Calgary condo prices $200,000 less than national average: report
Amid a housing crisis in Calgary, many are finding it hard to afford a home.
But condos could be the solution.
In a recent analysis report by tech real estate platform Zoocasa, prices for that type of property are affordable compared to the rest of Canada.
Based on numbers from the Canadian Real Estate Association (CREA), the report suggests that condos in Calgary are still relatively attainable compared to other cities across the country.
According to Zoocasa and CREA’s numbers, a condo in Calgary, on average, costs $323,000, about 40% below the national average of $541,500.
Demand, however, is starting to increase, and a Calgary-based real estate agent says that prices may soon start to spike.
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“It went up 16% year over year and 1% month over month in October,” Mark Neustaedter with eXp Realty told Daily Hive Urbanized.
“There’s still a lot of demand in Alberta. There are so many jobs that are being created here, jobs that are already existing, and all the net migration and the interprovincial migration.”
Demand, he said, is also rising due to another reason — investment purchases.
Neustaedter said that a number of his clients buy property in this city because it’s a great way for them to get into the real estate market.
He said prices are cheaper, and the need continues to be high.
Compared to the 40 cities mentioned in the Zoocasa report, Calgary sits closer to the middle at the lower end.
In the Greater Vancouver area, prices for condos are, based on the numbers in the report, more than double Calgary at $770,200, making it Canada’s most expensive market.
On the other end of the spectrum is Alberta’s capital. Edmonton is listed as the most affordable place to buy a condo in Canada, and it’s the only city with an average price of less than $200,000.
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