Should you pick up, or send to voicemail?
Alberta is calling. That’s the name of a new ad campaign being heavily pushed in both Vancouver and Toronto at the moment. And we’ve got to be honest, it’s pretty attention-grabbing. In case you haven’t seen any of the ads, here are a few of the taglines.
- A shorter commute to a bigger house.
- Bigger paycheques. Smaller rent cheques.
- Find things you’d never expect. Like an affordable house.
- Live in North America’s most livable city.
You get the idea. They’re clever, they’re memorable, and most importantly for many individuals living in Metro Vancouver - they’re pretty darn accurate. Alberta has garnered a lot of attention from the campaign, which is why we’re here to help guide you through the current market conditions in their most populous city.
Calgary has a ton going on, from economic growth and diversification to a revitalized oil and gas sector and plenty of “in-migration” from other Canadian provinces. If you’re up for an adventure, it might just be a call worth answering. Here’s an overview of the market in Calgary by housing type.
The whole enchilada.
Single-family homes / Detached homes.
Detached
Though prices are up year over year for all types of housing in Calgary, sales numbers tell us a different story. Detached home sales are flat year to date compared to 2021, and year over year for September, sales are actually down 23%. There is less inventory, but demand is lower as well, with the average home staying on the market longer than at the same time last year.
The price of a detached home in Calgary is up 12.9% year over year, coming in at an average price of $628,000. One of the main reasons that sales are down is because of the lack of homes available below the $500,000 mark. If your budget is between $500,000 and $700,000, there is still lots to choose from in terms of inventory.
Single-family homes are always desirable, coming with their own parcel of land, no shared walls (and the privacy that comes with that), and a lot more freedom than row homes or apartments. If this is your dream, but money is tight, try looking outside of the city centre in Calgary. East of the core continues to be the most affordable part of town - your dollar stretches further here.
Halfsies on a burrito.
Semi-detached homes / Duplexes.
Semi Detached
The benefits of a semi-detached home are immense, especially if you’re coming from an apartment and looking for a bit more privacy. Sharing a wall with only one neighbour is a major upgrade, as is having a backyard where you can gather with friends and family. Semi-detached homes are typically less expensive than single-family homes, and you still own a parcel of land. Unfortunately, there’s much less inventory for semi-detached homes in Calgary. In September, 153 semi-detached homes were sold, compared to 971 detached homes. So if you’re in the market for a duplex, be prepared for fewer options.
The price of a semi-detached home in Calgary is up 10.4% year over year, coming in at $562,400. We’ll do the math for you: that’s $65,600 less than a detached home.
Three tacos to share.
Townhomes / Row homes.
Townhomes
If you need to come down on price but want to stay in a particular area, a row home might just be the right fit. These are great family homes, offering excellent floor plans and comfortable living spaces, albeit with smaller yards (unless you get a sought-after end-unit) and more shared walls. Condo fees could be looked at as a drawback or a positive. Fees are fees, but they do come with the perk of not having to do yard work or worrying about some of the maintenance work.
The benchmark price of a row home in Calgary is $362,100, up 15% from last year. Unlike detached and semi-detached homes, sales are also up year over year for row homes, even though inventory is down 34%. Townhomes are in high demand across the city, especially in the North district where the highest year-over-year gains occurred.
Nachos for the table.
Apartments
Appartments
Year to date, the numbers for apartment sales in Calgary are through the roof. “While demand is easing, especially for higher priced detached and semi-detached product, purchasers are still active in the affordable segments of the market, cushioning much of the impact on sales,” said CREB® Chief Economist, Ann-Marie Lurie.
There’s been a stampede of buyers, if you will. Sales are up 60%, even with inventory down 25%. This past month set a new September record for sales, and strong demand continues to shift the market from a buyer’s market to a relatively balanced one. Even with all the gains, prices are still below their 2014 high in the city, but things are looking up. The benchmark price of an apartment is $277,900. When you compare that to the $728,500 benchmark price of an apartment in Metro Vancouver, it’s easy to see why many are answering Calgary’s call. It’s a 403 area code, in case you’re sitting by the phone.
Whether you’re interested in making a small move or a big one, we’re here to help guide you to your next destination. If an Albertan-adventure sounds like it might be a good fit for you and your family, you can start your search for homes in Calgary today.
