Home Buying in 'Blue Sky City'

Over the past two years, Calgary has emerged as one of Canada's fastest-growing real estate markets — outpacing the traditional high-demand markets of Toronto and Vancouver, where year-over-year growth has slowed due to higher prices, increased borrowing costs and market stabilization efforts.

Yet, despite increased prices and a low supply of housing options under $500,000, migration rates to Calgary remain historically high, and more people see Calgary as a compelling alternative to its coastal counterparts.

So, what makes Calgary a unique Canadian destination for home buyers and investors? This month’s blog breaks down the comparative pros of Western Canada’s largest city.

For many hardworking Calgarians, real estate price increases over the past two years have made ownership feel increasingly out of reach. However, the fact remains that real estate prices in Calgary are still considerably lower than in Toronto and Vancouver — which means for prospective buyers in those markets, real estate prices here are very appealing. 

What you might pay for a small two-bedroom apartment in downtown Toronto can still fetch you a reasonably sized, single-family home with a backyard in many of Calgary’s most desirable suburban neighbourhoods.

Additionally, Calgary’s relative affordability extends beyond housing. Due to comparatively cheaper costs on regular household expenses such as gas and insurance, lower property taxes and no sales tax, the overall cost of living in Calgary is also less than in many other major Canadian cities.

Calgary consistently ranks among the top of many quality-of-life surveys, and it’s easy to see why. Not only is the city more affordable than Toronto and Vancouver, but it also offers a perfect balance between urban amenities and natural beauty with an incredibly vast backyard.

A haven for outdoor enthusiasts, Calgary is just a short drive from the Rocky Mountains to the west and the beautiful and historic badlands and prairie landscape to the east — perfectly situated for skiing, afternoon hikes or weekend camping adventures.

Inside the city, Calgarians enjoy easy access to hundreds of kilometres of bike and walking paths along the Bow and Elbow Rivers and many sizable outdoor recreation areas and parks such as Nosehill and Fishcreek Park.

Renowned for its clean air, safe neighbourhoods and excellent education systems, many buyers from Toronto and Vancouver are also pleasantly surprised by Calgary’s sunny, albeit chilly, winters.

As many Calgarians profess, Calgary boasts more hours of sunshine per year than any other major Canadian city — making it a bright and vibrant place to live, a sentiment the city’s new slogan, ‘Blue Sky City,’ is intended to evoke.

Calgary’s cultural scene is as diverse and vibrant as its rapidly growing population. The city hosts numerous cultural festivals, arts events, and live performances annually, celebrating its multicultural community.

Yet, despite being a large urban center with a food, restaurant, and entertainment scene that matches any major Canadian city, Calgary maintains a strong sense of community and village-mindedness that is often associated with smaller towns and typical of rural Alberta.

We’re proud to say our city’s residents are known for their welcoming nature, and the community spirit is palpable, especially during events like the Calgary Stampede. This strong community vibe sets Calgary apart from the hustle and bustle often found in larger cities like Toronto and Vancouver.

While Calgary’s strong, oil-based economy is typically associated with boom and bust cycles, summed by the humourous Alberta proverb: “lord give me one more oil boom, and I promise not to waste it,” There are positive signs Calgary’s economy is diversifying, making it more resilient to future swings in the price of commodities.

Quickly emerging as a tech hub, the city has seen significant growth in tech startups, and there are numerous initiatives to foster innovation and attract tech talent with lower operating costs compared to Toronto or Vancouver.

It’s also worth noting that the City of Calgary is investing in several sizable infrastructure projects, including the recently completed BMO convention centre, a new stadium for the Calgary Flames hockey team, a new Arts Commons building, and the Green Line — a north/south extension to the city’s C-train transit system.

Collectively, these capital projects are encouraging signs that the City Council is investing in Calgary's economic growth and regional influence.

While undoubtedly Vancouver and Toronto have a unique appeal, Calgary stands out for its strong sense of community, affordability, economy, and high quality of life.

Whether looking for a place to call home or a promising investment opportunity, Calgary offers a combination of benefits that are hard to find elsewhere in Canada. As the city grows and diversifies, its real estate market is poised for a bright future, making now the perfect time to consider Calgary your next destination.

If you’re interested in exploring Calgary’s real estate market or learning more about what this incredible city offers, don’t hesitate to reach out.