Calgary Resale Housing Market Leads Canada in Price Growth
- August 19, 2013
- By Cody Battershill
Calgary Housing Market Leads Canada in Price Growth
Calgary’s resale housing market is at the top of the charts in July 2013 compared to July 2012 for price growth.
According to the MLS Home Price Index released by The Canadian Real Estate Association (CREA) last Thursday, resale home prices in Calgary have increased 6.79 percent and have more than doubled the national collective resale home price growth of 2.66 percent!
Included in the MLS Home Price Index are nine different major Canadian metropolitans – it examines the rate of change for home prices according to the types of homes sold.
July 2013 Real Estate Market Facts
- Calgary MLS sales totalled 2,976 in July 2013, an increase of almost 19 percent year over year
- Average sales price up 7 percent year over year to $438,192
- Calgary real estate market is in sellers’ territory
- More competition between home buyers gives them less time to make decisions
- 20 percent lower listing inventories compared to the same time in 2012
- Recent floods have caused prices in some neighbourhoods to grow considerably
- Some of those affected by the floods who could afford to purchase a new home have
- Low rental vacancies and high rental costs have led many displaced renters towards purchasing a home
Month to Date in August 2013
The local real estate market has continued to trend upward well into the month of August 2013. As of Wednesday, August 14th, statistics from the Calgary Real Estate Board (CREB) show that month to date there has been 945 total sales, a substantial 32.17 percent growth year over year.
Another increasing figure is the average sales price – at $455,688, this is a 13 percent increase over the same time frame last year.
Forecasted Price Growth
- According to the Canadian Mortgage and Housing Corporation, Calgary MLS sales are expected to increase by 1,116 sales from 26,634 in 2012 to 27,800 in 2013.
- In 2014 sales are estimated to total 28,300
- The CHMC has also forecasted the Calgary MLS average sales price to increase $22,685 from $412,315 in 2012 to $435,000 in 2013.
- In 2014 average sales price is estimated to increase another $10,000 to $445,000.
For more information on recent market trends, be sure to check out our…
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