5 Reasons to Choose the Calgary Real Estate Market

The Calgary real estate market is one of the most thriving aspects of the Canadian housing sector.

Over the last year, the Calgary real estate industry has witnessed impressive gains, from growth in the condominium market to sufficient inventory levels to a high sales-to-new-listing ratio (SNLR). Indeed, the western Canada city has become one of the most lucrative markets for real estate participants.

How good does it look? Many industry observers believe it could replicate last year’s average residential price growth of around three percent in 2024.

Is the major Albertan urban centre right for you?

Here are Five Reasons to Choose the Calgary Real Estate Market:

Calgary Has a Thriving Economy

One of the first reasons to choose the Calgary real estate market is the fact that it is experiencing significant growth. The market is booming because of Calgary’s thriving economy, a healthy job market, and low unemployment rates. The city also maintains a strategic location and offers easy access to work, leisure, and travel opportunities. This makes it an ideal residential choice for homebuyers.

The city also ranks high in terms of livability and offers its residents a good quality of life, a vibrant culture, natural beauty, and recreational opportunities. It boasts of the Rocky Mountains and gives people easy access to Banff and Jasper, both popular tourist destinations. The city offers more than 20,000 acres of parkland and numerous trails and pathways for those interested in nature and outdoor activities. The weather is also great, with Calgary being one of the sunniest cities in Canada despite the frigid winters.

Calgary Residents Enjoy High Purchasing Power

Consumers in Calgary enjoy a high purchasing power because the median household income has consistently seen an upward trajectory over the years. The enhanced purchasing power makes the real estate market particularly attractive as there are more potential buyers.

Moreover, Alberta has no provincial sales tax. As a result, residents in Calgary do not have to pay the 12- 15 percent harmonized taxes typically charged in other provinces and only have to bear the 5% GST rate levied by the federal government.

Finally, the job market in Calgary is booming, and there are diverse options for people in Calgary, including the oil and gas sector, technology, healthcare, finance, and education. Employment opportunities in these sectors provide economic stability and high average incomes for residents in Calgary.

Calgary’s Housing Affordability is Outstanding

Housing affordability in Calgary has remained relatively consistent. With mortgages as high as they have been in the last few years, this makes properties in this part of the country still affordable. This is good news for first-time home buyers and those who want to upgrade their existing properties. Average sale prices in Canada are much lower than those in Toronto and Vancouver. In 2024, the average sales price for a home in Calgary was below $548,000, according to RE/MAX data. By comparison, the typical sales price for residential properties in Vancouver or Toronto is north of $1 million.

This makes this market relatively much easier to enter, especially for those who can afford the usual ten to 15 percent down payment.

Plus, there is no land transfer tax in Alberta, which makes selling a home less expensive for people in Calgary than in other areas in Canada.

Calgary Attracts Foreign Investment

Calgary attracts significant foreign investment, and there is a consistent injection of foreign capital into the real estate sector, making it an attractive prospect for investment. The city’s strong infrastructure has played an essential role in attracting investors and boosting the Calgary real estate market. The major urban centre has significantly invested in public transport and road upgrades, making it more appealing for residential and commercial real estate buyers.

Ultimately, Calgary’s real estate market is diverse and can cater to all housing budgets by offering affordable choices for homebuyers and renters.

Calgary’s Population Growth

Calgary has seen continuous population growth, and there has also been a regular influx of people from other provinces. The increase in population is directly proportional to a rise in housing demand.

The city has more than one million people, and the population continues to grow because of its thriving economy.

Millennials are an attractive population segment and constitute many new homebuyers. At the same time, an aging population is driving an increase in sales for condos and smaller homes as they seek to downsize. The changing demographics and population growth have resulted in a consistent demand for single-family luxury properties and condos. In addition, with the consistent increase in remote work, Calgary offers remote workers a quality lifestyle and a lower cost of living compared to other major Canadian cities.

H2 Calgary – A Top Canadian Housing Market

Overall, it is evident that a booming economy, population growth, low taxes, stable home prices, and a high-quality lifestyle make Calgary one of the most attractive areas for planting new roots, real estate investing, and enjoying stellar living standards.