Introduction
For years, Calgary was Canada’s quiet achiever in real estate. While Toronto and Vancouver dominated headlines, Calgary steadily built a record of strong returns for homeowners and investors, without the chaos of overheated bidding wars or concerns about a bubble. Now, after a 41% surge in home prices over the past five years, Calgary still isn’t done. The fundamentals suggest further gains ahead.
The Numbers Tell the Story
From 2018 to 2023, Calgary’s housing prices climbed by about 41%, a pace that rewards early investors but still leaves plenty of affordability compared to other major Canadian cities.
Average home price: ~$577,000
Average household income: ~$87,000
Price-to-income ratio: Well within healthy range
This balance is a key reason experts say Calgary isn’t in a speculative bubble — its prices are supported by real purchasing power.
Why the Upside Remains
Forecasted Gains for 2024
Market projections placed Calgary at the top of the nation for price appreciation in 2024, with detached homes potentially rising ~6% and condos ~9%.
Inter-Provincial Migration
Families and investors from pricier provinces are selling high and buying in Calgary, where they can get more space and a better quality of life for their money.
Supply Shortages
In late 2023, listings hit multi-year lows, pushing prices higher and forcing some buyers into more affordable segments like condos and townhomes.
Economic Resilience
Calgary’s growing tech sector, energy stability, and job market recovery are pulling in new residents and keeping existing ones rooted.
What This Means for Investors
In real estate, equity growth is the silent wealth builder. Even modest annual gains compound into significant returns over time, especially when combined with rental income. Calgary’s combination of affordability, demand, and economic momentum creates a rare window for both short- and long-term investors.
Conclusion
The data is clear: Calgary’s market isn’t just growing, it’s growing on solid ground. For buyers, this means today’s purchase could be tomorrow’s equity windfall. For sellers, it’s a market where demand is likely to stay strong. And for investors? Calgary continues to check every box.
