There's only one area in Calgary where you can buy a place for under $500,000

The housing market in Calgary is continuing its red-hot pace in 2024, and a new report revealed that there is just one section of the city where you can buy a place under $500,000 on average.

According to a report by the Calgary Real Estate Board (CREB), the market is wildly hot, with March seeing the sales-to-new listings ratio rise to 84%, numbers Calgary hasn’t seen in almost two decades.

Experts say that many discrepancies between the supply and demand ratio are being attributed to out-of-province buyers.

Taking a closer look at each of Calgary’s districts and the benchmark prices in each spot, just one area falls under $500,000, with each sitting at $436,200; however, that price is up nearly 25% year over year.

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The highest benchmark prices are in the west at $719,300, followed by the northwest at $649,800 and city centre at $612,300.

CREB

The report also added that detached homes in the east had a benchmark price of $515,400, well below Calgary’s collective average of $739,700, while semi-detached homes had a benchmark price of $387,800, compared to YYC’s collective average of $658,000.

The CREB added that the unadjusted total residential benchmark price rose to $597,600 in March, a 2% gain over last month and nearly 11% higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.

Who knows, maybe with all the people moving to Alberta from British Columbia and Ontario, the east section of Calgary could become the next spot to surpass the $500,000 benchmark price soon.