Despite continuous economic pressures linked to the oil and gas industries, Calgary real estate is expected to stay balanced.

In 2021, Calgary real estate is expected to climb by 3% to slightly over $470,000. Upsizing and first-time buyers are driving demand house sales. These purchasers choose single-family homes.

In Calgary, the average starting price for a luxury home is $750,000. The current condo supply in the city is 7 months, and this is unlikely to alter in the next 1-2 years. Last year, the most popular areas for home sales were Northern, Southern, and Northern/Central Western Calgary.

Because of their closeness to amenities and transit, the North Central and South Central neighbourhoods of Calgary will remain popular in 2021. In Calgary, the number of new houses being built is sufficient to meet present demand, and new home prices are very competitive. We foresee robust national house price gains as a result of the significant re-location trend in the Canadian housing market.

A persistent and broad housing supply shortage will almost probably endure, creating obstacles for buyers and driving up prices. In early 2022, relocating buyers from other cities and provinces will continue to boost market activity. 52 percent of Canadians believe real estate will be a smart investment in 2021.

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