Last year, the price of detached houses in Calgary increased by about $90,000

According to a new real estate report, the cost of buying a single-family home in Calgary has surpassed all other cities in Alberta this year.

A report published by Canadian real estate website Zoocasa put the median price of a single-family home in Calgary at $749,000. That means interested homebuyers will need an average monthly down payment of $49,900, which equates to an average monthly mortgage payment of $4,142.

This number is up 13.1% since April last year and represents a sharp increase compared to other cities in the province.

Zoo

Edmonton has the second highest single-family home price in Alberta, but it's still $222,422 below Calgary's median price. Homeowners can reduce their mortgage payments by 40% for an average of $2,956 per month.

Statistics for the report were compiled using data from the Alberta Real Estate Association. It looks at current single-family detached home prices, year-over-year price changes, minimum down payments and average mortgage payments in major cities around Alberta. Average mortgage loans are charged at a five-year fixed rate of 4.79% and amortized over 25 years.

The report says Alberta has overtaken other Canadian provinces to become a hotspot for interprovincial migration populations.

Zoo

“Alberta has also become a popular destination for interprovincial migration in Canada, attracting 9,913 new residents last quarter, most of them from British Columbia and Ontario.”

It's hard to ignore the price disparity when comparing Calgary to seven other cities in Alberta, with 87% of mortgage payments for single-family homes averaging less than $3,000 per month. Calgary stood out among the rest, with an average mortgage payment of $4,142 for a single-family home.