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Housing prices in Calgary are projected to climb the fastest among all major Canadian cities in 2024, with a hotter market projected should interest rates lower by mid-year, a new report says.
Overall, the aggregate price of a home in Calgary is forecast to jump 8 per cent year-over-year by the end of 2024, according to Royal LePage’s 2024 market report.
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The projections come as the latest Calgary Real Estate Board (CREB) data show the city’s benchmark price has risen 10.7 per cent since November 2022, with months of supply and inventory falling.
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That would bring the aggregate home price in Calgary to $711,612. As of November, the benchmark price was $572,700, according to the Calgary Real Estate Board (CREB)
“A shortage of supply remains a challenge, which will keep prices on an upward trajectory for the foreseeable future as buyers compete for the few homes available,” Corinne Lyall, broker and owner of Royal LePage Benchmark, said in a statement.
Condominiums are expected to see the largest price jump, projected to increase 9.5 per cent by the end of the year to $286,562. Meanwhile the median price of a single-family detached house is expected to rise 6 per cent to $803,692.
Should the Bank of Canada begin to drop interest rates by mid-year — a scenario predicted in ATB Financial’s latest economic outlook report for Alberta, should core inflation drop to 2 per cent year over year — buyers will be motivated to jump into the market, Lyall said.
That will likely make for a slow start to 2024, she added, but by March she expects the spring market to take off.
While interprovincial migration has slowed down after the city saw a record-breaking influx of new residents, investors from other provinces are continuing to drive demand for multi-family homes in the Prairies, she said.
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