Calgary home prices set to increase again in 2024: Royal LePage
Posted Dec 14, 2023 9:45 am.
The price of houses and condos in Calgary are expected to jump again in the new year, according to data from Royal LePage.
“We’re forecasting about another eight per cent increase in price,” said Corrine Lyall, the owner of Royal LePage Benchmark in Calgary.
She says detached, single family homes could see a price increase of six per cent, to over $800,000, while condos could rise nearly 9.5 per cent to almost $290,000.
This would be the biggest increase in the country.
“Our economy certainly has bounced back and there are a lot of people turning to Alberta, and Calgary in particular, for job opportunities, and a place to raise their family,” Lyall said.
Not only has Alberta’s economic standpoint improved, the real estate market has too, according to Lyall.
“I think people are looking to us — again — as a place to move to which is really nice,” she said. “I mean, all of the people that left in 2016, hopefully a lot of them are coming back and seeing this really is a great place to live.”
She adds inter-provincial migration appears to be another huge driver in prices throughout 2024.
“They can sell their million-plus property and buy something in Calgary basically, for cash, and still probably have some money left over for investment properties, whatever,” she explained. “We’ve seen a lot of that too, people looking to invest in Calgary, in Alberta.”
Interest rates are forecasted by many experts to tumble in the new year, which could prompt more people to enter the market.
Housing, or the lack thereof, in Calgary, has been in the spotlight for quite some time now.
The city is currently enabling its new and improved housing strategy to try and tackle the problem, with re-zoning underway, and rapidly building housing for families in need through non-profit organizations.
