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“The population growth has been strong and the job growth reflects that. However, like other major cities in Canada, Calgary suffers from low supply,” Bien says.
In February 2023, housing inventory reached its lowest level for that month since 2006, according to the Calgary Real Estate Board (CREB). Due to the lack of supply, buyers have few options and sellers have an opportunity to raise their prices slightly, regardless of interest rates. “In the first couple of months of 2023, we’ve seen sellers pricing their homes more on the aspirational side—the upper bracket of pricing,” Bien says. “With a little bit of patience, some of them are getting the price they’re looking for because of the low inventory.”
Top neighbourhoods in other regions
Calgary’s top three neighbourhoods
1. Patterson
Patterson, located in the southwestern part of Calgary, is bounded by Sarcee Trail to the east and north and Bow Trail to the south. During 2022, interest in Patterson real estate grew among Calgarians and other Canadian buyers, causing prices to rise 9% year-over-year. At the end of 2022, the average price reached $513,352—3% higher than five years earlier, resulting in a value score of 3.6. Patterson also has a perfect economics score of 5. Accessibility to and from the area is improving; however, many residents still rely on personal vehicles, earning Patterson an accessibility score of 2.3. More than half (53%) of the households here have kids.
View Patterson real estate listings on Zoocasa.
2. Coach Hill
Coach Hill is located right next to Patterson and is bounded by the same trails. At the end of 2022, the average home price was $483,743—up 5% year-over-year. However, the average price in December 2022 was down about 10% from where it was five years earlier. This has made the neighbourhood more affordable, resulting in a value score of 3.6. Around 43% of households in Coach Hill have children. The neighbourhood has a perfect economics score of 5 but a mediocre accessibility score of 2.3, meaning you’ll likely need a vehicle to reach amenities.
View Coach Hill real estate listings on Zoocasa.
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