Escalating mortgage costs may not discourage those coming from markets such as Toronto, with detached homes that often cost more than $1 million. According to Lurie, those buyers are "less sensitive to those higher interest rates" when they view similar homes in Calgary with prices that are typically hundreds of thousands of dollars lower.
"We thought it was gonna be way easier," said Alejandro Decker, who stopped by Faule's open house on a summer weekend. Over the last month, he's been looking to buy a home for his family of four.Alejandro Decker has been looking to purchase a home in Calgary for more than a month — but finds a lack of supply to be a problem.
Marion pointed out that a low level of housing starts contributes to a lack of supply in the Calgary market, and as more people move to the city, the demand for housing goes up. Stéfane Marion, chief economist with National Bank of Canada, warns that there aren't enough houses being built in Calgary to match the number of people migrating to the city.Alberta attracted more people from other provinces compared to anywhere else in Canada in the first three months of 2023, but real estate market numbers for the summer of 2023 don't seem to indicate price increases at the same level as Calgary's so far.