A new survey says 47 per cent of Calgary house hunters now expect to spend 19 per cent more on a new home - an increase of $89,389 - from when they first started looking.
The BMO Fall Home-Buying Report, released Friday, said most expected to spend $568,458.
The survey, conducted by Pollara, revealed the main reasons for the higher price expectations: 86 per cent say housing prices have risen since they first started looking; 81 per cent have a better understanding of current prices; and 56 per cent were able to save more for a down payment.
According to the Calgary Real Estate Board, month-to-date until Thursday, the average MLS sale price in the city of $481,326 has risen by 5.82 per cent from last year.
In Alberta, the survey found that 44 per cent of house hunters now expect to spend 20 per cent more on a new home, or $82,291, up to $499,760.
At the national level, 43 per cent said they expect to spend 21 per cent more on a new home - an increase of $83,556 - from when they first started looking, an increase to $483,397.