Here's how much it costs to buy a home in each region of Calgary

While the benchmark price of homes in Calgary rose across the board last year, the cost to buy varied significantly depending on the region of the city.

The Calgary Real Estate Board (CREB) released its Calgary and Region Yearly Outlook Report for 2024 on Tuesday, including a look back at the real estate trends from last year.

CREB broke down Calgary into eight regions in its report: City Centre, North, North East, East, South East, South, West and North West.

The City Centre region had the highest benchmark prices across all the different housing types (detached, semi-detached, row and apartment), while the East region had the lowest.

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Across the city, the benchmark price rose six per cent year-over-year to $556,975 in 2023, while sales (down eight per cent), new listings (down 13 per cent), inventory (down 26 per cent) and months of supply (down 20 per cent) all dipped.

"Despite higher rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration,” CREB’s chief economist Ann-Marie Lurie said in a press release.

“The challenge was limited supply, especially for low-priced homes with the strongest demand. This resulted in significant price growth with the largest gains in our lowest-priced homes.”

Here’s how much it cost to buy a typical home in Calgary in 2023, depending on the region.

Detached housing prices

The benchmark price for a detached home in Calgary rose 7.64 per cent in 2023 to $675,783 – up from $627,792 in 2022.

However, the City Centre, West and North West regions came in well above that price.

A map shows Calgary's regions broken down by the benchmark prices of detached homes. (Source: CREB)

• City Centre: $849,267
• West: $855,858
• North West: $708,092
• South East: $655,600
• South: $647,933
• North: $623,275
• North East: $527,408
• East: $438,767

CREB said while tight conditions led to price increases across the board, the North East and East regions saw the largest increases.

Semi-detached, row and apartments

For other housing types, the cost rankings mimicked the detached list, with slightly lower costs.

Semi-detached – benchmark price: $604,933

The benchmark price for semi-detached homes rose 7.4 per cent year-over-year to $604,933 in 2023 – up from $563,258 in 2022.

• City Centre: $838,175
• West: $725,925
• North West: $576,067
• North: $478,108
• South: $473,500
• South East: $464,608
• North East: $375,817
• East: $332,208

“A rise in demand for affordable product drove many consumers to seek out semi-detached homes,” CREB said in its report.

“However, limited supply for properties priced below $500,000 prevented stronger sales activity in 2023, ultimately contributing to the annual 10 per cent decline in sales.”

Row – benchmark price: $399,008

For row housing, the benchmark price rose to $399,008 – up 23.56 per cent from $351,358 in 2022.

• City Centre: $543,675
• West: $412,008
• South East: $405,275
• North West: $388,367
• North: $380,800
• South: $347,067
• North East: $307,608
• East: $234,675

“The relative affordability attracted demand from purchasers, but the limited supply choice prevented stronger sales,” CREB said in its report.

Apartment – benchmark price: $302,042

The benchmark price of apartments in Calgary rose to $302,042 in 2023.

Demand for apartment condominiums surged in 2023, according to CREB, helping the benchmark price increase to $302,042, up 9.36 per cent from 266,150 in 2022.

• City Centre: $325,017
• North: $284,933
• North East: $252,867
• East: $206,933
• South East: $316,167
• South: $270,525
• West: $311,267
• North West: $274,517

“The apartment condominium sector struggled with excess supply before the pandemic, but the surge in demand has shifted those conditions, supporting price growth,” the report reads.

The full report can be viewed on the CREB website.