Calgary Housing Market Report

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Report Updated: February 9th, 2021

Calgary's real estate market in January 2021 declined to near COVID-19 lows reached back in March 2020. The average sold price of homes in Calgary reached $423,800, barely $1K above March 2020 levels. Detached, semi-detached, and townhouses have all declined to below their previous lows with only condo apartments facing resistance in their drop downwards. Benchmark prices have remained steady, but are unlikely to continue rising given current market conditions.

Despite the decline in prices, sales have remained higher than 2020 levels with 1,208 homes sold in January 2021, a 44% increase compared to January 2020. Of these 1,208, 731 were detached homes, 141 were semi-detached, 150 were townhouses, and 186 were condo apartments.

Calgary Housing Market Overview

Data for January 2021
Avg. Sold Price:$423,800
All Property Types:$423,800
Detached:$492,900
Townhouse:$280,900
Condo Apartment:$245,100
Transactions (Buy/Sell):1,208
All Property Types:1,208
Detached:731
Townhouse:150
Condo Apartment:186

Calgary's economic outlook remains uncertain as local industry leaders postpone or cancel further expansion or development of the natural resource sector. Low support for development, including the cancellation of the Keystone XL pipeline, will likely add a headwind to price appreciation in Calgary's real estate market even with higher oil prices. However, loose monetary policy from the Bank of Canada as well as the US Federal Reserve is likely to continue the appreciation of real assets across North America and potentially lead to oil price inflation.

Home Prices in Calgary

Single-Family Detached Home Prices in Calgary

Statistics for January 2021
Average Price: $492,900-8.6% from Jan. 2020
Units Sold: 73141.4% from Jan. 2020

Semi-Detached Home Prices in Calgary

Statistics for January 2021
Average Price: $391,300-18.1% from Jan. 2020
Units Sold: 14165.9% from Jan. 2020

Townhouse Prices in Calgary

Statistics for January 2021
Average Price: $280,900-9.7% from Jan. 2020
Units Sold: 15031.6% from Jan. 2020

Condo Prices in Calgary

Statistics for January 2021
Average Price: $245,1004.3% from Jan. 2020
Units Sold: 18626.5% from Jan. 2020

Calgary Housing Market Statistics for All Property Types in February 2021

$423,800
Avg. Sold Price
-5%
Monthly change
-11%
Quarterly change
-6%
Annual change
1,208
Transactions (Buy/Sell)
0.75%
Monthly change
-32%
Quarterly change
44%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Impacts on Mortgages and Mortgage Rates

Due in part to the continued growth in real estate as well as loose monetary policy, mortgage lenders, including members of the Big Five (RBC, TD, CIBC, Scotiabank, and BMO), are increasingly willing to discount risk in the housing market and are offering record-low mortgage rates. Although this highly-competitive market may not last past the end of 2020, mortgage rates are not expected to rise significantly by 2022.

Housing Markets Across Canada

Market Overview for Detached Homes in February 2021

$492,900
Avg. Sold Price
-7%
Monthly change
-11%
Quarterly change
-9%
Annual change
731
Transactions (Buy/Sell)
2%
Monthly change
-36%
Quarterly change
41%
Annual change

Average Sold Price

Transactions

Market Overview for Semi-Detached Homes in February 2021

$391,300
Avg. Sold Price
-14%
Monthly change
-15%
Quarterly change
-18%
Annual change
141
Transactions (Buy/Sell)
10%
Monthly change
-19%
Quarterly change
66%
Annual change

Average Sold Price

Transactions

Market Overview for Townhouses in February 2021

$280,900
Avg. Sold Price
-10%
Monthly change
-12%
Quarterly change
-10%
Annual change
150
Transactions (Buy/Sell)
-11%
Monthly change
-31%
Quarterly change
32%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments in February 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.

$245,100
Avg. Sold Price
-0.14%
Monthly change
1%
Quarterly change
4%
Annual change
186
Transactions
0.54%
Monthly change
-21%
Quarterly change
27%
Annual change

Average Sold Price

Transactions

Top Real Estate Agents in

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Calgary Region Breakdown by Region for February 2021

Calgary Housing Market Forecast for 2020 - 2021

In the current economic environment, we expect average sold prices in Calgary's real estate market to range from $486,000 to $512,000 by the end of 2021. Our forecast is based on an analysis of Western Texas Intermediate (WTI) futures, one of the most liquid and heavily traded commodity indexes, and its relationship to Calgary's natural resource-based economy. The oil market is predicting a mild increase of oil prices to ~$41 USD a barrel by 2021, which would support Alberta's low marginal cost oil production. A rapid influx of cash into the economy through government programs and central bank monetary policy is likely to further boost home prices. However, growth rates are likely to still remain far below those of Ottawa's real estate market and Montreal's real estate market, which are supported by high levels of immigration and public sector growth.

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

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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.