Home prices in Calgary among the fastest growing in Canada

As Calgary continues to solidify its reputation as one of the most sought-after Canadian cities to live in, home prices are skyrocketing to reflect demand.

The real estate company, Zoocasa, released data revealing which home prices are increasing the most across the country, and the Calgary market isn’t looking too great.

The city has seen home prices across property types creep up with an average 8% increase since January for both condos and single-family homes. It is among the top 10 cities in Canada to see the highest benchmark home price growth this year.

Zoocasa

The benchmark price for a condo in January 2024 was $322,200 and has already risen by over $20,000 to $349,200 in June of this year. That’s an 8.4% increase in six months.

The benchmark home prices in Calgary aren’t any better, having been sitting at $638,200 at the start of the year and exploding to $690,900 in June.

While Edmonton home prices are significantly lower, they are rising astronomically faster than Calgary’s with an average increase of 13% for condos and 9% for single-family homes. The average cost for a home in Alberta’s capital city is $462,100.

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Alberta home prices are generally rising faster than the rest of the country with the benchmark single-family home price increasing by just 3.8% since January across Canada.

The cities to see the highest increases this year are Saint John’s in New Brunswick, with the benchmark price for a condo rising by a whopping 13.9%, as well as North Bay in Saskatchewan and Sault Ste. Marie in Ontario, which saw single-family home prices leap by 12.8% and 12.6%, respectively.

Not only are home prices going up in Calgary, but it is also the most expensive city in Alberta for renters and among the top 10 most expensive cities to rent in across the country.