Thanks to record-high interprovincial migration, Calgary’s condo and detached home segments have benefitted from continued price growth over the last few years. Especially in a high-interest rate environment, where average monthly mortgage payments in Toronto and Vancouver are above $4,000, Calgary’s affordable home prices are attractive to out-of-province buyers and are keeping housing demand strong.
But which segment of the housing market has experienced the greatest rate of price growth in Calgary? In order to find out, Zoocasa analyzed condo and detached home prices in 8 regions in Calgary from October 2022 and compared them to the prices in October 2023. All benchmark prices were sourced from the Calgary Real Estate Board.
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East Calgary Condo Prices Increased By More Than Double Compared to City Centre
According to the Calgary Real Estate Board, in just one year condo prices went from $172,000 in October 2022 to $227,000 in October 2023, appreciating by 33.14% which is the highest among both detached and condo prices in all regions of Calgary. The East of Calgary also stands out for having the most affordable prices, with both condo and detached home prices nearly $100,000 less than the city average, making it an appealing choice for first-time buyers with tighter budgets.
The East of Calgary also experienced the highest price growth for both condo and detached homes in all regions, with a price increase of $55,000 in just one year. Looking closer at the East of Calgary, the difference between its condo prices and detached in October of this year was $233,500 compared to a difference of $208,700 in October of 2022.
The North East of Calgary also experienced significant price growth from 2022 to 2023, with condo prices increasing by 28.41% and detached home prices increasing by 17.83% – the second-highest increases in all of Calgary.
All Regions of Calgary Appreciated by More Than 9.5%
For every region of Calgary, the year-over-year condo and detached price change was more than 9.5%. This shows how Calgary’s housing market is continuing to grow with no real signs of slowing down yet. The West of Calgary had the lowest percentage of appreciation with a 9.56% year-over-year price increase for detached homes, while the price difference between condos and detached homes in that region was a drastic $553,700.
The City Centre followed with the lowest appreciation rate for detached homes, increasing by 10.68% from October 2022 to October 2023. Despite being the most expensive place to buy a condo in Calgary, with an average price in October 2023 of $336,600, the City Centre had the smallest year-over-year price increase for condos at 13.22%.
Which Property Type Appreciated More In One Year?
Looking at just condo prices, all regions appreciated by more than 13%, indicating that condos are appreciating at a greater rate compared to detached homes, likely due to the increased demand for the comparatively affordable, entry-level property type. Condo prices in all of Calgary from October 2022 to October 2023 appreciated an average of 16.1% while detached homes averaged a 12.08% increase in the same time frame. One explanation for condos appreciating at a faster rate is because of supply challenges. In October 2023, the sales-to-new-listings ratio for condos was a remarkable 88%, meaning demand far outweighs supply in the city.
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