Calgary
Calgary is a cosmopolitan city in Alberta with many skyscrapers, which owes its rapid growth to the status of the city being the center of the oil industry in Canada. However, Calgary is still steeped in western culture and has earned the nickname Cowtown.
Among all the Canadian cities, Calgary has the 2nd lowest average cost of living. This city is more affordable than many other American cities located in the North. In Calgary, personal income in Texas, inheritance Texas, provincial taxes, and real estate taxes are the lowest. Families having low to moderate incomes can easily afford a well-constructed house in Calgary. This city is less populous than Toronto with one million individuals.
Average Housing Price in Calgary
The housing prices in Calgary are the most affordable. What makes these houses affordable is the city’s economy which has also been depressed by the low prices of oil. In Calgary, the average housing price in September of last year was $401,705. The city’s average income is approximately $61,800 which means the average housing price in Calgary is around 6.5xthe average yearly income which is quite affordable.
During the pandemic due to COVID-19, the average selling prices in the city have increased with the peak levels appearing in March of 2022. Ultimately, the housing market of the city remains a powerful market for seller’s, which has shifted from a balanced real estate market in early 2020.
The active listing in Calgary is around 5200 houses. This number has decreased by almost 23.4 percent as compared to last year when approximately 6,790 houses were available for sale in the city. Active listings on the real estate market of Calgary indicate that housing prices in the city are influenced by the difference between the total number of buyers that are active in the market and the supply of the inventory.
Real Estate Market Outlook 2023 of Calgary
The real estate market of Calgary has been the most growing and affordable market among the 4 largest cities of Canada including Montreal, Vancouver, Calgary, and Toronto for more than the past three years.
This city is poised for the 2nd successive year of very positive growth in the economy this year. Real economic activity, jobs, and population are expected to more successfully grow. There are some cost push factors in the city that are at play because of disruption in the global economy. The benchmark real estate prices have increased significantly and the investment in the residential real estate market relative to many other categories of investment.
There was a slight increase in the real estate market this spring and then prices will modestly decrease over the remaining year as said by Hogue. But these houses will still be very affordable. There will be a little increase in the rental prices. According to a forecast, 2023 will be the year with the cheapest real estate prices. There will be a decrease of 2.2 % in real estate prices in 2023.
