Row homes, often the step between a condo and a detached house, are the fastest-rising segment in Calgary. CREB® figures for July 2023 show the row benchmark price at $407,500, up 14% from last July.
Calgary benchmark price change vs July 2022, by type
The details
- There were 488 new listings and 467 sales, a sales-to-new-listings ratio of 96%.
- Nothing was added to inventory, and months of supply stayed below one month for the fourth month in a row.
- The price rose nearly 2% from June alone.
- Prices rose in every district. The West had the highest monthly gain at nearly 4%; the City Centre had the slowest.
For comparison, detached prices rose over 7% and apartment prices over 12% in the same year.
Why it matters
Buyers priced out of detached homes move to row homes, and condo owners move up into them. That double demand, with very few listings, explains the pace.
What it means: row buyers need pre-approval and a quick decision. Sellers of row homes are in one of the strongest positions in the city.
How the row market got this tight
In May, CREB reported a row benchmark of $390,500, nearly 9% above last year’s peak of $359,600. By June it had reached $400,000, up over 11% in a year, with an 86% sales-to-new-listings ratio. In July the ratio climbed to 96%. When almost every new listing sells within the month, the number of homes for sale cannot grow, and that is what has kept supply below one month since April.
Where prices are rising
Prices rose in every district in July. The West had the highest monthly gain, at nearly 4%, and the City Centre the slowest. In June, CREB said the East, North East and South districts had the biggest monthly gains and annual gains of nearly 20%. That pattern matches what is happening in detached homes: the more affordable parts of the city are seeing the most pressure.
Compared with other property types
Row homes are now the fastest-rising segment in annual terms. The detached benchmark of $690,500 is up over 7% and the apartment benchmark of $305,900 is up over 12%. The semi-detached benchmark reached $616,800. A row home in Calgary now costs about $283,000 less than the typical detached home, which is why so many buyers see it as the realistic route to more space and, often, a small yard.
Who is buying
CREB’s chief economist points to continued migration to Alberta and Calgary’s relative affordability as the main reasons for strong demand. At the same time, the city is short of supply in the resale, new home and rental markets. For many households that cannot find or afford a detached home, a row home is the next option, and for condo owners who need more room, it is the natural step up.
Practical takeaways for buyers
- Get pre-approved: with a 96% ratio, there is rarely time to arrange financing after you find the home.
- Read the condo documents: many row homes are in condominium complexes, so check the reserve fund, fees and any planned special assessments.
- Look at the City Centre: it had the slowest monthly gains, which may give a little more room.
For sellers
Row owners are in one of the strongest positions in the city. If you plan to move up to a detached home, though, remember that detached inventory is also at July record lows. Arrange your next purchase carefully before you sell.
What to watch next
Row new listings and sales both rose from May to June and stayed high in July. If more owners list in the fall while sales follow the usual seasonal slowdown, the ratio could fall below 90% and supply could finally move above one month. Until that happens, row prices are likely to keep rising faster than other types.
