Calgary, the beating heart of Canada’s energy sector and the largest city in the province of Alberta is where skyscrapers and the Canadian Rockies stand shoulder to shoulder. With its mix of contemporary architecture and friendly neighbourhood vibe, Calgary is one of the most desirable places to live in Western Canada.  Whether you’re on the hunt for the new pre-construction condos in Calgary or the latest listings of detached single family homes, you’ve stumbled upon the perfect spot. With a spirit as free as the endless Alberta skies, Calgary promises a lifestyle that’s as exciting as the world-famous Calgary Stampede and as serene as the city’s picturesque parks and trails. 

Calgary Pre-Construction Condo Market Trends 2024 

The average price for existing and new condos in Calgary is $349,000 in June 2024. This represents a 13.6% year-over-year increase compared with 2023 data. According to Calgary’s Housing Review, the resale price for all types of old and new homes in  Calgary averages $582,945. This is a 7.5% increase in comparison with 2023. Data from Calgary Real Estate Board (CREB) indicates that renters can expect to pay an average rental rate of $1,695 for a two-bedroom apartment. The vacancy rate in Calgary is currently at 1.4% based on CREB. When it comes to sales, CREB shows that Calgary condos take an average of 27 days to sell. The time to sell homes varies slightly, with detached homes in Calgary taking 25 days and semi-detached homes taking 26 days on the market.

Pre-Construction Condos & Homes in Calgary

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Reasons to Invest in New Condos in Calgary

A Hub of Accessibility and Exploration

With major highways like the Trans-Canada Highway and the Stoney Trail Ring Road, accessible transit options such as buses and CTrains, and a commitment to barrier-free design standards, Calgary is a model for inclusive urban living. Additionally, Calgary International Airport offers extensive domestic and international connections. Proximity to natural attractions such as the Canadian Rockies and Banff National Park also adds to its allure, providing a unique blend of urban and outdoor lifestyles.

Thriving Economy and Strong Job Market

Calgary’s economy is diverse and resilient, anchored by key industries such as energy, technology, and financial services. The city is home to several major corporations and has a strong entrepreneurial ecosystem, fostering innovation and growth. This economic stability translates into a robust job market, attracting professionals and families. Additionally, Calgary’s education and healthcare facilities are among the best in Canada. This makes new homes in Calgary a compelling choice for investors and residents.

Surging Population and Government Incentives

Calgary’s real estate market is surging, with the metro-area population expanding by nearly 96,000 people last year alone, marking a remarkable six percent increase in just 12 months. This rapid growth signals a soaring demand for new homes in Calgary. The introduction of Canada’s Housing Plan is poised to further energize the market. With incentives like a 30-year amortization period for new builds in Calgary and higher Home Buyers’ Plan withdrawal limits, the plan is a boon for first-time buyers. These measures are expected to stimulate the market, making the investment in pre-construction homes in Calgary even more appealing.

Calgary Rental and Seller Market 2024

Rental Market

Calgary’s rental market is becoming increasingly competitive, with the average two-bedroom rent for a purpose-built market at $1,695 and for a two-bedroom condo rental at $1,819. The city experienced the lowest vacancy rates for rentals in nearly a decade in 2023, and the trend towards tighter rental market conditions is expected to continue, with further increases in rents and reduced vacancy rates predicted.

Seller Market

As of June 2024, the average selling price for detached homes in Calgary has reached $822,873, while semi-detached homes and townhouses for sale in Calgary are at $702,960 and $473,913 respectively. Condo apartments, despite a year-over-year increase in average price, remain the most affordable housing option at $349,154. The Calgary housing market is characterized by a lack of supply, pushing home prices higher, with the average home price now at $612,772, marking an 11% increase from last year.

Average Renting and Selling Time in Calgary

– New Condos

Renting Time for Condos: The duration required to rent a condo in Calgary hinges on several factors, including location, size, and time of year. Nevertheless, a well-priced condo situated in a desirable location typically takes a few weeks to two months to secure a tenant. According to predictions by the Canada Mortgage and Housing Corporation (CMHC), the rental vacancy rate in the Calgary metropolitan area is expected to decline from 1.4% in 2023 to 1.1% in 2024, and subsequently reach 1% in 2025.

Selling Time for Condos: New Calgary condos take an average of 27 days to be sold.

– New Homes

-Renting Time for Homes: Competitively priced and highly sought-after detached homes in Calgary are rented swiftly, usually within a timeframe of 30 days.

-Selling Time for Homes: New homes in Calgary stay on the market depending on the type, with detached homes 25 days, semi-detached homes 26 days, and row homes about 22 days on the market.

Neighbourhoods

Northeast Calgary

Northeast Calgary is a quadrant that’s rapidly transforming, offering a blend of urban convenience and suburban tranquillity. It’s an area where new pre-construction condos in Calgary are rising amidst established neighbourhoods. 

1. Bridgeland-Riverside

  • Highlights: Trendy shops, eateries, and a vibrant arts scene, nearby river pathways, and proximity to the Calgary Zoo and Telus Spark.
  • Perfect For: Pre-construction townhouses in Calgary, in this neighbourhood, are perfect for nature lovers, art aficionados, foodies.

2. Renfrew

  • Highlights: Affordable housing, family-friendly amenities, easy access to Downtown and Deerfoot Trail.
    Perfect For: Townhome developments in Calgary, in this area, are perfect for first-time buyers, growing families.

3. Skyview Ranch

  • Highlights: Suburban living with a relaxed atmosphere, featuring modern houses and townhomes with proximity to Calgary International Airport.
  • Perfect For: Professionals working near the airport and young families.

Northwest Calgary

Northwest Calgary is where community spirit meets urban convenience, and the landscape is as varied as the lifestyles it accommodates. It’s a place where pre-construction projects in Calgary are blossoming, offering residents a chance to be part of vibrant new beginnings.

1. Hillhurst

  • Highlights: Tree-lined streets, distinctive character houses, hip restaurants and bars, with proximity to the Bow River and downtown.
  • Perfect For: Professionals, artists, foodies, singles, and downsizers

2. Brentwood

  • Highlights: Proximity to the University of Calgary, multiple parks, and convenient public transit options.
  • Perfect For: Condos for sale in Calgary, in this area, are perfect for students, academics, and families.

3. Arbour Lake

  • Highlights: Features a central lake for recreational activities, nearby schools, and shopping centers.
  • Perfect For: Families and those who enjoy outdoor activities and community events.

Southwest Calgary

Southwest Calgary is a quadrant that exudes sophistication and serenity, making it one of the most sought-after areas in the city. Here, new Calgary condos for sale blend seamlessly with well-established communities, offering a lifestyle that’s both modern and grounded. 

1. Altadore

  • Highlights: An upscale neighbourhood with proximity to River Park, close to the trendy Marda Loop area, offering boutique shops, and cafes.
  • Perfect For: Urban dwellers, professional couples, and families.

2. Glamorgan

  • Highlights: Offers a variety of housing options, from apartments to detached homes, mid-century architecture, abundance of amenities.
  • Perfect For: Budget-conscious families, first-time buyers, and retirees.

3. Aspen Woods

  • Highlights: Known for its luxurious estates and spacious acreages, offering a secluded atmosphere and high-end shopping and dining options.
  • Perfect For: Affluent families, executives, and second-home buyers.

Southeast Calgary

Southeast Calgary is a quadrant that’s blossoming with opportunity and charm. It’s a place where history meets modernity, and community life flourishes around scenic lakes and vibrant streetscapes. Here, new condos for sale offer a refreshing take on urban living.

1. Inglewood

  • Highlights: Calgary’s oldest neighbourhood, Inglewood is rich in history and brimming with live music venues, unique shops, and art galleries.
  • Perfect For: Young professionals, artists, and those who enjoy a unique and characterful environment.

2. Auburn Bay

  • Highlights: A newer community designed around a 43-acre lake offering opportunities for fishing, boating, and enjoying scenic views.
  • Perfect For: Recreation seekers, and young couples.

3. Mahogany

  • Highlights: One of Calgary’s newest lake communities featuring the region’s largest freshwater lake measuring 63 acres.
  • Perfect For: New families and those looking for modern amenities in a lakeside setting.

Pros of Living in Calgary

  • Abundant Outdoor Adventures: Set against the majestic Rocky Mountains, Calgary proffers myriad outdoor exploits. Fish Creek Provincial Park, the second largest urban park in Canada, sprawls over 19 kilometres, allowing hiking, biking, cross-country skiing, and birdwatching. Meanwhile, the Bow River encourages kayaking, fishing, tubing, and floating. Places like Canada Olympic Park (WinSport) provide year-round sports and recreational opportunities. New homes in Calgary offer access to these natural playgrounds.
  • Clean and Green Environment: Calgary is known as one of the cleanest cities in the world. The city has a robust infrastructure that includes a well-maintained sewage system, clean drinking water, and efficient recycling programs. Calgary’s stringent anti-littering laws, with fines up to $1000, help maintain its pristine condition. This commitment to sustainability is reflected in the new developments in Calgary.
  • Economic Opportunities and Tech Growth: Calgary has diversified its economy beyond oil and gas to become a tech hub, attracting companies like Google, Amazon, and IBM. This shift has led to significant investments in digital transformation technologies, creating numerous job opportunities in various sectors including aerospace, agribusiness, and financial services. This economic growth supports the demand for pre-construction homes in Calgary.
  • Vibrant Cultural Scene and Festivals: Calgary hosts several renowned festivals and events, including the Calgary International Film Festival, Calgary Folk Music Festival, and the famous Calgary Stampede, which draws over a million attendees each year. These events contribute to the city’s vibrant cultural scene and provide ample entertainment options for residents.
  • Four Distinct Seasons: Calgary experiences all four seasons, offering a variety of outdoor activities year-round. Winters can be chilly, but Chinook winds, warm winds descending from the Rockies, can bring a sudden temperature rise, providing a welcome respite during the colder months.

Cons of Living in Calgary

  • Traffic Congestion and Public Transit Issues: Calgary experiences significant traffic congestion, particularly during rush hours, which can lead to long commutes. While the city has a public transit system that includes the C-Train and buses, it is often considered underdeveloped compared to other major cities. Efforts are ongoing to improve infrastructure, but for now, traffic and transport remain a challenge.
  • Fluctuations in the Oil & Gas Industry: Calgary’s economy is heavily reliant on the oil & gas industry. Downturns in this sector can lead to job losses and economic instability. While the city is actively diversifying its economy, the oil & gas sector remains a significant factor.
  • Urban Sprawl: The city’s rapid expansion has led to urban sprawl, making some suburban areas like Auburn Bay less accessible and increasing commute times.

FAQs About New Condos and Homes in Calgary

What is the average price of new condos in Calgary in 2024?

The average price of new condos in Calgary is approximately $349,000 (June 2024).

What amenities can I expect in new builds in Calgary?

Calgary condos for sale typically cater to modern living with a range of amenities. These may include fitness centers, swimming pools, rooftop terraces with stunning city or mountain views, concierge services, co-working spaces for remote work, pet-washing stations, entertainment lounges, and even amenities catering to specific hobbies like yoga studios or golf simulators. Specific offerings will vary by development, so be sure to check project details.

Why should I consider buying a new condo in Calgary in 2024?

Buying a new condo in Calgary in 2024 is a sound investment due to the city’s rapid population growth, economic stability, and comprehensive amenities. The introduction of Canada’s Housing Plan, which includes incentives like a 30-year amortization period for new builds, makes it an ideal time for first-time buyers and investors.

What is the rental market like for condos in Calgary in 2024?

Calgary’s rental market is expected to tighten, with vacancy rates forecasted to fall to 1% in 2025 and rents anticipated to rise.

How is the public transportation system in Calgary?

Calgary’s public transportation system, primarily the CTrain light rail network, is efficient and affordable. While it offers good coverage in central areas, some outlying communities may have limited access, potentially requiring car ownership for greater convenience.

What are some of the best neighbourhoods for new condos in Calgary?

Some of the top neighbourhoods for condos in Calgary include:

  • Beltline: Known for its vibrant urban atmosphere, with numerous dining and entertainment options.
  • Kensington: A trendy area with boutique shops, cafes, and easy access to downtown.
  • Bridgeland: Offers a mix of modern condos and charming older homes, with a strong sense of community and proximity to the Bow River.
Are there good schools in Calgary?

Yes, Calgary has several highly regarded schools, including public, private, and charter institutions. The Calgary Board of Education and the Calgary Catholic School District operate numerous elementary, middle, and high schools. Additionally, the city is home to post-secondary institutions like the University of Calgary and Mount Royal University.

What is the economic outlook for Calgary in 2024?

Calgary’s economy is positive, with a focus on diversification beyond the oil & gas sector. The city is a hub for technology, innovation, and entrepreneurship, attracting major corporations and fostering job growth across various industries.

What are the future development plans for Calgary in 2024?

Key projects to watch in 2024 include the BMO Centre Expansion, the new Event Centre, and Arts Commons Transformation, among others.

What is the average condo appreciation rate in Calgary?

The average condo appreciation rate in Calgary has been reported at 13.6% year-over-year.

How much down payment for a condo in Calgary?

The minimum down payment for a condo in Calgary depends on the purchase price: For properties priced at or below $500,000, the minimum down payment is 5%. For properties priced above $500,000, the down payment is 5% for the first $500,000 and 10% for the remaining amount.

Are condos selling in Calgary?

Condos are indeed selling in Calgary, with the market experiencing a 10.5% increase in transactions month-over-month.

Is it a good time to sell a condo in Calgary?

With the seller’s market conditions and a Sales-to-New Listings Ratio (SNLR) of 71%, it indicates a market that favours sellers, suggesting it is a good time to sell condos in Calgary.

Why are condo prices so high in Calgary?

High condo prices in Calgary can be attributed to strong demand from new residents, limited supply, and higher rental yields compared to other markets. Additionally, economic resilience and population growth are driving housing demand, contributing to the rise in prices.

How can I stay updated on new condo developments in Calgary?

To stay informed about new developments in Calgary, you can register for updates on Platinum Condo Deals and subscribe to our newsletter which provides regular updates and exclusive access to new listings.

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