Condo prices in Calgary might double over the next 10 years

You may want to start pinching your pennies a little harder if you’re saving up to buy a condo in Calgary, with a new report forecasting prices to skyrocket over the next decade.

The experts at Zoocasa crunched the numbers and looked at which cities across the country are hurtling towards condo prices landing at $1,000,000 a pop, and the trajectory for the condo real estate market in Calgary is grim.

Thanks to a population surge and consistent property market growth, Calgary is in a league of its own from other Canadian cities.

Zoocasa said that over the past three years, Calgary’s property prices have consistently grown, going from $246,783 in 2021 to $342,110 in 2024 — an increase of nearly 39%.

From 2019 to 2024, prices grew from $244,592 to $342,110, a significant rise of approximately 40% in just five years.

Post-2024 projections indicate an average annual growth rate of 7.11%, and by 2030, Calgary’s property prices are expected to surpass $500,000; by 2035, they are projected to double their 2024 value, reaching $728,275. Keeping up with that pace, the $1 million mark is forecast to be hit by 2040.

Zoocasa

The future property prices outlook was compiled by Zoocasa based on the average year-over-year growth rate from the past five years using data from the Canadian Real Estate Association and calculated as a consistent percentage. This growth rate is applied annually to the most recent price, with each year’s result as the basis for the following calculation.