With lower interest rates, easier mortgage rules, and longer repayment terms, more first-time buyers in Calgary are looking to purchase homes in 2025. But what kind of homes are they buying?
Historically, Calgary has favored single-family homes, but trends are changing. Data from the first 10 months of 2024 shows multi-family homes, like condos and townhouses, are dominating new builds. Out of 20,104 new homes started, only 5,869 were single-family homes, while over 9,500 were apartments.
Ann-Marie Lurie, chief economist at the Calgary Real Estate Board (CREB), predicts more people will switch from renting to owning, especially new condos. However, affordability remains a challenge. While Calgary homes may seem cheap compared to Toronto or Vancouver, many local buyers still struggle to afford what they need.
Builders are also addressing demand for rentals, with more purpose-built rental properties in development. Brian Hahn, CEO of BILD Calgary Region, expects this trend to continue into 2025.
Lifestyle preferences are also shifting. Many younger buyers prefer condos in vibrant, walkable neighborhoods like Seton or University District. These areas offer easy access to shops, cafes, and transit—everything close by. According to Maurizio Primiterra of Partners Developments, these compact communities provide a sense of connection and convenience, appealing to the younger generation.
Another factor influencing Calgary’s real estate market is migration. With the city actively promoting itself as an affordable destination compared to other major Canadian cities, newcomers are drawn to the promise of homeownership. This influx of buyers, coupled with a focus on multi-family developments, will likely continue to shape Calgary’s housing landscape in 2025.
This article was written by Cindy Stephen for the Calgary Herald and was published on January 17, 2025.
Ryan Hawkins | Real Broker | Calgary Real Estate | ryanhawkinsrealty@gmail.com