Calgary townhome prices experiencing fastest growth in Canada, reveals new report from Calgary

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Price of Calgary townhomes growing fastest in Canada: report - Calgary



“The real estate market in Calgary is on fire, with townhome prices soaring to new heights and outpacing the rest of Canada. This surge is driven by the city’s rapid population growth and increasing demand for housing.

**Rising Townhome Prices**
According to a report by Zoocasa, the average price of a townhome in Calgary has increased by 17% in the past year, reaching an average of $458,100. This growth far surpasses other major Canadian cities, with Edmonton seeing a 10.3% increase in townhome prices to $245,900.

**Changing Market Dynamics**
As people dream of owning a detached home, affordability constraints are pushing them towards townhomes as a viable option, especially for first-time buyers or downsizers. The lower minimum down payment requirement for townhomes compared to single-detached homes is making them more accessible to buyers.

**Supply and Demand**
Despite the growing demand for townhomes, the supply is dwindling in Calgary. The Calgary Real Estate Board reported a decline in affordable townhome options, leading to a shift in the market dynamics. With fewer affordable properties available, buyers are facing limited choices and increased competition.

**City-Wide Rezoning**
Calgary’s mayor has proposed a city-wide rezoning plan to address the housing affordability issue. The plan includes changes to the default residential zoning district to allow for more housing options like rowhouses and fourplexes. This initiative aims to increase the housing supply and provide more affordable options for buyers.

**Challenges Ahead**
While experts believe that the supply of townhomes will eventually catch up with demand, challenges such as labor shortages in the construction industry may delay the process. Building new homes takes time, and the current market conditions pose obstacles for builders to meet the growing demand.

In conclusion, the surge in townhome prices in Calgary reflects the city’s booming real estate market and the challenges that come with it. As the city grapples with affordability issues and dwindling supply, innovative solutions like city-wide rezoning may pave the way for a more sustainable housing market in the future.”



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