Fact Check: Condo prices in Calgary rose by close to $100,000 from 2022 to 2024.

Fact Check: "Condo prices in Calgary rose by close to $100,000 from 2022 to 2024."

What We Know

The claim that condo prices in Calgary rose by close to $100,000 from 2022 to 2024 is supported by several data points. According to a report from The Globe and Mail, the benchmark price for apartment condos in Calgary increased from $253,300 in January 2022 to $352,200 in August 2024. This indicates a price increase of approximately $98,900 over the specified period. Furthermore, the report highlights that the current benchmark price remains $88,300 higher than in 2022, reflecting ongoing demand and a persistent housing shortage in Calgary.

Additionally, other sources corroborate the trend of rising condo prices. For instance, data from the Calgary Real Estate Board shows that condo prices spiked significantly within a year, underscoring the volatility and upward trajectory of the market (source-4).

Analysis

The evidence supporting the claim comes from credible sources, particularly The Globe and Mail, which is a well-respected publication known for its thorough reporting on real estate trends. The data presented by the Calgary Real Estate Board is also reliable, as it is a primary source for real estate statistics in the region. The reported figures align with the broader context of Calgary's housing market, which has experienced fluctuations due to economic factors and population growth.

However, it is important to note that while the increase in prices is significant, the market is also showing signs of adjustment. Reports indicate that sales are contracting and that many condos are selling below their asking prices, which could suggest a cooling market despite the overall price increase (source-2). This complexity in market dynamics should be considered when interpreting the price increase.

Conclusion

Verdict: True
The claim that condo prices in Calgary rose by close to $100,000 from 2022 to 2024 is substantiated by credible data indicating a price increase from $253,300 to $352,200. The evidence from reliable sources reflects both the upward trend in prices and the ongoing challenges in the housing market, such as inventory levels and sales dynamics.

Fact Check: Condo prices in Calgary rose by close to $100,000 from 2022 to 2024.