Calgary saw the highest home price growth in the province last year

Calgary has once again set a housing record, with the cost of buying a home in the city increasing by 15% last year.

CalgaryHomes.ca reports that Calgary home prices increased by $76,506 in February 2023. The median home price in Calgary was $506,655 that year, rising to $583,160 in February 2024.

This sharp increase has catapulted Calgary to the top of the list of home price growth across the province.

This is significantly higher than other cities in Canada. Home price growth in Calgary is 17 times the national average, which is well below $4,400.

Other cities that made the list include Medicine Hat at #2 and Edmonton at #3.

“There are a number of factors contributing to the significant increase in home prices in Alberta. One reason for this is the problem of supply and demand imbalance: especially in urban areas like Calgary, there is a limited supply of housing, and factors such as population growth, immigration and investment create high demand. This has led to increased competition for affordable properties, which has driven up prices, says a spokesperson for CalgaryHomes.ca.

“Another reason is the low interest rate. Low interest rates set by the Bank of Canada made borrowing more affordable, increased demand for mortgages and encouraged buyers to enter the market, thus driving up prices.

The list was compiled by real estate consultants using data from the Alberta Real Estate Association (AREA) and the Canadian Real Estate Association (CREA).

If you're one of the many looking to buy into the Calgary real estate market, you can check out our list of mover tips here.