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Stewart L.
18 Years of Experience
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Calgary Real Estate News: August 2020 Update and 2021 Forecast

Calgary's real estate market continued to recover in July from the impact of COVID-19 and lower oil prices. Home sales have recovered to 2019 highs with an 18% increase yoy. While home prices have recovered from the lows experienced in March, values still continue to suffer with detached and semi-detached homes stagnating year over year. Townhouses and condo apartment prices have declined yoy by 6% and 8%, respectively.

Multiple forces at currently at play in Calgary's real estate market. The Western Canadian Select oil price index remains near the cost of production at $30 to $35 CAD since historical lows in March and April, leaving the likelihood of further fossil fuel-based economic expansion in the province unlikely. However, record-low mortgage rates and pent up demand have pushed real estate markets in other Canadian cities to new highs despite the uncertainty caused by COVID-19. Toronto housing priceshave increased by more than 10% year over year and continue to show signs of exuberance while even Vancouver's real estate market, which has stagnated in the past few years, has grown compared to 2019.

The real estate exuberance in other markets follows recent announcements by the Bank of Canada promising continued Quantitative Easing and low interest rates into 2021. In addition, Prime Minister Justin Trudeau and the Federal Government have announced the extension of the Canadian Emergency Wage Subsidy until the end of 2020. As a result, asset price inflation is likely to continue as money pours into the economy through both monetary and fiscal policy.

$466,357
Avg. Sold Price
1%
Monthly change
4%
Quarterly change
-3%
Annual change
1,835
Transactions
5%
Monthly change
56%
Quarterly change
19%
Annual change

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.

attach_money
You will receive...
$482,150482k
on closing
You will pay around...
$17,85018k
in commission
Buying Agent
$7,7757.78k
Selling Agent
$9,2259.23k
5% GST
$850850

Calgary Real Estate Tools for Buyers and Sellers

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.