Despite widespread affordability challenges and high interest rates, the real estate market in Calgary has been very strong, with 92 homes in 49 per cent of its neighbourhoods selling for above asking price between January and April, according to Wahi’s inaugural Calgary Market Pulse report.

During the same period, 14 per cent of the city’s neighbourhoods had 27 homes selling at-asking, while the remaining 37 per cent saw 70 homes sell for under-asking.

Median sale prices in top overbidding neighbourhoods below $750,000

Relative affordability plays into this, since all median sale prices in the city’s top overbidding neighbourhoods were below $750,000, while the most underbid neighbourhoods often had higher price points.

“Whether it’s buyers from other provinces attracted by Calgary’s relative affordability or locals benefitting from Alberta’s resilient economy, demand remains strong for Calgary real estate,” says Wahi CEO Benjy Katchen.

Calgary: More competitive than other Canadian markets

Wahi reports that compared to other Canadian markets, Calgary is more competitive.

For example, in April — the first time this year that GTA neighbourhoods declined month-to-month — 39 per cent of GTA neighbourhoods were overbid, down from 43 per cent the month prior. Another four per cent sold at-asking, and the remaining 57 per cent at under-asking. As well, two per cent of Ottawa neighbourhoods were overbid in 2024’s first quarter.

9 all-cash offers help sell Calgary home for $136,000 over-ask price and set new neighbourhood price point

Calgary’s competitive trend was witnessed firsthand by CIR Realty during the first weekend in May, with an open house lineup of over 50 people. The single-family home in Calgary’s Dalhousie community waiting to be seen was listed by realtor Kim Twohey at $700,000, despite her thinking the value should have been $675,000.

The home quickly sold for $136,000 over-asking after 11 offers came in — nine of which were all cash with large deposits with no conditions.

Twohey says that the final offer taken was lower than two of the others, but the sellers were adamant that the home be sold to a family, rather than a builder.

“The family said that even for a million dollars, they would not sell their family home to a builder who would tear it down to rebuild. It was very important the integrity of the community was maintained. We ended up adding a section in the private listing comments that all offers should include a letter with their intentions for the home,” Twohey says.

“The winning offer was all cash, no conditions, and from a young family who submitted a photo and a handwritten letter talking about their intention to settle into the community and establish roots here. The seller could have made a lot more money on the sale, but they didn’t want the lot going to redevelopment.”

Twohey notes that buyer demand, low inventory and the narrative around blanket rezoning are putting the real estate market “into a frenzy right now” and that, “Sellers are in a position to ask for whatever they want.” In fact, so far this year, every listing the agent had has received multiple offers, and every buyer she’s worked with has made competing offers on other agents’ listings.