase, compared to earlier in the year, and are able to be more selective and place conditions in their offers again.”

Lyall added that people coming to the province is driving up the demand.

“Demand in the region is largely driven by out-of-province buyers, due to Calgary’s relative
affordability and quality of life. People from all across the country are choosing to move to the region, which boasts a booming job market, a strong economy, valuable resources for businesses and entrepreneurs, and is considered an ideal place to raise a family,” said Lyall. “Move-up buyers are freeing up some much-needed inventory at the lower end of the market.”

Royal LePage is forecasting that the aggregate price of a home in Calgary will increase by 4% in the fourth quarter of 2022, compared to the same quarter last year. That is down from where they initially projected.

National Housing Trends/Royal LePage

Nationally, the aggregate price of a home in Canada went up 3.3% year-over-year to
$774,900 in the third quarter of 2022. On a quarterly basis, the aggregate price of a home in
Canada went down 4.9%. That is the second consecutive quarterly decline recorded.