How do real estate prices in Vancouver compare to Calgary?

Real estate prices in Vancouver are much higher when compared to Calgary. The benchmark price of homes in Metro Vancouver was $1,196,800. But the price in Calgary is much lower at $597,600. Between both cities, the choice of a home can be difficult. Several factors may influence your decision. Employment opportunities and the cultural scene play a vital role. Calgary offers a vibrant gas sector for individuals interested in the oil and gas industry. On the other hand, Vancouver boasts oceanfront and mountain views, as well as diverse cultural scenes. Both cities offer unique features. The cost of real estate is equally important. Property prices depend on the type of property and location. It also depends on the use of the property. Here, we will compare the cost of real estate in Calgary and Vancouver.

Are real estate prices higher in Vancouver or Calgary?

Yes. Vancouver has higher real estate prices. According to Nicola Wightman, in her article City Living: Calgary Vs Vancouver, the mean median price for all types of properties in Vancouver is $1.5 million. When compared to Calgary, it is $500,000. This is less than half of the price in Vancouver. This shows a big difference in the average house prices in both cities.

From our research at Chamberlain Real Estate, it will cost over $15,000 per m2 to buy a house in Vancouver. That is about $1,400 per square foot. It is $6,000 per square meter in Calgary.

How do home prices in Vancouver compare to Calgary?

Prices of residential units differ in both cities. Matt Scace of Calgary Herald (in the article titled, As Calgary's housing prices climb, what does $1 million buy you in 2024?)claims that the prices of homes have been increasing steadily. The average price of an apartment in Calgary is $315,000. You will pay $800,000 for it in Vancouver. This is over a 39% difference in the cost of the most affordable housing unit. On the average, Townhomes cost about $418,000 in Calgary. They are priced in Vancouver with an average cost of $1.2 million. Single-family homes witness the widest price difference. They cost about $2.1 million in Vancouver. This is three times the cost in Calgary, Canada.

From our study at Chamberlain Real Estate, we found that home prices are higher in Vancouver than in Calgary for all types of homes. On a larger scale, the British Columbia housing market influences Canadian home prices.

What is the cost of housing difference between Vancouver and Calgary?

The housing cost in both cities varies. According to Clever Canadian, Calgary has a lower housing price than Vancouver. You will pay $419,000 for a detached home in Calgary. It will cost $1,217,000 in Vancouver. However, Calgary provides a more variety of housing units. Most of their homes are single-family houses.

From our research at Chamberlain Real Estate, the rental prices also differ greatly. In Calgary, rent for a 1-bedroom apartment is $1,537.10. To rent the same bedroom apartment in the city center of Vancouver costs $2,451.74 monthly. The monthly rental price for a 3-bedroom apartment in Calgary is $2,790.47. In Vancouver, it will cost $4,552.38.

How do the Vancouver and Calgary real estate markets compare?

The real estate markets differ in both cities. According to Joel Schlesinger of the Calgary Herald, Calgary’s real estate market is among the top performers in single-family detached homes. It is one of the leading major cities in price gains for these buildings in Canada. There was a price growth of 12% for these homes in 2023. For apartments, the average price increased by 19 percent. This growth is the largest among 67 Canadian cities.

In comparison, Vancouver’s real estate also performed well. The market price for single-family homes in the municipality grew by 9 percent to about $2.535 million. Apartments witnessed a 4 percent growth.

However, from our research at Chamberlain Real Estate, Vancouver’s real estate market performed better. It experienced the most gain in dollar value for a single-family home.

Which city has higher home prices, Vancouver or Calgary?

Vancouver has a higher home price than Calgary. According to Minto, the monthly mortgage payments vary in both cities. In a month, house owners in Vancouver pay $6,607 on average. In Calgary, it costs $3077. Also, the downpayment for a home varies significantly. In Vancouver, the average down payment is $237,787, as opposed to $30,363 in Calgary.

Also, the average cost of homes is higher in Vancouver. Apartments cost $315,000 on average in Calgary. The same building will go for $800,000 in Calgary. The single-family detached home witnessed the highway price difference. In Vancouver, it will cost about $2.1 million. Buying the same property in Calgary will cost $730,000 only.

What are the housing costs in Vancouver vs Calgary?

The housing costs in Vancouver are significantly higher that Calgary. Both cities differ, depending on the type of home, location and features. Anis Heydari of CBC News (Want to buy a house in Calgary?) states that home prices in Calgary increased by 10% in 2023. The mean median price for all types of residential properties differs in both cities. We at Chamberlain Real Estate have identified three housing types and their costs. We will compare the housing prices of different housing units in Vancouver and Calgary. Here are the three types of housing and their cost.

Condo Apartments.

These are the most affordable residential properties. They cost about $800,000 in Vancouver. They are about $315,000 in Calgary.

Townhomes.

Townhomes have a benchmark price of $1.2 million in Vancouver, British Columbia. In Calgary, Alberta, it is about $418,000.

Single-family homes.

These are larger buildings and the most expensive type of housing unit. It has a benchmark price of $2.1 million in Vancouver. It has an affordable cost of $730,000 in Calgary.

How do property values differ between Vancouver and Calgary?

Vancouver has higher property values than Calgary. According to Samson Solomon of Nesto.ca, in the article, Calgary Housing Market Outlook 2024, the average home price in Calgary is $597,600. Whereas it is $1.3 million in Vancouver. Also, the average sales price for all properties differs in both cities. In Vancouver, it is $1.2 million. On the other hand, it is $540,000 in Calgary. This indicates a significant difference in property values, with Vancouver having higher values.

From our experience at Chamberlain Real Estate, many factors fuel this discrepancy. These factors include limited land for buildings and consistent demand for properties in Vancouver. These factors increase the cost of living in the city. In Calgary, lands are available and there is lesser housing demand.

Which city is more affordable for real estate, Vancouver or Calgary?

Real estate is affordable in Calgary. According to the CREB(Calgary Real Estate Board) monthly stats for the city, the average cost of homes is lower in Calgary. You will pay about $800,000 for condos in Vancouver. This amount is twice more than the cost if you were moving to Calgary. Also, Single family homes are more expensive in Vancouver. The price is about $721,300 in Calgary. This amount is one-third of the price in Vancouver.

Also, monthly mortgage payments is cheaper in Calgary. The average monthly mortgage payment is about $6,000 in Vancouver. This is two times more than the pay in Calgary.

The price for a 1-bedroom apartment is about $1,500 per month. This is in stark contrast with Vancouver’s city center. You will pay about $2,400 monthly for a similar unit in Vancouver. Yet, Vancouver has a higher cost of living than Calgary. Hence, it is ranked the second most expensive city globally. For these, Calgary is favored in real estate acquisition because of its relative affordability.

For more information on the cost of real estate in both cities, contact us at Chamberlain Real Estate.