The Calgary Condo Market has experienced a mix of trends in recent years, shaped by both economic factors and shifting buyer preferences. After the downturn in 2014, due to falling oil prices, the market went through a period of oversupply and slower sales. However, since 2020, there has been a noticeable shift in demand, partly driven by the pandemic, which saw more people looking for affordable housing options and lifestyle changes like more space for remote work.
THE STORY SO FAR
As of 2024/25, the condo market has been recovering, but not uniformly across all segments. The higher-end condo market has seen strong sales, while entry-level and mid-range units have had more modest demand, primarily because of the increasing cost of living and mortgage rates. However, Calgary’s overall affordability compared to other Canadian cities like Vancouver or Toronto has continued to attract both first-time buyers and investors.
INFLUX OF BUYERS FROM OTHER PROVICES
In recent years, Calgary has also seen an influx of out-of-province buyers, particularly from places like Ontario and British Columbia, as people look for more affordable options. Condos in central locations like the Beltline, Eau Claire, and Downtown core have been popular, driven by the appeal of urban amenities, walkability, and proximity to workspaces.
One important factor influencing the market is interest rates. As borrowing costs rise, some potential buyers are being priced out of the market or opting for smaller or older properties. On the supply side, developers have been cautious about new projects due to previous market fluctuations, but there has still been a steady flow of new developments in key areas.
LOOKING AHEAD
Looking ahead, experts suggest that the condo market in Calgary will continue to stabilize, with some areas experiencing strong growth due to demand from young professionals and retirees seeking lower maintenance homes. However, challenges like high interest rates and economic uncertainties will likely affect market dynamics in the short term.
