12/21/2023
🏡 Calgary house prices projected to climb 8% next year; median cost of detached home could top $800,000
Condominiums are expected to see the largest price jump as more people get priced out of single-family detached housing, said a Calgary real estate agent. Housing prices in Calgary are projected to climb the fastest among all major Canadian cities in 2024, with a hotter market projected if interest rates drop by mid-year, a new report says. Overall, the aggregate price of a home in Calgary is forecast to jump eight per cent year-over-year by the end of 2024, according to Royal LePage’s 2024 market report.
The projections come as the latest Calgary Real Estate Board (CREB) data show the city’s benchmark price has risen 10.7 per cent since November 2022, with months of supply and inventory falling. That would bring the aggregate home price in Calgary to $711,612. As of November, the benchmark price was $572,700, according to CREB. Calgary ‘bucking’ national trends
The projected increase falls in line with those seen over the past two to three years, Corinne Lyall, broker and owner of Royal LePage Benchmark, said in an interview.
“A more balanced, kind of healthy market, would be between three and five per cent a year — and so it’s double that,” she said. “But saying that, we’re certainly nowhere near some of the markets like Vancouver and Toronto that experience 20 per cent year over year.”
Calgary’s real estate market has “bucked the trend,” the report notes, as it continues on its upward price trajectory.
Condominiums are expected to see the largest price jump, projected to increase 9.5 per cent by the end of the year to $286,562. Meanwhile the median price of a single-family detached house is expected to rise six per cent to $803,692.
The rising price of condominiums is largely a downstream effect of more people being priced out of single-family detached houses, Lyall said. https://calgaryherald.com/business/real-estate/calgary-housing-prices-projected-to-climb-8-per-cent #2024
The projections are based on Calgary's supply shortage, says a new Royal LePage report.
