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Thursday, January 20, 2022

Optimism continues in 2022 for Calgary’s real estate market

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A new survey from Royal LePage continues to paint a rosy picture for Calgary’s real estate market in the months to come.

“Calgary’s real estate market finished the year strong, and I believe the trend will continue into the spring market in 2022,” Royal LePage Benchmark broker Corinne Lyall said. “As demand continues to outpace supply in one of the country’s most affordable major cities, prices are expected to continue increasing.”

The Royal LePage house price survey shows the aggregate price of a home in Calgary increased nine per cent year-over-year to $576,800 in the fourth quarter of 2021.

Meanwhile, the median price of a single family detached home increased 11.6 per cent to $650,800, while the median price of a condominium increased 3.0 per cent to $224,700 during the same period.

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“A lack of inventory, especially in the lower end of the detached market, continues to drive price appreciation and create an increasingly competitive environment for first-time buyers,” Lyall said.

“A booming job market, quality of life and affordability are among the top factors contributing to the current increase of demand for housing in Calgary.”

Nationally, the survey shows housing prices are also doing well in other parts of Canada with the aggregate home price increasing more than 17 per cent year-over-year to $779,000 in the final quarter of 2021.

The national median price of a single family detached home also rose 21.1 per cent year-over-year to $811,900, while the median price of a condominium increased 15.8 per cent year-over-year to $553,800.

“Like a bad dream that disrupts your sleep for months on end, we ushered in 2022 with a fresh round of pandemic restrictions,” Phil Soper, the president of Royal LePage said. “Thousands of Canadians have been redirecting their growing savings into improving living conditions, as the family home doubles as office, restaurant and schoolroom.”

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In December, Royal LePage issued its 2022 forecast stating that the national aggregate price of a home is expected to increase 10.5 per cent year-over-year.

© 2022 Global News, a division of Corus Entertainment Inc.

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