Opening Story
In 2019, a young couple bought a modest detached home in Calgary for $450,000. They weren’t speculating, just looking for a place to raise their kids. Fast forward to 2024, and that same home is worth over $630,000. That’s an increase of about 41% in just five years, and the story isn’t unique. Across Calgary, homeowners are watching their equity grow faster than they expected, with even more upside predicted.
Affordability Meets Appreciation
Unlike Canada’s other major cities, Calgary’s housing market is still grounded in affordability. With an average home price of around $577,000 and a median household income of $87,000, the price-to-income ratio remains in a healthy range. That’s important because it means Calgary’s market is supported by real wages, not just speculation.
Drivers Behind the Growth
- Forecasted 2024 Price Gains
Detached homes could rise by about 6% and condos by 9%, putting Calgary ahead of every other Canadian city for projected growth. - Inter-Provincial Migration
People from BC and Ontario are selling high-priced homes and reinvesting in Calgary. This brings in buyers with strong budgets, creating healthy demand in both the detached and condo segments. - Housing Supply Crunch
Late 2023 saw a shortage of listings, particularly in desirable neighbourhoods. Limited supply plus steady demand is a tried-and-true recipe for price appreciation. - Strong Local Economy
Between energy, tech, and professional services, Calgary’s job market is attracting and retaining residents, further boosting housing demand.
The Investor’s Edge
Equity growth doesn’t just pad your net worth; it unlocks future opportunities. Investors can refinance to buy more properties, fund renovations, or diversify portfolios. In a market like Calgary, where the fundamentals are strong, equity growth is a reliable companion to rental income.
Final Takeaway
Calgary offers something rare: real estate that’s growing in value without pricing out the average family. It’s this balance, between earnings and opportunity, that gives the city staying power. For those looking to buy, the window is open. For those already in, the ride isn’t over.
