The real estate market in Calgary is buzzing as newcomers flock to Alberta
CALGARY – As new arrivals continue to pour into Alberta, Calgary’s real estate market has become the busiest in the country this summer.
Home sales in Alberta’s largest city set a record in June, up 11 percent year-on-year, with apartment sales alone rising 48 percent.
By comparison, in May – the most recent month for which national statistics are available – home sales rose 1.4 percent.
Price increases are also sizzling in Calgary, with the average market price rising nearly seven percent last month from a year earlier to $552,273.
Calgary remains a much cheaper housing market than Toronto and Vancouver. The national median home price in May 2023 was $729,000.
Statistics Canada says Alberta saw the largest net inter-provincial migration of any province during the first three months of the year, with more than 15,000 people arriving from other parts of the country – particularly Ontario, BC and Saskatchewan.
This report from The Canadian Press was first published on July 7, 2023.
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