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Home News 10 Things That Will Affect Calgary Real Estate in the Next 10 Years


10 Things That Will Affect Calgary Real Estate in the Next 10 Years

March 22, 2024

Calgary’s real estate projections are expected to see modest growth in 2024, as the city remains one of the most attractive places in Canada to live. The average price for a single-family home is expected to increase by 12.5 per cent from $640,000 to $720,000.

With housing prices expected to continue to climb over the next few years, homebuyers and sellers can also expect the Calgary housing market forecast for 2025 to be similar to this year’s growth projections. The average price for a Calgary home is expected to increase to $810,000 by 2025. Calgary’s real estate predictions for the next 10 years are also looking optimistic. The top 10 things that will affect Calgary’s real estate market in the next 10 years are:

Climate Change: Climate change is having major impacts on the housing industry. With weather systems developing more severe storms, homes need to be built with costlier materials that are strong enough to withstand the extreme conditions. Newly built houses also need energy-efficient retrofits and floor plans that are designed to reduce their carbon footprint. These features will affect Calgary’s real estate predictions because energy-efficient fixtures are also more expensive than the less efficient versions.

Supply and demand: Across the country, major cities are facing serious housing and rental shortages. As the demand for affordable accommodations continues to outweigh the supply, housing and rental prices will continue to skyrocket.

Housing Prices: The ongoing demand for quality housing is pushing the price of homes in Calgary up. Over the next decade, housing prices are expected to increase by up to 5 per cent each year.

Rental Industry: A serious shortage in rental properties is driving rent prices beyond what many can afford. More people are looking at buying a home rather than paying outrageously high rents. As the rental shortage continues, more adults will look at buying a home instead of renting.

Interest: The Bank of Canada interest rates have been sitting at 5 per cent since last July. The high rates have kept many new homebuyers out of the market or reconsidering their short and long-term plans. While the rates are expected to drop slightly this year, when and by how much is still unknown. Calgary’s real estate projections over the next ten years will continue to be influenced by the lending rate. If it is too high, many would-be homebuyers will be pushed out of the market. If the rates drop, the industry will see an increase in buyers and housing prices.

Immigration and Inter-Provincial Migration: Thousands of people move to Alberta from other countries and provinces every year. This increase in population will continue to increase the demand for affordable homes.

Shifting Demographics: Calgary’s thriving economy continues to attract younger people and families to the province. The shift in the demographics of the residents will continue to drive the housing boom.

Cost of Building Supplies: Building supplies are becoming more costly. As the demand for more homes to be built increases, this demand will push prices even higher, which will, in turn, trickle down to the consumer.

Job Market and Economy: Calgary’s economy is strong and is expected to continue to thrive over the next decade. This stability and growth are giving homebuyers confidence to make big purchases like buying new or upsizing their homes.

Real Estate Rules and Regulations: In an effort to curb skyrocketing housing prices, ensure that homebuyers don’t overspend on home purchases, and reduce the number of investors buying Canadian real estate, federal and provincial governments are amending the rules and regulations around homebuying to protect the market and private homebuyer. As these regulations continue to evolve, they will impact buyers and sellers.

If the projections continue for the foreseeable future as predicted, Calgary’s housing market forecast for 2030 will likely see the average single-family home selling for over $1.1 million dollars.