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Calgary is going against the trend of most major Canadian cities, with cheaper real estate prices in the city today than five years ago, according to a new report.
While this is no surprise, the report from Zoocasa, a national online real estate brokerage agency, offers a stark contrast between Canada’s energy capital and other major urban centers.
“Sadly, it’s been a roller coaster over the past decade,” says Lauren Haw, CEO of the real estate company.
She notes that Calgary was among the hottest markets in Canada just over five years ago, with oil prices hovering around US $ 100 a barrel.
Since the drop in oil prices in 2014, house prices have also gradually declined. The benchmark price for a single-family home in Calgary has fallen 6% in the past five years, according to the report. This represents a drop from $ 30,800 to $ 466,000, and makes Calgary the sixth cheapest market of all the urban centers studied.
Condominium apartments have seen an even steeper price drop over the same period, the report reveals. The benchmark price is now $ 248,500, down 14% in five years, down from $ 41,900.
In contrast, the national average for a single-family home has increased 40% over the past five years to $ 683,400, while the benchmark price for a condominium has risen 52% to settle. at $ 478,700.
And prices in Metro Vancouver, for example, have gone up 63% for condos and 28% for homes. The Greater Toronto Area also saw its prices increase by 78% and 51% respectively.
Haw says the study finds that Calgary’s affordability makes it one of Canada’s most attractive markets.
“Quite frankly, I wish I could live in Calgary,” says the Torontonian.