Calgary home prices still rising

September 6, 2022



Condo sales are up 58 per cent year-to-year in Calgary. | Re/Max

The August 2022 benchmark price for a home in Calgary increased 11 per cent from a year earlier, according to the Calgary Real Estate Board (CREB).
For both buyers in Vancouver, where the composite home price in August remained at more than $1 million and Greater Toronto buyers where the year-over-year average home price in August was up 0.9 per cent to $1,079,500, these Calgary prices would still appear to be quite a bargain.
August’s benchmark prices for detached houses in Calgary averaged $633,000, while semi-detached (townhome) properties were $569,300 and condo apartments reached $277,700, according to CREB data.
Detached home sales decreased 18 per cent (the greatest drop) from last year and townhome sales were down by 3 per cent. Condo apartment sales soared by 58 per cent, however, from a year ago.
CREB says August sales activity was well above long-term trends for the month.
There was also a move toward more affordable homes as the year-over-year drop in detached sales was overshadowed by the increase in condo transactions.
“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said CREB chief economist Ann-Marie Lurie.
“This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales,” she added.