Calgary's Housing Crisis

Dated: June 14 2024

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Calgary is facing a housing crisis. According to The City's Housing Needs Assessment, one in five Calgary households cannot afford where they currently live, and this number is growing. With the prospect of welcoming another 110,000 new residents over the next four years, the scale of the challenge we face is significant.

One in five Calgary households – that's over 84,600 households – are spending more than 30% of their income on housing. This issue threatens Calgary’s competitive advantage as one of the world’s most liveable cities, where housing has traditionally been relatively affordable. To support Calgary’s prosperity now and for future generations, we need more homes in all shapes and sizes across all neighbourhoods.

The Urgency of Calgary's Housing Strategy

The City of Calgary recognizes the need to address this crisis head-on. The rising rental prices and housing costs are pushing the dream of homeownership further out of reach for many Calgarians. With a record 42,000 new residents arriving in Calgary last year, and an expected 110,000 over the next five years, the need for housing solutions has never been more pressing.

The City's Housing Strategy aims to make it easier to build diverse types of housing across the city, increase the availability of land for housing development, and ensure those in the greatest need have a place to call home. The percentage of households needing affordable housing has remained constant at 17-18% over the past three decades. However, the absolute number of households in need has doubled. By 2026, this number is expected to reach nearly 100,000.

On the Ground: The Reality of Calgary's Housing Market

As real estate professionals, our team witnesses firsthand the critical need for more housing. Buyers are confronted with limited supply, and the growing population is only exacerbating this issue. Many properties are selling in mere days, often with multiple offers above the list price.

Many buyers are looking in communities they typically wouldn't consider to find affordability, while others are considering nearby cities and towns of Airdrie, Okotoks, Chestermere, and Cochrane to chase other options & get more value for their money. The competition is fierce, and the demand for housing is outpacing the current supply.

The Path Forward

Calgary's housing crisis is a multifaceted issue that requires immediate and comprehensive action. The City of Calgary's Housing Strategy is a crucial step toward ensuring that all Calgarians have access to affordable housing. By increasing the diversity and availability of housing, we can support our city’s growth and maintain its reputation as one of the most liveable cities in the world.

If you're feeling the impact of Calgary's housing market or looking to explore housing options in this challenging environment, our team is here to help. Contact us to navigate these changes and find the best solutions for your needs.

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Kowall Boutique Real Estate

Welcome to Kowall Boutique Real Estate, your go-to Calgary realtors for all your real estate needs. Led by Daniel Kowall and Tali Kowall, our team is proud to be part of EXP Realty in Calgary, AB, Can....

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