Fact Check: "Condo prices in Calgary rose by close to $100,000 between January 2022 and August 2024."
What We Know
The claim that condo prices in Calgary rose by close to $100,000 between January 2022 and August 2024 lacks substantial support from the available data. According to the Calgary Real Estate Board, the benchmark price for apartment condominiums in Calgary was approximately $335,300 in May 2024, which reflects a decrease from previous years, specifically down from a peak of around $342,110 in 2024 (Calgary Real Estate Board - CREB®).
In 2022, the average price for condominium apartments was reported at $279,306, which indicates an increase of about 6% from $263,502 in 2021 (Calgary Real Estate: Condo Sales Rise 65% in 2022, Price Up 6%). This suggests that while there was some price growth in the condo market, it did not approach the claimed increase of $100,000 over the specified period.
Further analysis shows that the overall market conditions have fluctuated. The total residential unadjusted benchmark price in Calgary was reported at $589,900 in May 2024, which is slightly lower than the previous month and over two percent below the same time in 2023 (CREB® | Daily Housing Summary).
Analysis
The claim of a $100,000 increase in condo prices implies a significant and sustained growth trend that is not substantiated by the data. The reported average price increase from 2022 to 2024 does not support such a dramatic rise.
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Price Trends: The average price for condos rose from $263,502 in 2021 to $279,306 in 2022, which is an increase of approximately $15,804. By 2024, the price was reported at $335,300, indicating a total increase of about $55,794 from the 2021 baseline, not the claimed $100,000 (Calgary Real Estate: Condo Sales Rise 65% in 2022, Price Up 6%).
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Market Conditions: The Calgary housing market has shown signs of stabilization with increased inventory and balanced conditions, which have contributed to price adjustments. For instance, the benchmark price for condos has seen declines in certain districts due to increased supply from new constructions (Calgary Real Estate Board - CREB®).
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Source Reliability: The sources used to evaluate this claim are credible and based on data from the Calgary Real Estate Board and reputable news outlets. They provide a comprehensive overview of the market trends and statistics, making them reliable for assessing the housing market conditions in Calgary.
Conclusion
Verdict: False
The claim that condo prices in Calgary rose by close to $100,000 between January 2022 and August 2024 is false. The data indicates a more modest increase in condo prices, with the total rise being approximately $55,794 from 2021 to 2024, which does not support the assertion of a $100,000 increase.
Sources
- Calgary Real Estate Board - CREB® | CREA Statistics
- CREB® | Daily Housing Summary
- Calgary Real Estate: Condo Sales Rise 65% in 2022, Price Up 6%
- In Calgary, condos become a hard sell - The Globe and Mail
- Calgary Housing Market Report: Jun. 2nd, 2025 Update - WOWA
- PDF Calgary Housing Review - Q4 2024
