Home prices in Calgary will increase by 15% in 2024

Buying a home in Calgary has become more expensive this year, according to new data.

Calgary will witness the largest increase in home prices between 2023 and 2024, according to a calgaryhomes.ca report that analyzed statistics from the Alberta Real Estate Association and the Canadian Real Estate Association.

“The median home price in February 2023 was $506,655, rising to $583,160 in February 2024; this is a 15.1 percent increase,” officials said in a press release.

Medicine Hat is the second most expensive community in Alberta, according to the report.

Calgaryhomes.ca February 2023 median home price in southern Alberta was $298,802.

Now it has increased by more than 14 percent and amounted to 341,232 dollars.

“There are a number of factors that are contributing to the significant increase in home prices in Alberta,” the spokeswoman said.

“One reason is the supply-demand imbalance issue: especially in desirable cities like Calgary, there is a limited supply of housing, and high demand is driven by factors such as population growth, immigration and investment.

“This has led to increased competition for affordable properties, which has led to higher prices.”

The company says interest rates have made buying a mortgage more attractive, encouraging buyers to enter the market.

The third highest market in Alberta was Edmonton, which saw an increase of $38,049. The data shows the median home price in the provincial capital is $407,458.

Other Alberta cities saw similar home price jumps, including Red Deer (up nine per cent), Lethbridge (up 7.1 per cent), Grande Prairie (up 4.1 per cent) and Fort McMurray (up 2.5 per cent).