In the past few years Calgary’s real estate market has gone up and down more than the Yukon Striker (Canada Wonderland’s new feature rollercoaster). So what is happening out in our neighboring province of Alberta when it comes to real estate? We’re gonna dive in and take a peek.
Calgary has grown by heaps over the past 10 years and now boasts some 1.336 million residents according to a 2017 study. That’s actually a lot faster growth than Edmonton and Vancouver both. But what’s happening in 2018-2019 you might be wondering? Let’s see…
Did you know Calgary is actually the third largest city in Canada? Well it is. It trails Vancouver while Toronto clearly tops the population numbers in Canadian cities.
In 2018 Calgary witnessed a 2% rise in population to 1,560,600 while in 2019 the forecasted number is looking like around 1,599,500 which is a growing 2.5% over the previous year.
The median age of Calgarians is a young 36.9 years old. What does all this mean for real estate?
The young populous of Calgary are clearly preferring the most affordable route, especially with their average educational debt burden, which is the Calgary condos market.
According to Statistics Canada, between 2011 and 2016, the growth rate of Canadian households living in condominiums was up 16.6% in census metropolitan areas. Even more so in Calgary as younger people find it easy to afford condos over buying a home in an increasingly more difficult banking/mortgage environment.
What are the older generations looking at? Well the median selling price for a detached house so far this year has been $456,375, according to daily sales statistics compiled by the Calgary Real Estate Board (CREB). And with that being said, there are those that certainly fit the bill for being an average home buyer in Calgary but there’s also a rising interest in the higher priced luxury Calgary real estate market. This is where the median price for a home starts around $1.2 million and go up quickly from there.
A few of the popular neighborhoods for families in Calgary are:
Auburn Bay – is a lakeside community with some 5000 residents already enjoying life here.
Cranston – this is an incredibly popular master planned community with enormous demand for homes for sale in Cranston due to all the amenities for families here.
And now a couple popular higher priced neighborhoods for the luxury market:
Altadore – this is by far the most popular neighborhoods in Calgary for those looking for high-end homes within the luxury market.
Aspen Woods – West of Calgary you will find another popular high-end home area where it is common to view lavish homes in excess of $2.5 million.
As you have probably gathered already, whether looking for condos, homes or the luxury options, Calgary real estate is on the rise in both price and demand. For more information on Calgary real estate listings visit https://www.repyyc.com/