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Calgary Real Estate News

Calgary Housing Market Overview

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.

Calgary Commission Structure

Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Calgary, the total commission rate is structured as 7% for the first $100,000 of a home’s sale price and 3% on the remaining balance. Seller agents usually get half or 50% of this total commission with buyer agents getting the other half. To calculate your real estate commission for Calgary, see our calculator below. For other cities in Alberta, please visit our Alberta real estate commission calculator page for more information.

Calgary Real Estate Tools for Buyers and Sellers