Calgary Housing Market Report

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Market Report Summary
Updated April 5th, 2021
  • Average sold prices increased by 13% year-over-year to $505K
  • Detached home prices increased by 11% year-over-year to $594K
  • Semi-detached home prices increased by 5% year-over-year to $489K
  • Townhouse prices increased by 8% year-over-year to $328K
  • Condo apartment prices increased by 1% year-over-year to $261K

Calgary Housing Market Overview

Data for March 2021
Avg. Sold Price:$505,452
All Property Types:$505,452
Detached:$594,807
Semi-Detached:$488,629
Townhouse:$327,688
Condo Apartment:$260,965
Transactions (Buy/Sell):2,903
All Property Types:2,903
Detached:1,866
Semi-Detached:269
Townhouse:383
Condo Apartment:385

Calgary's real estate market had a great start to the spring season this March. Average sold prices have increased by 13% year-over-year to $505K with growth primarily in surburban and freehold properties. Home sales have also surged this month with a 147% increase year-over-year in total transactions. With improving economic conditions, housing activity is likely to remain elevated for thte next few months in Calgary.

Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Home prices reached an average of $505K for all property types, an increase of 13% year-over-year. This growth was primarily driven by increases in the prices of larger home. Detached homes saw the most price growth with a 11% climb year-over-year to $594K. Townhouses and semi-detached properties followed with 8% and 5% increases to $327K and $488K respectively. Prices of condo apartments in Calgary remained stagnant, however, with only a 1% increase year-over-year and negative compared to pre-COVID-19 prices.

Home sales have also surged this month with a 147% increase compared to 2020 levels. As with home prices, the greatest growth was experienced by detached, semi-detached, and townhouse properties with 170%, 132%, and 150% increases year-over-year. Condo apartments also saw significant growth in sales activity with a 77% increase year-over-year. Despite the increase in activity, inventory continues to remain limited and decreased on a month-over-month basis.

Rising mortgage rates are expected to lead to elevated housing market activity in the few months as home buyers look to purchase and lock down their mortgages before mortgage rates rise any further. Fixed mortgage rates have already risen by 40+ basis points in the past two months and are expected to continue to increase. Variable mortgage rates are expected to remain stable, however, given the Bank of Canada's plan to maintain their Target Overnight Rate at 0.25% until at least 2023.


Home Prices in Calgary

Single-Family Detached Home Prices in Calgary

Statistics for March 2021
Average Price: $594,80710.9% from Mar. 2020
Units Sold: 1,866170.0% from Mar. 2020

Semi-Detached Home Prices in Calgary

Statistics for March 2021
Average Price: $488,6294.8% from Mar. 2020
Units Sold: 269131.9% from Mar. 2020

Townhouse Prices in Calgary

Statistics for March 2021
Average Price: $327,6887.7% from Mar. 2020
Units Sold: 383150.3% from Mar. 2020

Condo Prices in Calgary

Statistics for March 2021
Average Price: $260,9650.9% from Mar. 2020
Units Sold: 38577.4% from Mar. 2020

Calgary Housing Market Statistics for All Property Types in March 2021

$505,452
Avg. Sold Price
4%
Monthly change
13%
Quarterly change
13%
Annual change
2,903
Transactions (Buy/Sell)
58%
Monthly change
142%
Quarterly change
147%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Housing Markets Across Canada

ONQCMBSKABBCToronto Housing MarketVancouver Housing MarketHamilton Housing MarketMontreal Housing MarketOttawa Housing MarketEdmonton Housing MarketCalgary Housing Market

Market Overview for Detached Homes in March 2021

$594,807
Avg. Sold Price
4%
Monthly change
12%
Quarterly change
11%
Annual change
1,866
Transactions (Buy/Sell)
66%
Monthly change
160%
Quarterly change
170%
Annual change

Average Sold Price

Transactions


Market Overview for Semi-Detached Homes in March 2021

$488,629
Avg. Sold Price
-6%
Monthly change
8%
Quarterly change
5%
Annual change
269
Transactions (Buy/Sell)
49%
Monthly change
110%
Quarterly change
132%
Annual change

Average Sold Price

Transactions


Market Overview for Townhouses in March 2021

$327,688
Avg. Sold Price
-0.83%
Monthly change
5%
Quarterly change
8%
Annual change
383
Transactions (Buy/Sell)
47%
Monthly change
127%
Quarterly change
150%
Annual change

Average Sold Price

Transactions


Market Overview for Condo Apartments in March 2021

Unlike other major metro areas in Canada, such as Toronto real estate or Vancouver real estate, condo apartments are a relatively small part of Calgary's real estate market. They make up less than 20% of total home sales and an even smaller proportion of sales volume in dollars due to their lower prices.

$260,965
Avg. Sold Price
3%
Monthly change
6%
Quarterly change
0.92%
Annual change
385
Transactions
42%
Monthly change
108%
Quarterly change
77%
Annual change

Average Sold Price

Transactions

Top Real Estate Agents in

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Calgary Region Breakdown by Region for March 2021

City
Benchmark Price
#1Calgary North$398,800
#2Calgary North East$348,900
#3Calgary East$309,800
#4Calgary South East$439,600
#5Calgary South$422,100
#6Calgary West$537,200
#7Calgary North West$491,500
#8Calgary City Centre$498,100
#9Airdrie$355,800
#10Chestermere$515,900
#11Rocky View$528,100
#12Foothills $414,300
#13Mountain View $312,700
#14Kneehill $167,800
#15Wheatland $290,700
#16Willow Creek $244,900
#17Vulcan $223,400
#18Bighorn $808,600

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Housing Markets Across Canada

Data sourced from the Calgary Real Estate Board (CREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.