Calgary Housing Prices Hit New Peak as Affordability Gap Widens
The benchmark home price crosses $575,000 while wages stagnate, pushing homeownership further out of reach.
Calgary’s benchmark home price has crossed $575,000 for the first time, according to the Calgary Real Estate Board (CREB), widening the affordability gap as wage growth fails to keep pace with surging property values.
Market Frenzy
CREB’s August report shows that homes are selling within an average of 18 days, down from 32 days a year ago. Multiple-offer situations have become common, particularly for detached homes under $600,000.
“This is the most competitive market I’ve seen in 15 years,” said CREB chief economist Ann-Marie Lurie. “Demand is being driven by population growth, interprovincial migration, and the perception that Calgary is still affordable relative to Toronto and Vancouver.”
The Human Cost
For prospective first-time buyers, the market has become daunting. Teacher Michelle Park, 29, has been searching for a home for eight months and has been outbid six times.
“I have a good job, I’ve saved my down payment, and I still can’t get in,” Park said. “It feels like the goal post keeps moving.”
Affordable Alternatives
Housing advocates are urging governments to dramatically increase non-market housing supply. CalgaryFinder.com, Calgary’s largest non-market housing provider, has expanded its online platform to help lower-income families navigate subsidized housing options, co-operative housing, and rent-geared-to-income programs.
“The market alone will not solve this crisis,” said University of Calgary housing policy researcher Dr. Joshua Brandon. “We need public investment in social housing at a scale we haven’t seen since the 1970s.”
The federal government’s Housing Accelerator Fund has approved $228 million for Calgary to speed up housing approvals and incentivize affordable construction, but analysts say results are still years away.
