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.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
