Just one Calgary area has a benchmark price for detached homes under $600K
House hunting can be exhausting, and a new report has revealed that it can also exhaust your bank account, with just one area in Calgary with a benchmark price for detached homes under $600,000.
The Calgary Real Estate Board (CREB) outlined in its 2025 outlook report that looking at the detached housing market in Calgary last year, a limited supply of lower-priced detached homes constrained sales activity in 2024, with declines in the lower price ranges outweighing growth in the upper end of the market.
The CREB says detached sales fell by more than 2% but still matched up with long-term trends, with tight market conditions driving an 11% annual increase in benchmark prices.
Calgary saw more than 12,400 detached home sales in 2024, a slight drop year-over-year; however, the average annual benchmark price saw a spike, landing at $748,683.
CREB
When it came to a price breakdown for areas in Calgary, the east was the most affordable at a benchmark average for 2024, sitting at $525,550, while the most expensive was the west, landing at $957,292. A full breakdown is as follows;
- West – $957,292
- City Centre – $941,850
- North West – $782,642
- South –$719,267
- South East – $716,583
- North – $682,775
- North East – $603,683
- East – $525,550
The CREB added 2025 should see the supply of listings priced above $600,000 to improve as inventory options increase, thanks to easing lending rates and pent-up demand that should offset the impact of slowing population growth, keeping sales slightly higher than last year and aligned with historical trends.
“The marketās shift toward more balanced conditions is anticipated to moderate price growth to 3% Ā in 2025. Price trends will vary by location and price range, with lower-priced homes within their respective communities experiencing stronger growth than higher-priced properties,” the CREB noted.
Check out the full CREB 2025 outlook report.