Calgary housing market forecast to remain strong in 2022

Calgary's housing market forecast for 2022 has been released by the Calgary Real Estate Board Media Releases (CREB).

Following a stronger housing market in 2021 than anticipated, where the residential price rose by 8.25 per cent , CREB is forecasting a 4.46 per cent increase in the residential price for 2022.

“Despite challenges with COVID-19, we are starting to see a turnaround in our job and migration numbers, and while interest rates are expected to rise, they remain relatively low. All these factors are expected to support strong housing demand into 2022,” said CREB® Chief Economist Ann-Marie Lurie.

“The biggest question will be whether supply can meet that demand. It will take time for housing to move out of sellers’ market conditions, so we do anticipate prices will continue to rise this year.”

Calgary 2021 Housing Market Summary

After 5 years of price declines, Calgary's housing market had a surprising 8.25 per cent residential price increase and a 71 per cent increase in sales in 2021. Increase buyer demand and lower inventory pushed the city into a seller's market.

Sales and price improvements were in detached and semi-detached homes, where row homes and apartments did not have the same gains.

2021 Housing Market Summary for the City of Calgary
2021 Calgary housing market summary statistics

Calgary 2022 Housing Market Sales and Price Growth Forecast

Calgary home prices in 2022 are not expected to rise at the same pace as 2021, however grow is expected to be 4.46 per cent.

A price increase still means greater demand than supply for much of the year. An increase in economic positivity with improved job prospects and increased international and interprovincial migration will sustain demand.

Demand for resale housing will remain relatively strong in 2022 and more balanced conditions are not expected until the latter part of 2022.

2021 Sales and Price Growth Forecast for the City of Calgary

2022 Calgary housing market sales and growth forecast

2021 Housing Market Summary for the City of Calgary2022 Calgary Resale Housing Market Forecast Summary

Calgary Detached Home Price Year Over Year

Detached homes Calgary in 2021 saw the highest benchmark price increase compared to all other property types like townhomes and condominiums.

We've started off the year with exceptionally low levels of supply relative to demand. The low inventory has especially impacted homes listed below $700,000.

Home buyers looking in the lower price points will find buying in a seller's market more competitive and will have to prepare for homes selling over list price and in multiple offers. This may not ease until spring when typically more home sellers put their homes on the market putting the city back into a balanced market.

Detached home prices are expected to continue to increase in 2022 by over 5 per cent.

Calgary 2021 Detached Home Price Increase Compared to 2020

2021 Calary detached home price by quadrant

Conclusion

The Calgary housing market will remain strong as we move into 2022.

With a predicted price increase of 4.46 per cent for the year, home buyers, especially looking at detached home, need to be prepared for buying in a seller's market. This means having all your ducks in a row in order to buy, making decisions quickly and having a specific offer strategy to be successful in purchasing a home.

Are you planning on buying a home in 2022?


Find a Realtor in Calgary to buy a home. Contact Marnie Campbell Realty Team.

The Marnie Campbell Real Estate Team can help you make better real estate decisions, so you have no regrets buying a Calgary home.

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