House Prices In Calgary Are Set To Rise In 2023 & You Might Have To Pay Over $6K More

House prices are on the rise in Calgary and next year, buyers might need to fork out over $700,000 to buy a home in the city.

According to the latest forecast from real estate company Royal LePage, house prices are unlikely to fall in Calgary in 2023. In fact, they're actually predicted to rise by 1.5% in the fourth quarter of 2023, compared with current prices.

Despite overall house prices expected to fall in Canada next year, the forecast suggests that the median price for a single-family detached property in Calgary could increase to around $701,142 by the end of 2023.

The price for the same kind of home in the city right now is $694,200.

Condo prices are also set to grow by 2.5%, to around $239,543, from $233,700.

"Unlike Canada's major urban centres, which saw steep increases during the pandemic boom followed by rapid declines over the last six months, the Calgary market has experienced less drastic swings," said Corinne Lyall, broker and owner, of Royal LePage Benchmark.

Instead, the city will see "moderate price growth" especially in properties favoured by those looking to get on the property ladder like condos, which will likely drive the growth.

Calgary is also set to see demand from buyers from other provinces, "particularly first-time buyers from Ontario," who are looking for more affordable houses and condo options in the city.

However, a lack of inventory for single-family detached homes is going to be a challenge for buyers and put pressure on prices, Royal LePage added.

"There are many buyers hovering on the sidelines, waiting for the right product to hit the market," said Lyall.

"I expect activity will remain strong throughout the winter, with a normal seasonal slowdown in December and January before picking back up in the spring."