Buy now: Calgary real estate prices set to climb this fall
A new report from RE/MAX has found Calgary real estate prices are expected to climb this fall, despite prices softening around the country.
The report found a positive outlook for residential property prices in Canada, with the exception of some larger markets that are expected to see an increase in real estate prices. Calgary is on the list of outliers with an expected 4.5% increase, followed by the Greater Toronto Area at 2.5%. Sudbury was the highest on the list at 5%.
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“If the fall market is an early indicator for 2024 activity, we may see a very active first quarter as buyers and sellers take advantage of easing prices into the earlier part of next year,” says Christopher Alexander, RE/MAX Canada president.
“While we wait for governments to implement a tangible national housing strategy to boost Canada’s supply of both affordable and diverse housing, the market is starting to ease in some regions. This is bringing some much-needed relief from the sky-high prices we’ve experienced over the past couple of years.”
RE/MAX
The average price for a Calgary home in 2022 was $525,704 and has now ballooned to $539,718. In comparison, Edmonton saw a year-over-year decrease of -2%, with the average house price dipping from $418,309 in 2022 to $409,986 in 2023.
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The tough housing market has made a tangible impact on the purchasing plans of younger generations, as 55% of Gen Z and 49% of millennials say they are changing their housing plans due to the lack of affordable housing.
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