The Calgary housing market in 2024 is shaping up to be an interesting landscape for potential homebuyers. With consistent price growth, the median home price has risen significantly, making it an increasingly attractive market. For instance, detached homes now cost around $710,000. However, despite these increases, Calgary remains more affordable compared to cities like Toronto and Vancouver. If you’re thinking about buying, acting sooner rather than later might be wise, as prices are expected to continue climbing.

Calgary’s economy is another reason to consider buying now. The city’s diverse job market—spanning industries like energy, technology, and healthcare—has helped create a stable demand for housing. This economic strength, combined with population growth, further supports the idea that property values will likely keep rising. This population boom has also driven up demand for homes, which means competition for properties could intensify.

Mortgage rates are still relatively low, making home financing more accessible. However, rising property prices and stricter lending rules could pose a challenge, particularly for first-time buyers. Government programs like the First-Time Home Buyer Incentive can provide some relief in making the purchase more affordable.

Calgary’s rental market is also extremely tight, with vacancy rates at record lows. As a result, many are opting for homeownership over renting. With housing supply not keeping pace with demand—due to slow construction of new homes—now could be an ideal time to buy before supply dwindles further and prices rise more.

As for timing your purchase, spring and summer traditionally offer the best selection of homes. However, if you’re looking for better deals, the winter months may offer a pricing advantage, as sellers tend to be more flexible.

In conclusion, with rising prices, strong economic growth, and increasing demand, now could be a strategic time to purchase a home in Calgary. Whether you’re buying your first home or investing, the market’s upward trend suggests long-term rewards.