Calgary's house prices are rising, and buyers may need to spend more than $700,000 next year to purchase a home in the city.
According to the most recent real estate forecast, house prices in Calgary are unlikely to fall in 2023. In fact, they are expected to rise 1.5% in the fourth quarter of 2023 when compared to current prices.
Despite the fact that overall house prices in Canada are expected to fall next year, the median price for a single-family detached property in Calgary is expected to rise to around $701,142 by the end of 2023.
In the city, the same type of home currently costs $694,200.
Condo prices are expected to rise 2.5% to around $239,543, up from $233,700.
"Unlike Canada's major urban centres, which saw steep increases during the pandemic boom followed by rapid declines over the last six months," said Corinne Lyall, broker and owner.
Instead, the city will see "moderate price growth," particularly in properties popular with first-time buyers, such as condos, which will likely drive the growth.
Calgary is also expected to see increased demand from buyers from other provinces, "particularly first-time buyers from Ontario," who are looking for more affordable houses and condos in the city.
However, a lack of inventory for single-family detached homes will make it difficult for buyers and put downward pressure on prices.
"Many buyers are sitting on the sidelines, waiting for the right product to hit the market," Lyall said.
"I anticipate that activity will be strong throughout the winter, with a normal seasonal slowdown in December and January before picking up again in the spring."