Robust home construction has slowed and even reversed pricing trends for Calgary real estate that’s showing signs of a cooling, more stable market, states a national survey. Read More
’Calgary is starting to show signs of more balanced market conditions, with inventory increasing across all housing types, giving buyers more choice’
‘Calgary is starting to show signs of more balanced market conditions, with inventory increasing across all housing types, giving buyers more choice’
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Robust home construction has slowed and even reversed pricing trends for Calgary real estate that’s showing signs of a cooling, more stable market, states a national survey.
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In the second quarter of this year, the aggregate price for a home in Calgary — a measurement of all housing types — increased by 0.4 per cent over the same time in 2024, to $696,500 while the median cost of a single detached home rose by 1.2 per cent to $806,500, according to the Royal LePage Home Price Update and Forecast.
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Meanwhile, the price tag on condos fell by 1.6 per cent year-over-year to $296,300 — a figure that reflects the results of concerted construction activity, said Corinee Lyall, broker and owner of Royal LePage Benchmark.
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“Detached homes are maintaining their value, whereas prices for condos and townhomes have started to soften, especially as we see an increase in the completion of new developments and purpose-built rental projects, adding to the available inventory,” she said in a statement.
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“Calgary is starting to show signs of more balanced market conditions, with inventory increasing across all housing types, giving buyers more choice.”
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Though sales activity has dipped slightly, the market remains a healthy one with multiple offer activity still occurring at more affordable price points and in desirable neighbourhoods, said Lyall.
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“It depends on location — anything that seems like a good price in a reasonable location still sells well,” Lyall said in an interview.
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The strength of the housing market fell behind much of the rest of the country during the pandemic, she said, but in more recent years roared back.
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“When we got caught up, we ran into a tight market but it’s becoming a bit more balanced now,” said Lyall.
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‘Optimism’ in Calgary
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It’s a trend that’s forecast to continue into the fall, though the survey does predict a three per cent rise in aggregate housing prices year-over-year.
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Lyall said it’s a reflection of an economy that remains buoyant and attractive to newcomers to a city that’s grown to a population of about 1.6 million.
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She pointed to the announcement earlier this month of plans for 62 and 69-storey hotel and residential towers near the Stampede grounds, which would be the tallest buildings in western Canada.