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Calgary bucks trend as home prices rise 11 per cent from a year ago

Typical detached house now sells for $633,000 and condo apartments for $277,700
A one-bedroom Calgary condo listed Sept. 2, 2022, at $165,000: Calgary condo sales were up 58 per cent from last year to lead the August market. | Re/Max First, Calgary.

The August benchmark price for a home in Calgary increased 11 per cent from a year earlier, according to the Calgary Real Estate Board (CREB).

For buyers in Metro Vancouver, where the composite home price in August remained above $1 million, the Calgary prices still appear quite low.

CREB said August’s benchmark prices for detached houses in Calgary averaged $633,000, semi-detached (townhome) properties were $569,300 and condominium apartments reached $277,700.

Detached home sales saw the greatest decrease, dropping 18 per cent from last year, while townhome sales decreased by 3 per cent. Condo apartment sales soared by 58 per cent, however.

The number of sales was down a mere 0.5 per cent from August of 2021 in Alberta’s largest city.

The board says August sales activity was well above long-term trends for the month.

It has also detected a shift 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 Ann-Marie Lurie, the board’s chief economist, in a release.

“This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales,” she added.