Calgary Housing Prices Geared Upward
According to a recent Royal LePage Foothills survey, Calgary housing market continue to climb due to robust demand, coupled with low inventory of homes for sale, during the third quarter of this year.
The sustained low inventory status in Calgary housing market, the healthy economy and strong influx of workers in the corporate sector triggered the housing prices upsurge, according to the owner/broker at Royal LePage Foothills, Ted Zaharko. He said that potential buyers swarm the market once a listing comes to the market, resulting in multiple offers.
Zaharko further observed that Calgary home sales activity was the highest in the month of September for several years. The extra activity of flood victims who sought homes located on higher grounds added to the regular demand for Calgary real estate.
For all housing types in Calgary, year-over-year price increases were recorded. Detached bungalows increased by 7.2%; standard 2-storey homes climbed 3.4%; and standard condominiums surged 5.6% higher than the previous year. For all categories of homes for sale, low inventory was observed. The lowest inventory was for detached bungalows, which appeared rarer in Calgary compared to other cities like Edmonton.
According to a Canadian Real Estate Association (CREA) report, average price of all types of Calgary homes for sale increased by 6% to $436,000 in the third quarter on sales of 23,807. It accounts a 12% increase from last year's third quarter figure.
The total volume in dollars of MLS Calgary home sales was $10.4 billion up to the end of September, an increase of 18% from the sales of $8.8 billion for the same period last year.
For the whole of Canada, home sales increased by 18% for the month of September, more or less at par with the 10-year average national home sales. It reflects a year-over-year increase in 75% of Canadian real estate markets including Calgary, Greater Vancouver, Greater Toronto and Edmonton.
If you have questions on the current Calgary real estate market or about your home value, contact us online, or call 403-837-8100. We're here to answer all your questions!
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