Calgary real estate market sizzles as newcomers flock to Alberta

A file photo of a real estate sign on June, 12, 2018. (THE CANADIAN PRESS Jonathan Hayward)

CALGARY -

As newcomers continue to flood into Alberta, Calgary's real estate market has become the hottest in the country this summer.

Home sales in Alberta's largest city set a record in June, up 11 per cent year-over-year, with apartment sales alone up 48 per cent.

For comparison, in May - the most recent month for which national statistics are available - home sales were up 1.4 per cent.

Price gains are also sizzling in Calgary, with the market's average price last month increasing by almost seven per cent from a year earlier to $552,273.

Calgary remains a far more affordable housing market than Toronto and Vancouver. The national average home price in May of 2023 was $729,000.

Statistics Canada says Alberta saw the largest net interprovincial migration of all the provinces during the first three months of the year, with more than 15,000 people arriving from other parts of the country - in particular, Ontario, B.C. and Saskatchewan.

This report by The Canadian Press was first published July 7, 2023.