Demand is Strong for Real Estate in One of Canada’s Fastest Growing Cities

Calgary’s real estate market is expected to be busy throughout 2024 as the population continues to grow but inventory levels remain low. 

As part of the current fastest-growing province in Canada, housing continues to be in demand throughout Calgary. Fueled partly by interprovincial migration from more expensive provinces like British Columbia and Ontario, Alberta has seen population increases of 10,000 or more for 5 quarters in a row and is expected to continue to increase into the future, according to Statistics Canada data.

Another factor feeding the Calgary real estate market is affordability. Compared to other cities across Canada, Calgary home prices have remained relatively affordable, even with recent year-over-year price increases, as noted by the Calgary Real Estate Board (CREB). However, low inventory is expected to create more of a price surge as buyers are acting quickly and preventing much inventory growth. 

“Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market,” explains Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary.”

Read the full Calgary Real Estate Board Report here.

Sources:
Low inventory and high demand drive price gains in February – CREB – Calgary Real Estate Board
Stats Canada