Calgary’s top neighbourhoods

There are opportunities galore for investors and we’ve found them

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From the April 2016 issue of the magazine.

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Best deals in real estate 2016

(Songquan Deng / Getty Images)

Without oil to grease the market, home prices in Calgary have begun to seize up. Almost half of the neighbourhoods in Cowtown have lost value over the past year, but none more so than Elbow Park in Calgary’s city centre, which fell 5%. And there may be more pain on the horizon. Limited inventory through the back part of the year may help mitigate the slide, but that could change quickly if more homeowners feel compelled to downsize to cut costs or search for better opportunities outside the city or province.

The biggest risk is in high-price neighbourhoods like Bel-Aire in the city’s core. Stories about homes priced upwards of $2 million selling for $1.2 million after sitting on the market for months are becoming more common, says Taj Gill, a realtor with Re/Max. There are plenty of qualified buyers, though many are waiting on the sidelines, either unimpressed by what’s available or anticipating steeper declines to come.

The dark mood in the market is reflected by realtors too, who on average rated neighbourhoods in the city at just two-and-a-half stars out of five. That doesn’t mean there aren’t opportunities. Those hoping to get a return on their investment should look to lower-priced and undervalued neighbourhoods.

Photo gallery: Top 25 Calgary neighbourhoods to buy in »

Calgary at a glance…

CITY TOP 25
Average Neighbourhood Price $566,170 $469,531
Min $336,042 $347,125
Max $1,704,058 $709,292
Below $500K 41% 60%
Average 1-Year Return 1% 4%
Average 5-Year Return 20% 28%
Average Realtor Grade (Out Of 5) ★★★ ★★★

Top 5 neighbourhoods

Realtors’ bet

Altadore, City Centre

The city doesn’t have much of a reputation for quirky strips of shops and restaurants but Altadore does, says Re/Max realtor Brenda Parai. This higher-density neighbourhood is popular with families looking for newer inner city homes. While it’s not uncommon for houses to go for $700,000 or more, sales have been sluggish on homes priced over the  $1-million mark.

Top 25 neighbourhoods

*NR=Not rated

  • Rank Neighbourhood Area Average price Value Average price vs. area Average price vs. metro district Average price vs. greater city area Momentum 1-year price change 5-year price change Realtor grade
    1 Glamorgan West $558,342   78.2% 100.2% 107.6%   2.48% 27.1% ★★★
    2 Falconridge Northeast $360,483   90.4% 64.7% 69.5%   8.58% 36.2% ★★½
    3 Castleridge Northeast $364,450   91.4% 65.4% 70.2%   7.91% 34.9% ★★½
    4 Ranchlands Northwest $445,892   79.2% 80.0% 85.9%   4.41% 28.8% ★★½
    5 Abbeydale Northeast $347,125   87.0% 62.3% 66.9%   8.90% 32.3% ★★
    6 Martindale Northeast $361,700   90.7% 64.9% 69.7%   6.41% 31.0% ★★½
    7 Capitol Hill City Centre $576,100   84.5% 103.3% 111.0%   -0.08% 32.9% ★★★
    8 Inglewood City Centre $500,442   73.4% 89.8% 96.4%   1.62% 23.7% ★★★
    9 Bridgeland/Riverside City Centre $559,675   82.1% 100.4% 107.8%   2.36% 19.3% ★★★½
    10 Renfrew City Centre $541,233   79.4% 97.1% 104.3%   1.12% 27.1% ★★★
    11 Pineridge Northeast $388,833   97.5% 69.7% 74.9%   6.23% 32.5% ★★½
    12 Ramsay City Centre $468,658   68.8% 84.1% 90.3%   0.49% 26.7% ★★½
    13 Skyview Ranch Northeast $423,883   106.3% 76.0% 81.7%   11.46% 29.4% ★★★
    14 Marlborough Park Northeast $388,742   97.5% 69.7% 74.9%   6.25% 30.6% ★★½
    15 Whitehorn Northeast $386,517   96.9% 69.3% 74.5%   6.45% 29.7% ★★½
    16 Winston Heights/Mountview City Centre $518,967   76.1% 93.1% 100.0%   -0.82% 25.8% ★★★
    17 Taradale Northeast $404,117   101.3% 72.5% 77.9%   5.62% 32.1% ★★½
    18 Banff Trail City Centre $578,100   84.8% 103.7% 111.4%   -1.06% 32.1% ★★★
    19 Highland Park City Centre $490,967   72.0% 88.1% 94.6%   0.05% 24.9% ★★½
    20 Crescent Heights City Centre $534,758   78.5% 95.9% 103.0%   1.73% 6.8% ★★★★
    21 Dover East $359,833   98.6% 64.5% 69.3%   8.57% 39.0% ★★
    22 Signal Hill West $709,292   99.3% 127.2% 136.7%   1.85% 33.2% ★★★½
    23 Glenbrook West $508,667   71.2% 91.2% 98.0%   -2.09% 24.1% ★★★
    24 Highwood City Centre $499,983   73.3% 89.7% 96.3%   -0.93% 27.4% ★★½
    25 Tuxedo Park City Centre $461,525   67.7% 82.8% 88.9%   0.36% 18.5% ★★★

Click here to see the full rankings for all 150+ Calgary neighbourhoods.

SOURCES: Calgary Real Estate Board; Re/Max

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