Home prices in Calgary are expected to increase by 8% this year

Home prices in Calgary continue to rise and show no signs of slowing down.

After the city posted the highest home price growth in the province this year, a new report from Royal LePage predicts overall Calgary home prices will increase by 8% by the end of the year.

That's a slight improvement from the start of 2024, when aggregate home prices in Calgary rose 9.7%, the highest year-over-year increase among all major regions.

According to Royal LePage's forecast, Calgary is still at the top of the list of cities facing exponential price growth, but is not expected to top the list.

Royal LePage

The median price of a single-family home rose 9.8% year-over-year to $774,000 earlier this year, while the median price of a condo rose 8.8% to $264,800.

Corinne Lyall, broker and owner of Royal LePage Benchmark, said: “Sale activity in Calgary's real estate market is still brisk, but with more properties available for purchase, we will see even more transactions.”

“We continue to see strong migration to the city, both internationally and interregionally. Although there is more housing construction this year, there are not enough houses being built to keep up with the growth in demand.”

The Greater Montreal area as well as the Greater Toronto Area are still expected to show higher price growth rates than Calgary at 8.5% and 10% respectively.

If you're one of the many interprovincial buyers looking to enter the housing market, here's a list of things to know before moving to Calgary.