The story in Calgary real estate this spring is the exceptional strength of the detached inner-city luxury market. Over the past 180 days, there have been 21 sales in the upper luxury segment, ranging from $3.5 million to $6.67 million, and all but five of those sales were in the inner city. Seven properties sold at or above asking price, with several going under contract in less than a week.
This level of activity reflects both the confidence of local buyers and the continued appeal of Calgary to those returning to the city. It is also a strong indicator of the resilience of Calgary’s economy and the quality of life the city offers. Even amid significant global uncertainty, Alberta’s economy remains steady, supported by energy revenues and population growth.
Geopolitical instability has once again highlighted the importance of reliable oil and gas supply, placing Alberta in a strong position as countries look to Canada for energy security. This presents a major opportunity for the province to strengthen its role in the global energy landscape while continuing to support sustainable energy initiatives. That momentum is also helping drive diversification in export markets, particularly in energy and new infrastructure.
Calgary’s population growth has slowed, but international immigration and interprovincial migration continue to support demand. ATB reports Alberta’s real GDP growth at 2.7%, up from the previous estimate of 2.1%, driven largely by higher oil prices and stronger revenue expectations for the province’s energy sector and government.
Blanket rezoning has just been officially repealed by City Council by a 12-3 margin, however properties with housing projects approved or currently underway via blanket rezoning will be exempt from the policy changes. What the new policy changes will be is unclear at this time. The mayor states that this City Council needs to restore trust and that a one size fits all approach broke public confidence and created tremendous angst among many Calgarians.
DETACHED HOMES
This is the strongest segment of Calgary’s real estate market with bidding wars for well priced homes continuing particularly in the inner city. In recent bidding wars for my client’s properties, I was able to achieve between 3% to 20% over the asking price. The sales to new listings ratio in Calgary rose to 61% with just over 2 months of supply. Sales in March slowed compared to long term trends but this was due to limited supply choice particularly in the inner city. The Northeast continues to struggle with higher supply relative to demand.
SEMI-DETACHED HOMES
This segment is relatively balanced. Semi-detached sales rose over last year’s levels for the second consecutive month supported by new listings and increased inventory. While prices have trended up in the City Centre, Northwest and West districts, the prices year over year remain below last years levels in the rest of Calgary.
APARTMENT/CONDO/ROW HOMES
This segment of the market saw inventory remain well above the 10-year average approaching the record high reported during the financial crisis in 2008. New supply and a sharp pullback in sales have caused the sales to new listings ration to approach close to 40% and nearly 5 months of supply.
Sales are expected to remain close to 2025 levels and rental growth should slow as well as more purpose-built rental supply hits the market.
KAREN IN THE NEWS
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CURRENT LISTINGS:
3127 Underhill Drive NW LISTED AT: $1,050,000
Exceptional family home in the highly sought-after community of University Heights. Ideally located on a quiet street, this property offers unmatched convenience—just steps to Foothills Medical Centre, the new Calgary Cancer Centre, Alberta Children’s Hospital, the University of Calgary, the shops and restaurants in University District, Market Mall, and McMahon Stadium, with easy access to downtown and nearby walking paths.
COMING SOON:
3614 10 Street SW
Bearspaw Jewel Valley 4-acre estate custom built in 2021 3 level walkout.
RECENT SOLDS:
2305 Morrison Street SW LISTED AT: $5,300,000 SOLD Represented Buyer
1403 Beverley Place SW LISTED AT: $2,900,000 SOLD Represented Buyer
529 Sunderland Avenue SW LISTED AT: $2,550,000 SOLD Represented Buyer
1111 Beverley Boulevard SW LISTED AT: $2,000,000 SOLD Represented Seller
52 Maryland Place SW LISTED AT: $1,800,000 SOLD Represented Seller
1707 Bowness Road NW LISTED AT: $1,270,000 SOLD Represented Seller
1136 Kildonan Place SW LISTED AT: $1,289,000 SOLD Represented Buyer
6427 Lombardy Crescent SW LISTED AT: $1,195,000 SOLD Represented Seller
2014 52 Avenue SW LISTED AT: $899,000 SOLD Represented Seller
6415 Lombardy Crescent SW LISTED AT: $975,000 SOLD Represented Seller
#11 10 St Julien Drive SW LISTED AT: $845,000 SOLD Represented Seller
195 Chapalina Terrace SE LISTED AT: $700,000 SOLD Represented Seller
5712 Layzell Road SW LISTED AT: $680,000 SOLD Represented Seller
#415 8355 19 Avenue SW LISTED AT: $670,000 SOLD Represented Seller
7739 Fleetwood Drive SE LISTED AT: $599,000 SOLD Represented Seller
If you are considering SELLING or BUYING, please call me at: 403-836-1520. I will provide you with an in-depth analysis of current market conditions and a current market evaluation.
I look forward to hearing from you!
Karen Fawcett
