Calgary Housing Prices Rise in 2013
The Calgary housing market performed strongly in 2013, with its momentum gradually transcending into the new year.
According to data released by the Calgary Real Estate Board (CREB®), the median and average sale prices of Calgary homes reached all-time high records in the recent year-end. This confirms that Calgary housing market is up in 2013.
The year-over-year sales volume in December was 8% higher compared to the same period in 2012. Overall, the 2013 Calgary home market saw an 11% growth volume for the entire year. Calgary residential sales reached 1,172 units in December, resulting to a total of 23,489 sold units in 2013. Home prices for 2013 also increased 8.6% from 2012.
CREB® chief economist, Ann Marie Lurie, said, "Sales growth in 2013 exceeded expectations, going beyond long-term trends. The strong demand growth was attributable to increased levels of net migration to Calgary for 2 consecutive years, improved job outlook and strong confidence in the economy." She also stated that prices and sales activity in 2014 are still expected to improve, although not at the same pace as in 2013.
Lurie said the supply pressure in the Calgary real estate market will be overcome by rising property listings and increased new home sector competition. Calgary real estate growth in 2014 is supported by these factors, combined with strong demand and increases in long-term lending rates.
Most of 2013 was a seller's market, resulting in continued price gains for both single-family homes and condominiums.
The benchmark price for single-family homes was $472,200 in December, an increase of 0.3% from the previous month and 8.6% over the previous year. The unadjusted annual single-family home prices increased 7% in 2013, breaking previous high levels.
Calgary Condo prices reached $278,600, while townhouses at $307,100 in December. The average annual benchmark price growth for Calgary townhouse market is only 6%, while the Calgary condo apartment sector benchmark increased almost 9%.
Calgary real estate statistics help shed light on the general state of the real estate market. If you have questions about the market in your community or your home value, we'd be happy to answer any questions you may have.
For more information on the current Calgary real estate market, contact us online, or call 403-837-8100. We're here to help!
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