According to the Real Estate Council of Calgary, the standard retail price for a typical single-family home in Calgary is $643,000.
A similar home in Kelowna sold for $1,060,000, according to the Furniture Brokers Association.
That means the same house in Calgary is 39% cheaper.
We are comparing apples here.
We found a 1,852 square foot three-bedroom, three-bathroom home in Low Court, Kelowna, near Okanagan University, for $1,58,000.
In Chapman Circle, southeast of Calgary, we found a 1,922-square-foot, four-bedroom, three-bathroom home for sale for $644,900.
It’s the big difference that drives people from Kelowna to Calgary in search of cheaper housing.
(See Kelowna and Calgary townhouses and apartments comparison below.)
Earlier this week, KelownaNow ran a story called “Goodbye Kelowna, I’ve moved to Calgary” about three people who recently left their holdings in the Okanagan and moved to Calgary.
A common theme for all three is to avoid affordable housing in Kelowna to find affordable housing in Calgary.
“I hear more and more people are leaving the Kelowna market for Edmonton (where a typical single-family home costs $494,000) and nearby small towns like Lumby and Salmon Arm, instead of Calgary,” said Amanda Cormier, Royal LePage, the firm’s realtor, Kelowna.
“But Kelowna has a great climate, a lot of growth, a lot of life and is a desirable area, so people are always moving here.”
Winters in Calgary can be harsher and longer (no Okanagan Lake or vineyards), but it’s known for its value, quality of city life, convenience and entertainment, and thriving economy. and the distance to the Rocky Mountains. .
In fact, our neighboring province is driving all of this with the newly released AlbertaIsCalling.ca campaign, which encourages skilled workers to move to a low-tax, high-wage state and more than 300 sunny days per year.
“We have seen a shift in the Calgary property market as people move here because of affordability and opportunity,” said Matt Kalbeck, a real estate agent for Royal LePage in Calgary. “.
“I’d say 80 percent of the people moving out of the province are from Ontario, mostly from the Toronto area. But we also see people moving from Vancouver and Kelowna.”
Colbeck notes that for the price of a condo in Toronto, Vancouver or Kelowna, buyers can buy a nice home with Alberta living in Calgary.
With the median price of a single-family home in Kelowna being $1 million, people can afford a 3,000-square-foot home in Calgary with five bedrooms and a three-car garage.
“Prices really depend on the neighborhood, just like any other city,” Colbeck said.
“But one thing is for sure, everything in Calgary is cheaper than Kelowna.”
When it comes to townhouses, the benchmark sales price for a typical home in Kelowna is $783,500, down 54% from $362,600 in Calgary.
For comparison, we found a 1,500-square-foot three-bedroom, three-bathroom home on Celano Crescent in Glenmore North, Kelowna.
A 1,319 square foot three-bedroom, three-bathroom townhouse in Redstone Circle, northeast of Calgary, is listed for $360,000.
For an apartment, we found an 894-square-foot two-bedroom, two-bathroom unit in the four-story Verve complex on Glenmore North in Kelowna.
Two examples in southeast Calgary are a two-bedroom, two-bathroom apartment in a downtown apartment building for $279,900, and a two-bedroom, two-bath apartment in the Skyview neighborhood. Six-story community, $277,900.