Calgary housing prices are up 11% from last year while supply levels drop

Calgary housing prices are staying at a very high rate compared to last year even as buyers turn to more affordable options.

According to the monthly report from the Calgary Real Estate Board (CREB), the benchmark price has actually dipped three months in a row, but the average Calgary housing prices are still up 11% year over year at $531,800.

Calgary Real Estate Board (CREB)

The biggest reason for the increase continues to be the detached market with houses in that market costing $633,000 an increase of 13.3%.

With high prices we are seeing sales numbers dip, but only slightly. The total sales are down 0.5% from this time last year.

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CREB Chief Economist Ann-Marie Lurie says home buyers are making the best of the situation, making the city a bit unique.

“We are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said Lurie. “This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”

According to the report, sales in row housing (townhouses, etc.) are up 50% from this time last year, while apartment/condo sales have seen an increase of 65% year over year.

The average price of an apartment right now is $277,000 while row the housing average is at $361,000. Both of those are up from this time last year, but significantly lower than the other markets in the city at this time.