Home prices jumped by 15% in Calgary this year, report says

April 11, 2024 Canuck

It became a lot more expensive to buy a home in Calgary this year, new data suggests.

According to a report from calgaryhomes.ca, which analyzed statistics from the Alberta Real Estate Association and Canadian Real Estate Association, Calgary witnessed the largest increase in home prices between 2023 and 2024.

“The average house price in February 2023 was $506,655, which rose to $583,160 in February 2024; this is a percentage increase of 15.1 per cent,” officials said in a news release.

The second priciest community in Alberta, according to the report, is Medicine Hat.

Calgaryhomes.ca said the average house price of a home in that southern Alberta community in February 2023 was $298,802.

It’s now increased by more than 14 per cent, sitting at $341,232.

“There are a number of factors that could account for the significant increase in house prices in Alberta,” a spokesperson said in a statement.

“One reason is the issue of the supply and demand imbalance: there’s a limited supply of housing, especially in desirable urban areas like Calgary, and the high demand is driven by factors like population growth, immigration, and investment.

“This has led to increased competition for available properties, driving prices up.”

The company says interest rates have also made acquiring a mortgage more palatable, encouraging buyers to enter the market.

The third top market in Alberta was Edmonton, which saw an increase of $38,049. Data suggests the average price of a home in the provincial capital is $407,458.

Other Alberta cities also experienced similar jumps in house prices, including Red Deer (up nine per cent), Lethbridge (up 7.1 per cent), Grande Prairie (up 4.1 per cent) and Fort McMurray (up 2.5 per cent).

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