Calgary Home Prices Increase in 2013
The year-over-year increase in Calgary home prices for December topped the rest of the nation, according to the latest Teranet-National Bank National Composite House Price Index.
The data revealed a 6.5% increase in annual Calgary price home sales, compared to the national composite of 3.8%, as Canada returns to a record high level.
The year-over-year increases in cities covered by the indices are as follows: Vancouver, 5.5%; Toronto, 4.9%; Hamilton, 3.7%; Edmonton, 3.6%; Winnipeg, 3.4%; Quebec City, 1.5%; Ottawa-Gatineau, 1.0% and Montreal and Halifax, at 0.4%. For Victoria, it registered a decrease from the previous year for the 10th consecutive month, at 4.0%.
According to a senior economist at the National Bank of Canada, Calgary's index is 171.67, indicating that Calgary price home sales have increased 71.7% from June 2005. This index is 1.3% lower than its record high in September 2007. For 2014, the forecast Calgary home price increase is 3.4%, compared with the national forecast of 3.4 %.
A Calgary economic consultant said the Calgary economy and the whole province performed very well in 2013. Low unemployment rate, combined with high rents and low vacancy rates set up conditions for increased Calgary housing sales.
Canada's overall index in December increased 0.1% from November. This made the index return to its all-time high in October.
Posted by Ross PAVL on