New data has unveiled a significant surge in home prices in Calgary this year. A report from calgaryhomes.ca, drawing on statistics from both the Alberta Real Estate Association and the Canadian Real Estate Association, highlights Calgary as experiencing the most substantial spike in home prices from 2023 to 2024.
Officials emphasized the stark increase, noting that the average house price soared from $506,655 in February 2023 to $583,160 in February 2024, representing a notable percentage uptick of 15.1%.
The latest findings from calgaryhomes.ca unveil Medicine Hat as Alberta’s second priciest locale for homeowners. In February 2023, the average house price in this southern Alberta city stood at $298,802. Fast forward to the present, and that figure has surged by over 14%, now resting comfortably at $341,232.
A spokesperson shed light on the driving forces behind this significant uptick, citing the supply-demand imbalance as a primary factor. Particularly in coveted urban hubs like Calgary, the limited availability of housing coupled with heightened demand, driven by factors such as population expansion, immigration, and investment, has spurred intense competition for available properties, inevitably propelling prices skyward.
Furthermore, the accessibility of mortgages has played a pivotal role in enticing buyers into the market. Favorable interest rates have made the prospect of homeownership more appealing, further fueling the surge in demand.
The report also delves into other major Alberta markets, highlighting Edmonton as the third top contender. With an increase of $38,049, the average home price in the provincial capital now stands at $407,458.
Similar trends were observed across various cities in Alberta, with notable jumps in house prices recorded in Red Deer (up nine percent), Lethbridge (up 7.1 percent), Grande Prairie (up 4.1 percent), and Fort McMurray (up 2.5 percent).
